the on Thank X for you, with quarter. statement Mike. everyone. our I'll Good GAAP morning, income Page begin third
in unusual release XXXX, and for quarter items included and reported detailed the XXXX third both presentation Our are results year-to-date and which periods today. press our in
down Page on as Mike P&L diluted mentioned, about related our about charge, has write third the in per the declined value income QX the we carrying XX%. compared Skip of charge tradename. this to $XX quarter with shown As a took earnings X operating the Hop share the last and down in million in of Including to year
X We On Page Skip years XXXX. X, in acquired some on the provided context Hop in have we ago quarter. the early charge almost
$XX assets we Hop purchase on As price sheet, assigning accounting, of to part the of the acquisition million recorded our purchase the tradename. balance several under just intangible Skip
previous us Hop actual owned The factors lower took our in have we quarter, our we We are required million earnings value driven worked quarter. relative to to and sheet. the regularly in assess the carrying value was of basis the the the Skip And intangible sales balance third the assets the was Skip This the the forecasted by time noncash value of determined reduction tradename impaired. charge for that Skip $XX on was we expectations. of Hop. and against in Several have in Hop
Toys wholesale most X the are on Us, Skip of certainly Hop's significant more recently, of Page noteworthy. customer was the and on of which Some of the tariffs X, loss largest "R" imports, China summarized are which imposition
sales As online the several Canada believe products in grow and assortments it And and good Mike meaningfully been during and years. over U.S. Hop brand's next store we is durable the Mexico. a to the Hop will million in said, in we've the wholesale our in Skip for in world. We've U.S., in continued brand Skip distribution net us. our integrated that forecasting around the and ownership $XXX able asset continue very represent to to are grow We've the
leverage brand part our as made we this the also improving remain of have profit focused investments we in business. contribution of We the the on
is on P&L GAAP Page year-to-date Our X. included
our Hop In addition to included the just notes. Skip results year-to-date a charge also refinancing charge I covered, our to related senior
For greater discussion comparability. items the adjusted will for which results our unusual on of today, to our rest is these speak an exclude basis, we
with quarter. X Page for Moving the to some third highlights
change sales X% saw only U.S. unusually U.S. share and up our the quarter, and the four-wall retail U.S. recently for adjusted in to which in income and the businesses. in underscore nicely net weather, is into a earnings was October. September as to news we our our wholesale increased product affected earlier-than-planned we XX%. by around third businesses growing of United Consolidated U.S. believe demand couple Relative and retail with in strongly, sales by begun grew Page demand wholesale around per States heat On lower X% the Canadian adjusted Profitability operating country. driven unusual and which expectations, year-over-year, up included hot we've X, clippings
our weather more business noted, the where become generally Mike is As seasonal. better has
X Net a our versus million, up to adjusted P&L segments, Turning sales our all I'll in in which moment. detail of year. X% were last more We quarter. Page and growth third for to speak the in achieved $XXX
to in Gross points margin margins, reflecting XX our with and managed U.S. growth about in of the pricing. higher quarter, businesses, basis basis XX.X%, in points expanded leverage higher realized driven by X% We XX product SG&A adjusted by last tightly part over about spending retail achieving year. of particularly
Our the net operating point with roughly expense adjusted million. XX at third was operating $XX expansion grew comparable adjusted year to income interest basis and margins. a last quarter Below other line, X% in
less Our rate year-to-date third effective rate than the our tax quarter approximately in XX.X%, of bit effective was a XX%.
rate we're year XXXX, effective last to our comparable be at year XX%. For tax to expecting full approximately
benefit capital to our count X% reflecting share repurchases. of for compared declined last of Our the use average year, share
adjusted XX% third $X.XX, was $X.XX up year. bottom the quarter on EPS again, compared last to So line,
worth grew year X% with sales essentially X.X%, very Page the and operating to in first our we've to the comparable points quarters, SG&A XXXX XX flat year results. $X.X X%. X year-to-date up in summarized first was dollars we've down adjusted prior for margin adjusted of X, and the this roughly was spending It's billion. managed net noting X adjusted On well EPS Adjusted rate. basis period quarters Through
recap X, Turning a our to of balance Page sheet cash with flow. and
sheet end approximately and year, grew the on compared hand third strong. line third available of Our at cash to quarter liquidity the At credit million. balance of forecast. in the end inventories under the remain totaled quarter, $XXX Net our last our and X% our with capacity facility
unplanned position previous we lower Our through the excess in third of liquidation China Us the when inventory "R" were under last meaningfully was year's operating model. Toys working and inventory versus excess quarter
returned U.S. has reached and first net cumulative They're as cash stores to to digits X up and be in $XXX primarily Canada free good total total billion. the Through a repurchases and mid-single areas new months in important were an and We've have forecasting technology $X million dividend. recently year in investment will the million, inventories of retail. the remodeled first in shareholders year-end. in return quarters so notable quarter of of of the milestone $XX well. Capital expenditures capital now since generated we've X of that that in the X $XXX million fourth the in XXXX initiatives, $XX XXXX, of first million at operating to shareholders, included the comprised do in share of our We expect and flow in quarters and reached a
turning an our in Page segment quarter. Now of the XX third to business overview with results
improved your third last quarter with Business over period XX.X%, was are sales business year. Page segment margins. results our in adjusted grew segments operating the the on for margin XX the points of XX up basis reference. Our consolidated for Each operating included year-to-date net
X%, U.S. Total Retail store sales lower good by Xth quarter growth quarter. Total segment just third with sales period, got segment off results offset a start Retail Turning grew below to quarter that on in expectations the comps. in to U.S. for overall the our sales Page U.S. we're good quarter. holiday for selling July was reflecting retail third but the comparable declined e-commerce under X% third the XX.
our the weather and shopping of of month retail U.S. occurred all products. mentioned, September. trend strong strength dollar. the improvement forecast from as because the the part our in was stores in the for believe some is demand Substantially we and the U.S. versus business in think on but and hot carters.com of showed across to forecasted, second we consumers Canada Demand As international U.S. quarter, them continued not as fall recovery dampened we U.S. the had of
retail comp month-to-date the plan. October positive, our in with line our in is mentioned, Mike U.S. slightly As
count continued third is store net the quarter improve. our the at the to of year-over-year but Our pretty meaningfully of quality has end consistent portfolio store
over in adjusted have expansion sales. margin locations. year. XX year, stores reflects for well been closed opened year pro We've co-branded this underperforming basis we've their deleverage This segment was U.S. stores new offset partially performing were locations, Retail a portion this improvement performance which over which Carter's formas. expense The lower quarter, segment OshKosh XX.X% of the store outlook and good the older, by last legacy XX an product e-commerce expense The are comparable third on points of leverage, margin against
Richmond, smaller mall assortment single a store focused For grow this XX, the opened included digits, typical expansion. just margin in of our co-branded operating recently, Virginia, Page than XT testing co-branded On expect stores. full footprint low net with year a site in store, a a of Retail products we've to we're slightly XXXX, which newborn new and near we along sales segment U.S. to
to Page XX. Turning
initiatives. marketing progress the and end continue nationwide of credit with second our Carter's We the launched We card the to make at omni-channel quarter.
capability Program integrated good our Carter's and allows a Loyalty into planning very QX product represented store the of growth our service. manner. successful get in to inventories credit much of for off program availability is same-day we the our with expeditious us store higher online, is quarter in and hands the when typically The the first levels fourth buy We're our quarter Rewarding of in full see traffic. Moments good leverage start. This in store of pickup card customers to
make of West test in service our on orders this meaningfully the improved select delivery it's geography, e-commerce customers online in service country times stores Longer channel. has rising to term, broadly. to way capability and this store we serve use of stores. more improve of of possibly utilized of piloting addressing delivery be trend the a the Coast may an resulting costs and we're The to We or times the of think initial could in in fulfillment also X of has other Lastly, on days important within less average. stores group parts
We read will task the year. of to during balance continue this the
Page Moving update an to XX, with carters.com. on
months, personalization. Over One replatformed they website past and relaunched as guests a and was number better of made with have more outfits to navigation, our are and site the customers more new few devices, optimize mobile our for change the performance we we enhanced enhanced that to frequently capabilities. and shop shop using improved important site We've to easier online. assemble which site on
and back-end, order response the integrate capabilities. times, also we've technologies omni-channel with On to call center service management upgraded improve our better our and
position the share favorite and their a quarter. their in app, which like that information relaunch we and our our brands they latest mobile to interact on strengthen of know we've our continue brands We investments build leadership also plan we're engagement media data the On Page third social we making consumer to perspective to social on where our addition media moms to on In XXXX. summarized on lot with their website, to online. get with XX, in
among moms During posts engagement drive our quarter, greatest peer third continue on brands. the Instagram with to the
the we included products year, Page we our XX, tradition season on upcoming next products, we pajamas. the Page iconic options we've feature special. have including On making an with this annual Christmas entire for of pages, dad. On celebration holiday our first focused season. marketing some family spirit, families. and These of the some get On show of Carter's mom become even examples more have This the XX, for baby's Carter's Christmas into many several Christmas to
XX with and Moving focused our are providing every list. kid the solutions Pages also on brand. toddler holiday guide, we're holiday for and gift inspiration on OshKosh shopping and to from season XX, These gift your pages the
And will focus to finally, experience our through the the as season our tapping Page XX, emotion store on into well. on of holiday carry
product key of on family drive promotional as messages our displays will holiday windows The to as focused stores well feature traffic. dressing
Turning to business results Page U.S. for third XX the wholesale our quarter. in with
as Our for stronger had businesses fall seasonal product. than wholesale accelerated was in several forecasted we their customers U.S. demand
operating part lower of up to X% the royalty $XX income. year. quarters profits in operating bad X margin to year. fourth the in the this Given expecting double-digits basis in the sales lower reflects with demand net first our at performance low by improved million quarter, wholesale single through good down of will margin last XX.X%. U.S. wholesale, be grew initiative had Adjusted inventory offset segment quarter, the Segment provisions low to we're but in products compared year. Up million toddler $XX for full XX will This in digits with by points traction lower and earlier be single We've digits sales up the Age third expense, debt the
Wholesale year, approximately For XX%. the U.S. to we're planning segment full be margin
pajamas, and holiday exclusive newborns and expecting good ago, and Simple Joys expanded year in brand categories including to inventory assortment shoes included few years of toddlers, the a additional a outerwear, we're On include range lifestyle only bags quarter. launched sleep good accessories. some sets. Simple has wide new has with fourth for continued products growth Recently our Page from Amazon. we've growth Launched XX, Joys the Simple include and posted Joys, this
U.S., with which throughout about that is Consistent for sales way. continuing quarter product. on year fall Canada to seen warm quarter, the a The demand We experience more up temperatures in were Canada, segment online had demand e-commerce. demand we're down up in for in unseasonably U.S., we've believe and International colder X%, confident most third a constant having did to Canadian double results the in see in our the strong consistent the good arrived pick affecting in its were Canada, XX have meaningful quarter. Total international a and International similar we Moving as temperatures up basis. the Page operations currency stores, in segment Canada of our
We fourth have for in planned comps good the quarter. Canada
versus the points. ago. quarter, We've up in-store profit year XX improved inventory in assortment grew operating quality position margin segment and basis with International of the the third operating our a X%
mirror again, that a the We few as by U.S. in Here the stronger licensed the elimination model. co-branded stores successful retail photos these which effect and of our stores. newest business in and a Carter's, Initial to negative Canadian a current affected was been Canada U.S. assortment of retail available we've quarter and of benefited than profitability results products China X store the stores. Page included These full Hop our retail opened from we've in model XX, City. good in lower and transitioned have of in Beginning operating our in our comps we've of losses Mexico OshKosh stores on dollar. offer the the Skip in near market broad stores Mexico
a Mexico chain market, retail, job our of doing and growing capabilities. the in this distribution marketing partnership broader in in working our team supply is leverage our in important brands good Our team with to U.S.
Carter's count partners in locations bringing more fourth market. of store open co-branded our Page quarter. On store these XX, the of Mexico larger opened locations the a store to in recently to Argentina, X new expect We this in international X in one
wholesale driven brands international on around and Argentinian early and points Our X,XXX have partners in at our freestanding world our stores Collectively, brands in following distribution with historically strong in consumers, stores. our present the who a of have retail demand significant U.S. carters.com.
to outlook the balance for XX and the of moving our year. Now Page
planning quarter, U.S. sales single-digit fourth will expect X%. and the We're comparable net grow in we sales retail For growth Canadian businesses. low our approximately
in down strong the U.S. net quarter, will year. the single the quarter, of up the sales slightly fourth saw expect for demand be full result but in digits a third we low as Again, wholesale we
per about We year. to share earnings adjusted expect over fourth quarter last grow also X%
We forecasting margin QX. are in gross comparable
We somewhat expect to higher pricing. of impact from the fourth approximately to benefit will in be businesses retail which in from and million progress we've mix incremental tariffs, gains These quarter. and offset estimated continued the contribution by a $X our be
We with continue spending planned. modest quarter fourth in control to to expect some the well leverage
fourth If X.X% wholesale sales of licensed in Target previously of the relationship will categories the guidance of of product OshKosh which is result about the the plan, previous forecasting with Finally, Genuine middle licensing we're Kids last income our net range. down versus and brand. some quarter a sales year, with to royalty transition we're in-sourcing full successful year core grow previous our
and In monitoring terms about trade profitability, of Risks of success United consumer U.S. wholesale businesses strategies. expect level in of grow States and demand customers marketing of the adjusted international the year our we we're X%. of pricing will and EPS full status U.S. and The performance China. retail between our the negotiations include our
we're remarks, to take these with your questions. And ready
