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This became much more evident through the second quarter, including a weaker start to back-to-school.
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2023 Q2
24 Sep 23
we were coming off a strong holiday and had not yet seen the full weight of the macro environment on our lower income consumer
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2023 Q2
24 Sep 23
We also continued to see elevated shrink levels.
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2023 Q2
24 Sep 23
Merchandise margins fell by 300 basis points, driven by higher promotions to move through inventory and to reach our price-sensitive shopper.
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2023 Q2
24 Sep 23
By month, May comps were down low double digits; June, down high single digits; and July, down in the low double-digit range again
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2023 Q2
24 Sep 23
deliver a non-GAAP EPS of $0.04, near the high end of our guidance range of $0 to $0.05
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2023 Q2
24 Sep 23
we promoted more heavily than initially planned to better compete for a share of our customers' wallet and manage our inventory levels
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2023 Q2
24 Sep 23
The store traffic and conversion challenges, we began to see in late Q1 persisted through the second quarter as our customers remained cautious with their discretionary dollars.
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2023 Q2
24 Sep 23
Given our July exit rate and softness that is continuing into August, we are lowering our full year expectations.
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2023 Q2
24 Sep 23
we now expect to deleverage between 90 to 110 basis points to a rate of 22.7% to 22.9%
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2023 Q2
24 Sep 23
we now expect our gross margin to decline by 390 to 410 basis points to a rate of 27.8% to 28.0% down from our previous guidance for a 310 to 330 basis points decline given steeper markdown activity to move through elevated inventory levels, occupancy deleverage on the bigger comp decline and elevated shrink
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2023 Q2
24 Sep 23
For the year, including the extra week, we are lowering our guidance for non-GAAP EPS to the range of $1.30 to $1.50, down from our prior range of $2 to $2.25.
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2023 Q2
24 Sep 23
That is inclusive of the following drivers: we now expect comps to decline by 9% to 10% versus the prior range of down 7.5% to down 9%.
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2023 Q2
24 Sep 23
we do have inventories that are up about 26% to last year
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2023 Q1
20 May 23
Looking to the back half, we expect comp declines down mid to high-single digits reflecting ongoing softness in the consumer.
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2023 Q1
20 May 23
we expect to be marginally profitable in 2Q with non-GAAP EPS below $0.05
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2023 Q1
20 May 23
Our gross margins given we are leaning into promotions, we expect merchandise margins to be down more than what we experienced in 1Q despite starting to lap more normalized promotional levels in 2Q.
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2023 Q1
20 May 23
For the second quarter, we now expect comps to be down high-single digits, below our previous expectations of down mid-single digits.
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2023 Q1
20 May 23
we expect our 2023 non-GAAP earnings per share to be in the range of $2 to $2.25 including the impact of the extra week
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2023 Q1
20 May 23
We now expect to deleverage SG&A by 60 basis points to 80 basis points to 22.4% to 22.6%.
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2023 Q1
20 May 23