86 annotations
Page 3 of 5
we did take action earlier this year to reduce holiday receipts, we continue to anticipate a competitive promotional environment
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2022 Q3
18 Nov 22
we are entering the fourth quarter with overall elevated inventory levels and some carryover of fall product, despite the increased markdown activity in the third quarter.
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2022 Q3
18 Nov 22
Our more aggressive markdowns combined with moderated holiday receipts drove a sequential improvement in the inventory growth during the quarter.
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2022 Q3
18 Nov 22
we continue to experience higher levels of markdowns in order to better position our inventory
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2022 Q3
18 Nov 22
while pack and hold is the use of cash in the short term, we are able to optimize our margin in the near term and benefit working capital next year, as we buy lower receipts and sell through the pack and hold inventory
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2022 Q3
18 Nov 22
we are releasing some of last year's holiday pack and hold inventory, and we'll continue to integrate our pack and hold inventory into future assortments
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2022 Q3
18 Nov 22
djusted SG&A leveraged 280 basis points from the prior year's adjusted rate, primarily as a result of higher sales volumes, lower bonus accrual, and lower marketing expense compared to last year
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2022 Q3
18 Nov 22
we are taking actions to right-size inventory in an increasingly promotional environment, we continue to expect significant variability in discount rate
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2022 Q3
18 Nov 22
We continue to anticipate an approximate 200 basis point inflationary and commodity cost headwinds and that ROD will likely be about flat as a percentage of sales versus last year.
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2022 Q3
18 Nov 22
As we look to gross margin in the fourth quarter, we will lap last year's $245 million of incremental airfreight, which is expected to add approximately 540 basis points to gross margin versus last year.
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2022 Q3
18 Nov 22
200 basis points of deleverage due to inflationary and commodity cost-related headwinds.
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2022 Q3
18 Nov 22
On an adjusted basis, gross margin was 38.7%, deleveraging 320 basis points
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2022 Q3
18 Nov 22
Gross margin in the third quarter was 37.4%, deleveraging 470 basis points
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2022 Q3
18 Nov 22
Airfreight contributed approximately 200 basis points of leverage as spend levels normalized during the quarter and we lapped the $70 million of incremental air freight expense last year.
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2022 Q3
18 Nov 22
merch margin deleveraged 370 basis points as a result of higher discounting
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2022 Q3
18 Nov 22
We continue to rely heavily on markdowns and discounting to sell-through reliable styles this quarter and have reduced receipts in Q4. These actions will allow us to enter fiscal 2023 in an improved inventory position
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2022 Q3
18 Nov 22
We've taken action to optimize profitability and cash flow, while rebalancing and reducing inventory
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2022 Q3
18 Nov 22
As it relates to the write-off, so most of that inventory is Old Navy inventory
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2022 Q2
5 Sep 22
We did take the inventory write-off, and we think that helps, at least in third quarter, present the Old Navy inventory to the customer in a better experience. And then, we have taken aggressive actions over the next six months to really get our inventory levels back down.
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2022 Q2
5 Sep 22
ending of Q3, the inventory will moderate substantially as we were able to cut our holiday inventory and we start to basics. And then heading into next year, we expect inventories to be negative on a year-over-year basis
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2022 Q2
5 Sep 22