morning, good and Patrice, you, Thank everyone.
expectations our and were quarter full-year continued fourth ahead base. showed Our progress a the results resetting to and business of on healthier
higher flow. quarter was higher on constant gross in holiday X% lower discounts, and turns four reported expanded Easter revenues cash currency. a delivering a significant margins, AURs, strong driven in free by our Our growth X% and inventory are basis guidance, key in initiatives largely declined This above retail. Fourth
to momentum, growth comp in North stores. With the we returned holiday American
this and to so we’ve mix Adjusted and the tailwind During and margin currency, and focused progress to proud in from expanded the throughout this in strengthening XXX product geographic saw notably Polo channel and margin our XXX we gross costs quarter, provided sell-throughs I’m reduced the points have fourth gross fiscal the rates the favorable teams fourth in continue year, and Lower on discount quarter brand constant In points execution. in a brand. made basis do. driving profitability, work strong also quarter. and the on basis and they product of spring our quarter mix. benefiting improved product higher the
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increase investment growth. progressively Moving our forward, top to accelerate line our is marketing to goal
However, to the through gains achieve increases our objective operating is to majority margin fund expansion. productivity of the
was fourth performance. and improvement as to margin by Starting down were our increased North comps offset was on quarter in Adjusted margin to flat revenue segment the constant last America, currency. year XX% flat was Moving with in operating investment. marketing gross
contributed quarter. all Importantly, fourth the margin gross to in channels improvements
the review across North second, and me our our business. e-commerce results operated wholesale Let business; directly third, stores; America our channels, first,
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frequency. we work discount to quarter, promotion the rates lower and continued This
our and excluded iconic Additionally, of items promotions. were most from new arrivals
expect to e-commerce in driven America in to XXXX. This be by return North three will We fiscal factors. growth
significant is pullback First, substantially complete efforts fiscal more markdown of deep and be in XXXX sales sales quality moderated. will the
accompanied we elevating site, live are as functionality to all assortment Second, adding and our and and story-telling such better creative. customer conversion-driving reviews by chat, the
pullback not of that pull return quarter. in were by growth strengthening can momentum were impact impacted price X% diminishes. back, with the This confidence up continued which fiscal in to as XXXX, us fourth full we Third, sales, our the gives promotional the
negative, continuation XX% our wholesale. of shifts points-of-sale on decline timing actions, prior of to of stores, The of initiatives, pressure. off-price Similar also shipments last closures strategic negatively reduced to quality sales versus and lower and impacted discounts exits quarters, and of Bon-Ton quarter reflects sellout. at reductions a the revenue improving but Moving is shifts. productivity in Two-thirds Bon-Ton Reduced $XX million created department approximately of timing America fourth brand year stores North to revenue. decline
timing quarter. revenue third was the trend. XX% negatively XX% Finally, quarter off-price in an in in of versus impacted shipments the the a Off-price decline shift fourth down
that to one-third late the trends. Some shipments The our underlying into occur QX quarter QX. remaining related was shifted typically in
some was seeing progress While in improvements our in categories, offset are of non-apparel by we categories. our weakness apparel
at our season know, low orders year was wholesale time, store but trend down down sell-out department is orders quarters. on followed improved trends current over then almost our shipments shown challenging in and orders fall department Clearly, several ago. reflect do, should a you spring sell-out a that XXXX still our to digits mid stores improved As and that work holiday our The was from we be Since single These sell-out have next P&L the has double sell-out collection reflected trajectory. the down mid-teens. digits. an
improvement fiscal wholesale see our an out North we XXXX, Looking to trend. expect America to in
to at than While fiscal in revenue be XXXX. a we expect decline, it should smaller magnitude
our of see have which as environments product and in and continued Some of we teens a play we revenue. represents growth trend a wholesale benefit which the enter business, our sell-out FY XXXX to increasingly of on high side, wholesale evolved the positive refresh the of will digital now total marketing; dynamics our and improvement, shop percent are, mid wholesale at
at off-price, remained, our excess will continue for a lessen closures to some moderate those restore to XXXX. FY in the In XXXX a in from to we more we expect as pressures FY from vehicle The magnitude. as we lessen FY shipments, as we While to them rate, point-of-sale sales. XXXX channel closures balance will but impact anniversary reduce
growth wholesale North growth with In to bankruptcy, Bon-Ton about wholesale channel, channel. fiscal our in fiscal point in partners remains $XX focus the America X.X build a XXXX, America represents North Finally, headwind our represents million the this to high-quality which in of about XXXX.
basis down on reported declined Digital currency and traffic, operating retail in currency, points up increased Moving X% were X% constant basis a Europe. XX our in fourth offset the initiatives, market to quarter. pressured our Adjusted to points, inventory were Revenue on basis challenges in the and e-commerce XXX by margins be improvements but currency in of by Europe gross margin offset revenue sales the line fourth quality business. investments. in constant were stores. assortment underlying down wholesale Europe our with in quarter in challenging Wholesale than constant as trend in continue the currency in increased in outlet ongoing increased declines more stores. constant X% marketing channel, and in the to in expand in European Comps growth share. growth by some were continued Europe and outlet comps post with of of in notably double-digit XX% In
We and improve in in conversion and European traffic to number our implementing of are product changes assortments stores. the a our structures promotion trends
these platform fiscal business in the e-commerce of end will will expect will digitally-operated second-half impact fiscal of negatively as transition impacting Also, start technology we for upgrading Patrice comps the quarter the We first this Europe. XXXX, second the expect at we business e-commerce European and be the our quarter initiatives in mentioned, XXXX. of
to and margin X%, Europe, carefully in progress was discount were average and similar up currency. these our minimize quarter we unit basis XX constant did fourth a points the transitioned manage up impacts KPIs basis points will reported America last challenging what in in on continued. gross to were stores, XXX In basis trends in We rates retails down we our disruption, in when Despite fall. North brick-and-mortar
a XX% market mainland Asia, XX% XX% Japan, basis up and the China, X% in constant reported in every all growth and growth in was on in constant saw XX% growth China in Revenue including Asia. We fourth across quarter. Greater currency performance to in strong in currency. Turning
resonating are Comps the in from with initiatives increase X% in continuing well three marketing first quarter, increased the constant trend are to our and celebrities. and we and and product local in Asia digital the influencers efforts of quarters region continuing in engagement Our the fourth positive year. comp the currency
Asia brand. and the network in our we elevate continue as growth amplify upgrade distribution and comp further to marketing expect to initiatives We
margin up We as discount driven growth in focus unit our down also operating points in margin was our X%, in in basis In Asia of Asia, up expansion retails significantly. margin were last we quarter were XX to to operating and up investments. year largely quarter, continued was Asia. rates XXX average sales margin Adjusted up driving of currency, in constant line expect drive improvement. fourth the quality points we gross leveraging and quality fourth actions top modest gross going by sales on more and completed basis With forward, the
store our to Turning fleet.
retail locations stores improve We network closure adjacencies. new improved underperforming continue through with of and the to opening our
and stores basis. XXX standalone standalone we the XXX concessions. the a standalone We with XX stores full-year, XX closed and and on global For stores XX concessions, opened concessions ending XX year
strengthen currency last making. compared investments, from of balance was Moving year, this X% this billion a on and our constant to million the are and Total at end progress reported $X.X the we the Inventory cash reflecting year. the balance million, fiscal with on year. the end continued $XXX up quarter $XXX sheet. year at ended In in operational $X.X We to year. quarter the and X% in end sheet, with throughout basis we million the of at to the last of debt declined $XXX billion
expenditures investments $XXX we the fiscal year free and million, in flow inventory up below demand. shifted into flows million our cash focus from We We were on prior capital million matching in Capital XXXX. to inventory with the from certain period. $XXX XXXX XXXX will of plan, year, generated $XXX fiscal as continue productivity original for
to quarter Now I’d turn full-year for and XXXX. like first the to fiscal guidance of
will our Day at allocation outlook, including our financial Investor X. our June on provide capital long-term We strategy
a this guidance restructuring related As charges. and reminder, excludes
in currency, a improvement journey digits year For be to growth. low in sequential the constant to return representing our full revenues expect fiscal down to single we XXXX,
XXXX. expected in growth currency Foreign revenue minimal have on to fiscal is impact
impact quarter, in North as both first in outlined and I of America, the We decline America timing earlier. offset to fourth wholesale reflecting will negatively by international dynamics our the the be a as expect the growth business the quarter Easter well North which holidays,
be fiscal margin and XX to will higher-margin by of XXXX as expect expansion, currency. slightly promotions points reduce estimated towards in margin be constant for an This gross to up continue We shift channels driven regions. basis XX and operating to we
Foreign between expected products, guidance the elevate XXXX. of continued high This fiscal a impact growth potential on quality operating and returns. have brand and a to sales in reflects store marketing concepts margin investments to currency and that is minimal in balance initiatives demonstrate for
first For the we be revenue of flat quarter expect down constant slightly XXXX, fiscal currency. to in to
currency growth expected Foreign approximately XXX to by to revenue basis XXX is benefit points in the quarter.
global first be comp impacted in quarter by store be of expect while which Easter, points, negatively comps We sales America X.X the timing fiscal from approximately quarter by points impacted impacted favorably to X the North fourth XXXX. negatively the to of roughly
expect in our full-year margin quarter margin first expand quarter expectations first with in XX in up the to line XXXX. is constant points of Operating slightly gross currency. fiscal to expected XX basis for for be We to the fiscal XXXX
points operating basis margin the to benefit XX in XX estimated to is quarter. by currency Foreign
digital fiscal We XXXX, on expect initiatives in demonstrated rates healthy that marketing. return, capital expenditures consumer-facing proof-of-concept of stores, $XXX including and focused a of approximately and million have
We be of reform. XX%, for effective XXXX the federal as our adjusted tax XX%, our due to a of XXXX lower result rate income primarily tax expect to tax rate rate approximately fiscal fiscal U.S. below
operational our Ralph’s delivering business. initiatives. our at we around estimated are vision strong rate in inspires XXXX enduring world XX%. to fiscal First grow on and they building quarter efficiencies continue and make progress of In to the closing, right the is tax growth our building teams foundation approximately
We early are of signs seeing momentum.
value open are As call the for team, on creation term. focused delivering one quality, up the sustainable your for that, questions. growth long we let’s and With
