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So we think trade down is happening. We think as this macroeconomic environment continues, that trade down will accelerate.
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2022 Q2
7 Sep 22
we're starting to see customers with a higher income, over $100,000, just ever so slightly start trading into us
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2022 Q2
7 Sep 22
Real Living pass Broyhill in overall sales in Q2
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2022 Q2
7 Sep 22
especially in the furniture category, where she'll go from Broyhill purchase to a Real Living purchase. It's just our entry-level price point there.
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2022 Q2
7 Sep 22
Trade down is happening.
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2022 Q2
7 Sep 22
last quarter, we prudently slowed the pace of store openings, given current economic uncertainty.
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2022 Q2
7 Sep 22
back half should continue to grow in margin rate
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2022 Q2
7 Sep 22
we're starting to see that benefit now flow through in our gross margin rate.
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2022 Q2
7 Sep 22
We're going to be in a better inventory position in general coming into Q4.
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2022 Q2
7 Sep 22
we see a more normalized fourth quarter gross margin
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2022 Q2
7 Sep 22
and lower freight and non-freight costs will lead to a recovery in Q4 gross margin to be approximately in line with the prior year.
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2022 Q2
7 Sep 22
Q4, we expect the cleaner inventory levels improving sales momentum
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2022 Q2
7 Sep 22
seasonal from lawn and garden played a big role in the first half of this year, moving through that inventory. That's pretty much behind us at this point. Promotions are going to be much more efficient going forward.
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2022 Q2
7 Sep 22
we're optimistic about Q4, and we're up against rate in 37.3% in 2021, which we expect to be in in line with Q4.
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2022 Q2
7 Sep 22
We're not going to have the supply chain issues that we had last year.
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2022 Q2
7 Sep 22
By the time we get Q4 though, we do think that will be behind us.
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2022 Q2
7 Sep 22
we are expecting some continued promotional pressure on margin in Q3, which is why we've guided to the mid-30s
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2022 Q2
7 Sep 22
there's been some pull forward
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2022 Q2
7 Sep 22
We did get some benefit, obviously, from the intense promotional activity in Q2, which we're kind of modeling out for Q3. And then we expect Q4 to be a little better than Q3 for a number of reasons, including some of the supply chain constraints we had last year.
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2022 Q2
7 Sep 22
non-freight costs are also coming down as we're seeing price reductions from our vendors as raw material prices have moderated.
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Transcript
2022 Q2
7 Sep 22