of I’ll Thanks, by our fourth detail. today. you Chris, providing everyone joining go good conference which call an financial and appreciate quarter Paul after results in morning, we recent overview will our developments, start through
SUMR very improving financial been the operations has has part at about to no the three very here Coronavirus in in But the the in happened company active world a deal a that and long-term it mid-December has very and certainly great happened and been marks active Today a great in period due its a months - approach since period in small time. which I restructuring obviously – results. to volatile market part a is deal It’s started since taking outbreak.
results at quarter versus but the a company versus million million ongoing to stock impacts fourth year $XXX.X a do $XX These on the reported core We year tariffs achieved and time, successes across of year, our At sales $XX.X reverse million the from a last mask some completed the for continue finished net in same largely split trading reflect we XXXX. the of many NASDAQ. categories. $XXX.X the million last
to fourth a lines bath our key within the the several specialty core In a rise gates, saw And across gates, categories. in and product leading whole, double-digit strollers potties, sales double-digit saw quarter, strollers comparable growth products, period. we increases including XXXX potties overall prior sales as over for area year blankets – and
higher sales Such Target, performance as driven was Wal-Mart, such channel key by our much Lowes. with of Amazon, several partners
a fourth as effective during tariffs we addition, XXXX; the immediately. is exempt gates retroactive refund result, were owed rule SUMR $X.X of quarter to a were In million is September from And our metal informed the importantly, to the that Brands.
and review and products will should our funds are will coming forward. sales back these gross significantly longer of be paid Paul metal momentarily, As best tariffs XX% margins positively impact just the as no some moving selling which the gates, both on over quarters
products February. of and the in In company’s that became other blankets addition, monitor should tariffs effective the specialty the XA List middle from reduced certain benefit
broad approximately drive us swap mentioned $X.X and to enacted the help we changes company to the saving expenses. have results, further annualized will million While also restructuring in bottom-line a streamline of back measures profitability,
Island. headquarters California, concessions and facility distribution to vacates and in to our cost addition headcount in of some here sublease right Riverside, center expects in portion prior the In already its of some UK company a savings potentially sublease Woonsocket the implemented, Rhode warehousing space
our China. by the end be our completed of and will product international distribution facility all America is track of warehouse cut UK on both March, handled outside in California concluded North which and sub-leasing designed to closure by to be The the courses the improve the existing after in both effectiveness. be Riverside cost UK quarter. second of in operating should action In The third-party
annual to and anticipated the of be exceeded $X approximately million year $X.X these so is XXXX our this expected savings, in million implementation have plans the expectations. Of far of
Cash will for margin expansion and goals remainder be of flow primary XXXX. the
everything We it and debt improve down company. possible turn near available value on to capital and returns the are in the drive future say the for use to our expect to that corner delever Suffice pay very profitability on and we we’ll cash doing shareholders. to
car and BABY From at new stores, – a models well seat on pleased X are system our product perspective, now as I to as announce travel or available Buy that am our Amazon. Buy
impacts the the year. favorably potential minimal, optimistic will reviewed first have about quarter and be for likely products the growth are been we the in While this
we an stores noteworthy Wal-Mart addition, have XDgo the that, the online had opening the America. in stroller new stroller, locations In is up the market innovative in North one have event consumer. a one This time convenient opportunity model versus quarter for company. a This is is actual in a we now across stroller large just first Wal-Mart for price-conscious
has of to call We turning let scientific as and markets. the to this uncertainty situation as resources briefly created me clearly unease possible Coronavirus the to comment on bring the end. It the and without rapidly that sweeping an epidemic hope loss Paul, saying Before the limit this in among goes globe. and now this over pandemic financial can consumers life government that the address epidemic
disruptions shipments base. I impact time, know that caused our mitigate mean like investors by let SUMR to taken already supply the In China’s has the Brands to in would to steps
on of in normally as Lunar China production already Year inventory course for the to New in up had Holiday during ordinary a which, an stocked halt. preparation grinds business, we First,
like we something is many folks. This do every year
when And virus. being began suppliers so I hand by impacted had on goods the
operating are comes production under are the reduced previous to disruptions. some up Chinese of still at situation Having helped although reduce our our diversify there currently extent they to control. production addition, In that, as out efforts China product runrates said partners ramping
daily from updates get not or to back We materials. at most due are capacity them shortages, labor raw and
noted second the meet our inventory quarter delays results, earlier, We to first to I have as quarter but impact demand. place in already expect possibly we such
The to resulted cases individuals and month in quarantining, just fewer does has appear And a testing strong new situation have the in ago. Chinese than approach many China. government’s to stabilized
will but production normal cautiously more are the near developments We watch closely, to future. optimistic returning levels about in
across many executes initiatives. say strategic and board as continuity as – the to am I tariff is board, on I benefiting actions on the closing, as to from from the well taken a In ensure environment stable that remaining pleased am on SUMR Brands company
million on year about underway already net are We $X cost introductions. in and several expect product this savings to recent plans upbeat also
outbreak current gaining year. the necessary I believe increased a of The for managing its SUMR all steps and is base stage stronger and cash number effectively performance balance taking XXXX are ensure that company we sheet a supplier beyond. is operating and improved profitability, traction to this for during Coronavirus flow fronts the higher across set
will financial that, With now over it Paul turn our I to to results. Paul? review
