57 annotations
Page 3 of 3
In Q2, higher inbound freight costs, including retention and emerge charges approached 400 basis points of gross margin rate erosion versus 2019.
(No comment added)
Transcript
2022 Q2
7 Sep 22
inbound freight costs are easing.
(No comment added)
Transcript
2022 Q2
7 Sep 22
it is sequentially better than Q2, driven in part by lessening promotional activity as we have made good progress in clearing through inventories.
(No comment added)
Transcript
2022 Q2
7 Sep 22
We expect continued promotional activity will drive our Q3 gross margin rate into the mid-30s.
(No comment added)
Transcript
2022 Q2
7 Sep 22
High inflation is causing consumers to delay or cut back on discretionary purchases especially of high-ticket items.
(No comment added)
Transcript
2022 Q2
7 Sep 22
Consumers continue to feel spending pressure from high inflation
(No comment added)
Transcript
2022 Q2
7 Sep 22
The slowdown in July, we've seen across the broader retail environment, and we were not immune.
(No comment added)
Transcript
2022 Q2
7 Sep 22
we were able to reduce promotional activity as the quarter progressed. In turn, our three-year comp sales trends slowed over the course of the quarter.
(No comment added)
Transcript
2022 Q2
7 Sep 22
our second quarter sales got off to a strong start in May with a mid-teen three-year comp fueled by a strategic decision to elevate promotional activity aimed at reducing inventory levels.
(No comment added)
Transcript
2022 Q2
7 Sep 22
the majority of our inventory bulge and markdown, promotional activity was to move that product in Q2
(No comment added)
Transcript
2022 Q2
7 Sep 22
there was a pullback in customer spend early in Q1 and into Q2
(No comment added)
Transcript
2022 Q2
7 Sep 22
the seasonal inventory we worked through in Q2 was predominantly the patio lawn and garden furniture
(No comment added)
Transcript
2022 Q2
7 Sep 22
there is a reduced need for markdowns and promotions which will benefit our gross margin.
(No comment added)
Transcript
2022 Q2
7 Sep 22
We expect transportation headwinds to continue through the back half of the year, but at a moderating pace as we've seen some relief in recent spot fuel rates.
(No comment added)
Transcript
2022 Q2
7 Sep 22
we are starting to see both of these headwinds turn.
(No comment added)
Transcript
2022 Q2
7 Sep 22
This included significant impacts from higher markdowns and freight
(No comment added)
Transcript
2022 Q2
7 Sep 22
The gross margin rate for the second quarter was 32.6%, down approximately 700 basis points from last year's rate
(No comment added)
Transcript
2022 Q2
7 Sep 22