sales million first million prior Net comparable below Mark. $XX.X quarter. were quarter or Thanks, our the for of year XX.X% $XX.X
sell-through During the positive of of our remained relatively prior retail. quarter actual units, at terms distribution indicating quarter, in in inventory the channel the flat from products
a and volume. and for As mix to expected, overall in lower-priced long declined to while slightly higher-priced products due handgun from ASPs promotions products, levels increased to shift the QX mix guns lower due ASPs of
above the expectations, and was end product began perspective quarter neared effect costs. with increase pleased partially launches lower that was relocation a into see to last primarily the were due we reserve X.X% offset adjustments, XXXX we of and below small by to inventory momentum XX.X% higher went January the costs, quarter absorption our from in promotional first price quarter. higher new as margin increased production, comparable a revenue Gross Although positive on year of demand this lower
generate from operating typically reduced we lower in margins to first resulting due reminder, summer shutdown. quarter a operating days our As our
target to year. for continue in the the full margins low We XXs
of the of prior that expenses the were first to impairment for $X as year our noted the quarter flat million year part of be Operating included million equipment $XX.X prior It a should quarter. comparable distribution relocation.
this of increased due year higher versus quarter. operating Excluding current rose May by legal of the April that during costs product increased loss Show costs, due promotional costs, increased operating costs, compensation-related of development timing the the to lack to our sharing last in this impairment, year, and offset of profit the NRA new partially quarter expenses
used the increase million, first capital generated in in increase with by Lower in net basis, interest net revenue, was borrowings, Cash of in million with per driven compared expense a a $XX.X prior year $XX.X line due in inventory. our million comparable was quarter million quarter $X.XX a to non-GAAP share per combined a the of loss loss operations a outstanding cash expectations. or million and $X.XX working for increase in $X.X loss share. due with an On to $XX $XX.X resulted
expect end year products. by new We excluding inventory the to year, prior the of return to levels
nearly quarter, prior $XX.X in fiscal during completed spent quarter comparable XXXX. compared million We being with $X.X primarily to capital the this relocation due projects million the in year
We the to million. year expect our spending $XX be between and million capital for $XX
to opportunistically $XX under repurchase authorization. our shares million We continue
at our $XX.XX dividends $XX.X to total capital any repurchased in line fully million. end investments, the fiscal compelling cash repay approximately and Absent we line before million continue the share opportunistic quarter, the $XX in During we or year. XXX,XXX $XX.X to ended of the a in of our price repurchase on for borrowings expect $X.X in average credit. quarter a of We with to opportunities be position of million paid million and an shares
a As shares opportunistically day XX, This the another repurchase XX press our Board expires. approved program release disclosed of September our today, on effective months. us Directors new current that has million $XX share for positions program become authorization the repurchase after new will in to
recap to nearly price expiring million we $XX.XX. authorization the have $XX already shares repurchased XX, July Just of million an at through average X.X
$X.XX on paid be Board stockholders to X. dividend with be has September to XX, payment made record October authorized our our on quarterly to Finally, of
inventory year time, this X ago, slow similarly is summer below years traffic as but and noted remains quarter, second at inventory during in receive quarter. Mark reports expected, higher than when of first our improved to August. a Overall, levels. we XX% last than experienced but about started the we last earlier, slower to nearly forward stable demand was Looking time healthy XX% Channel at this we foot
and the we years sales As to the to quarter second be remain significantly year above XXXX. ago, fiscal XX% the be experienced digits our you We quarter, confident compared in fiscal expect call to to high revenue our on with up X% fiscal mid- shared with we will QX X we XXXX. first of to single full grow the expectation over that QX range expect we
due and the QX improve the our driven don't be second the XX% We achieve expect portion level quarter higher with increased to days costs sales by low in sharing due the activity margin of hit the Operating expect with impacted to to do increased that the we XX% for the in the margins and the for operating on We promotions, expenses XXs the operating in being associated volume, will expect QX, increase days full profit sales by about half. half volume. half driven but summer distribution to shutdown. second continue gross in year increased remaining for than likely second will to yet
expected be Our effective is approximately to tax rate XX%.
nearly by in Finally, have to I significant at the absent relocation, continue to of with million normal this capital earlier, least is $XX spend operating per fiscal we of commentary, With on and a repurchases Consistent million providing are spending to other or excess the we opportunistic for opportunities expect balance annually, little generate share sheet debt-free left cash our $XX invest year. requirements prior business, the flow. project cash as noted investments complete. approximately capital end to year, new to expect
call remain debt reminder, a business, our returning please open our and the capital analysts. plan to from As continues stockholders. questions cash to can be we our our allocation to that, free operator, With invest in
