86 annotations
we saw sequential improvement throughout the quarter in where in July, we definitely saw more improvement than we had seen sort of in May and June
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2023 Q2
16 Sep 23
We do see same as the industry reports loss rates increasing from the recent lows in ‘21 and ‘22.
However, ours are not back to pre-pandemic levels yet.
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2023 Q2
16 Sep 23
the consumer pressure is most acute at Old Navy, and that’s the piece that I think we all remain cautious on is whether it’s the low income consumer starting to get real wage pressure from inflation or whether it’s the new student loan dynamic
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2023 Q2
16 Sep 23
Old Navy, I think what’s been consistent is what we’ve been calling out, which is they do have a low income consumer that remains pressured
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2023 Q2
16 Sep 23
we’ve seen the consumer still be pressured, especially at the low income range
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2023 Q2
16 Sep 23
Old Navy again modestly gained share in the quarter despite increased softness in the active category as well as continued slower demand from the lower-income consumer
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2023 Q2
16 Sep 23
Trade-down benefit, we’re not currently seeing any trade-down benefit.
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2023 Q2
16 Sep 23
In areas where we have the higher-income consumer, there's a lot less price sensitivity and they are still spending.
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2023 Q1
8 Jul 23
on our income cohorts is that it continues to be similar to what we've seen in the back half into Q1, which is when you look at markets where we have a demographic of a low-income consumer, we are certainly seeing those consumers contract their spending and being much more price-sensitive
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2023 Q1
8 Jul 23
we believe Old Navy continues to experience demand softness from its lower income consumers
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2023 Q1
8 Jul 23
And then in March, we definitely saw a similar weakening to what I think you've heard articulated, largely as a result of the regional bank situation that was playing out and the impact that, that had to consumers as they tightened in March. And then a little bit of a recovery in moderation in April, but we were navigating the lower tax return.
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2023 Q1
8 Jul 23
February was quite strong and probably benefited from the fact that it was warm everywhere
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2023 Q1
8 Jul 23
550 basis points of leverage as we lap last year's elevated air freight
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2022 Q4
18 Apr 23
we expect to realize roughly half of the $300 million in annualized savings that Bobby spoke to earlier in the back half of fiscal 2023.
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2022 Q4
18 Apr 23
We estimate that these actions will result in $300 million of annualized savings, of which roughly half is expected to be realized in fiscal 2023.
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2022 Q4
18 Apr 23
today we announced a simplified leadership and operating structure to further optimize cost and organizational effectiveness
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2022 Q4
18 Apr 23
We are planning for higher incentive compensation and wage inflation in fiscal 2023, which we expect will be fully offset by the cost savings initiatives implemented in fiscal 2022.
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2022 Q4
18 Apr 23
Approximately 100 basis points of deleverage versus last year due to inflationary cost headwinds. This is driven by approximately 300 basis points of deleverage in the first half of the year, shifting to a tailwind of approximately 100 basis points of leverage in the back half as we benefit from improved product costs and freight rates.
We believe the 100 basis points of inflationary headwind for the year could be more than fully offset as a result of our better inventory position and more normalized promotional activity relative to last year.
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2022 Q4
18 Apr 23
This will only be a tailwind in the first half of the year as airfreight expense normalized in the back half of fiscal 2022.
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2022 Q4
18 Apr 23
fiscal 2023 is expected to be driven by approximately 200 basis points of leverage as we lap last year's elevated air freight
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2022 Q4
18 Apr 23