second begin our providing business of update a and Thank on and financial I would a equity you you recent thank debt review all by operator like before for today. results joining to transactions. us to and moving quarter
initiatives These enhancing pay team many for I out the XpresSpa our are measures we to of includes identifying working had to conference beginning. two and have the to green that in to and pleased laid am only dividends condition. improve call are shoots beginning following. that I report prior sales just on since I the while cost been guest experience As the with six joining month the savings you the company, financial improve diligently know
Five consecutive sales store through months July. for of March positive comparable
the Second are this quarter X.X%. year-to-date, are and of There year, we increased first half behind sales comparable up factors store X.X% momentum. through the two
length a year First, upselling Notably over to increase we are massages massage from including cycled in better store through we incentive. price grow we July were successful still sales. last of services, employee comparable and our able getting the
X.X% be year Second, fell their prior from quarter our retail X.X% ticket quarter our supply able second items transactions average during The stock. terminal. and shifting of now the relevant retail restored are the compared to although increased to as terminal quarter sales improved to carry percent continues the to chain second more in business enplanements to in due
we in July compared location and the location location end X.X% as Next, $X.X World two end, at we York Subsequent non-airport approximately over New to four we the our level single average to a million City. closed period. This the in alone the store experience closed per of quarter the at the in spas Trade quarters. increase additional store one last Center year prior sales underperforming lost
have to business. that locations and exited pleased are negatively this our impacting we So other were
closely We monitor necessary all the our overall of for will our spa to other business. close continue locations locations and when health of
along the level XX.X% store quarter with adjusted of We underperforming $XXX,XXX sales. Our second million of comparable of reduction to to of to processes closure $XXX,XXX marks stores. versus corporate and our XXXX. since store in our compared level, quarter of rose we stock-based G&A totality on fourth Streamline The our streamlining the XXXX. a by an of at loss EBITDA significantly This the year. in EBITDA leverage compensation substantial EBITDA quarter $X.X and costs a of these efforts led field benefit first margin increased a prior increase to a to positive reduced store positive revenue XX% from and adjusted adjusted the total processes as negative reduced
operating As you momentum, can see, the our our narrowing loss of margin strategy. operating validating are our in improvement sales and
are forward the to look early we still beyond. more this the in process year of course, remainder Of and during transitional and accomplishing
equity greatly In detail the needed I a necessary steps much of July, we took which debt will our through series was shortly. to capital structure improve done that and transactions
we As received once Calm.com, extending our our partnership. again strategic investment senior from credit facility a LLC secured lender restructured BXD, while and our senior reminder, broadening our secured second and
operations, business necessary We existing are initiatives new the confident capital this and end the capital spas to continue provide for new with the XXXX. us renovate build to spas working and round new of improve will by of funding to
better because provide We to prior improved upgrade developing including organization. recruiting, talent we training on will and momentum top across Scott Chief our an fostering positive and this is training of our able Officer, our attract an experience. strategic XpresSpa company, at fit what next and structure appointed to like recruitment I retention, talent future we retention. talent we XX, accomplished important what In within recently of plan. responsible we our organization, customer accomplish the employees a levels priorities worked sales Scott through in with People Having all and over forward near-term continuing elevating Scott our as the Milford. team One, the now with through look at organization. have excellent know across people-first would the I the and play part months. capital culture a July Now, is culture Scott updates to hope our to first attracting staffing few are and up and for A, improvements, we
the plan skilled at down gain of the is attracting the deeper to was for D, skilled independent best retooled the attract also very enhancing of continue very our last extend staff in to a we employee further a to that XpresSpa fall. we organization B, in contractors more C, put This that highly critical satisfaction leadership place incent the mindset will people from we momentum some as strengthening our and are talent. ongoing and and their retention spa. shifting and competitive team as job interests to unified in labor critical each shareholder aligned brand. to strongest with are planning robust team behaviors and stock a well retain environment
rolled improved we two, an this, transactions across loyalty XpresSpa store Number and A, texting gaps them. to X to out in This the all building in us are we as of minimize we satisfaction experience. we app greater when and for launching is creation Phase through capturing customer scheduling, within customer domestic services of higher better overall walkaways. fill our enabling the Under the new a ready have customer including have to leading schedule spas, data more queue and and digital app retention customers
to B, customers in which airport fourth at X the Phase they security will quarter services the spa. get intend app facing to we enable the and through at before an rollout XpresSpa schedule consumer reach
better effectiveness gaming also increase increases loyalty our we will of methodology customers. we of that frequency best incorporates C, tool new material. spend track participation, the which can the and training have that retention a highest so online a We training launched
behaviors. to improving supporting We concierge with upselling first our guest our our started and experience as have investment population further
chain fixing our ticket increasing services. our upselling supply own average retail Three, by and
quality mentioned have interested offering by and our items of increase I been average our able product ticket an to we that purchasing. As earlier, issues array they have customers in our retail assortment improved are
Philadelphia spas. And Las Austin, These and planned and one new profitable Vegas, XXXX. and selectively have visibility existing for spas be spa airport more new spas and spa. performing we four, openings several Atlanta, include our high opening renovating we A, high operate where will company-owned already opening first where we a franchise-owned store or
can our regimented return on Our that so we focus remains investment shareholders. maximize allocation on thoughtful capital for
half quarter. elevate refreshen to in opened quarter move of four in both and the about brand our of expect already an to to to This three and perceptions also third renovation three XpresSpa. C, projects We with defensive addition fourth we is offensive stores the in open completed. half will
a prior as opportunity like-minded activating As I well. critical also referenced us we for on our partnerships with wellness call, view brands conference
app We with number our and companies conversations is this so end. we world's select domestic excited at encompasses the I portfolio, when to one exploring collaborate partnership are broaden international XpresSpa's future This will are spas relaxation. brick-and-mortar am all locations. Calm and meditation brands and now extend to experience sleep, with strategic expanded Calm.com, XpresSpa The several relationship on for why testing able an
blanket For we as Calm customer. eye to Calm begin travel product high-end example, items expand this selling to and relative fall we our line branded weighted mask with our a intend waiting
from bank proves so are and expensive test airport steps. going beneficial eager of time, feedback before in than we we depositing period after spas cashless a are cost see next card five payment testing fees, customer initiative. will cash actually Collecting is the assess if in credit to we as it and the considering saving begin Finally, more to the
less the was second quarter, X.X% Now let second This quarter decrease to of by period of million, million. versus the one $XX.X partially including decrease sales. increase X% representing me comparable net a a was was stores decrease store offset due compared to three the slight itself. in month itself. XXXX three year quarter move the spa or prior Revenue during $XX.X to prior closure $XXX,XXX second Revenue
the rose to month As year. been store and positive said earlier, of every comparable X.X% the I through sales half through have since first March July
of sales to initiative million costs the XX.X% a which $X.X year decreased This labor ago reduced points basis was to cost a to prior-year. period. percentage of Cost primarily to savings XXX in million due the $XX.X from as compared sales by
slightly incurred the lower to also of occupancy stores. We underperforming related costs closure
XX.X% prior basis Gross in the we million year. increased XX.X%, in $XXX,XXX at in corporate XX.X% million compared million General costs period prior with XX.X% coupled stock-based period. through streamlined administrative adjusted $XXX,XXX, reflecting administrative expenses $X.X EBITDA decreased points the year $XXX,XXX margin negative profit compared the to from as in in three-month was the reduction And reducing Adjusted $X.X to to processes million and made $X.X a profit, year increased a level gross therefore, prior $X.X a to XXX EBITDA our in improvement the compensation. prior-year. traction from
structure in strengthened and financial improved our condition. you we a July, debt announced early its As know, and series transactions equity capital significantly of that
to existing technology, loan additional common of and spas step transactions preferred which a Our build benefits support capital Board year-end. This is common series enhance for preference forward had new short necessary our and capital top defaults operations, positive potential by in shareholders but XpresSpa. term to the secure removal working for D dilute renovate in shareholders Series shareholders, invest the liquidation through also attract of the spas talent, options structure, five new limited and address simplify
shares preferred to balance have of shareholders' both refinancing improved sheet substantially outstanding subject and We secured to common, now of restructuring the and debt our through approval. conversion
First, underlying the XXXX $X.X that notes into underlying on second shares XX, lien lender immediately November XXXX, worked XXX,XXX stock eliminate by we to that with issued. common notes warrants and secured common XXX,XXX were converting shares convertible our June issued were of XX, over consisting of shares that were stock of XXX,XXX million due
and under The conversion and freed with All warrants our have in the availability while of price more million to debt have warrant conversion The operations $X.XX creating ceiling. those debt and of exercised up XXX,XXX also cash flexibility those connection from shares share. notes was flows exercises. been issued $XX directed service been per
months reducing per Second, to to XX.XX% agreed amount giving shareholder to XXXX include amend its secured our agreed subject X.XX%, paying a and LLC, amendments increase senior notes. option interest us rather $X.X common extending XX The secured cash conserve exchange, rate million us senior lower principal the conversion Equally subject to to in from to principal of while by note into representing interest be senior than convertible interest price saving secured the shares maturity will its May the the two of year we approval. XX, million cash. stock lender, nearly shares XX.X of by shareholder million. In saves principal the company's cash, at $XXX,XXX $X $XXX,XXX year common BXD, in per while rate stock as likely of option share. in entire to important, the needing unshackles cash and approval, repayment raise to the from and amount service shares to The a in at $X years debt for per ability in of
of shares the approximately of preferred of a of convert to Third, X% the Series into preferred outstanding at with a of stock of stock the converted D the price. uncertainty common preference stock shares it into D at market stock agreed of shareholders event preferred Series $XX footing price a Series This automatically convertible in million and necessary majority the common to removes preferred Conversion common sale stock of the to the D then shareholders is preferred forward. liquidation per share, the Series aligns simplified is the preferred now these also removes again to Series on current positive D D the at the of of common The preferred shareholder stockholders, shareholders subject or stock and conversion common to company. $X creates places stock equal the liquidation a dilutive the associated which maturity Series approval. D holders capital the of when importantly step structure, holders more
a into at outstanding unsecured beginning of approval. per principal common to warrants of to capital Fourth, received of consists This XXX,XXX purchase at based of a issuance, exercisable $X due a $X.XX exercise round of price to infusion have feature notes shareholder of equal shares issued on time preferred months XXXX in new Calm convertible $X.X we structure from option years of and stock from capital conversion per share. convertible and second the Calm.com, E are subject an XX, Calm's shares liquidity, this share, balance price reengineering term also stock which May the million the of X% has Series six capital with Inc. five
such B lastly, shareholder exchange, removal And certain that, all note are secured purchase among securities sales following subject cancels in into the and subsequent amendment upon company company, certain the amendment investors was approval. subsequent of also meant certain this converted the A In that raised investors it XXXX one, it the for to an June lays by and their influence provisions holders of the ultimately participation to These our provisions in financings entered future things, of the formal agreement provisions the other outstanding by on warrants with the shareholder restrictions warrants. including financings regarding late other equity Alpha removes May receipt by Class of Class approval we company.
Finally, will it the preferred stock the preferred May stock Series be be stock receipt amendment F to such XXXX parties stock to issuance establishes of the preferred SPA convertible approval. common a convertible new upon shares of class that Series designated of X,XXX of F shareholder to and to
To our and now priorities. better conclude, eager two shape we months ago financial we to execute than on are in were business just
positive trends respect substantial a keeps losses strengthening signs a in we wisely, achieve operating already supports narrowing me our bullish to positive will and to can cash that of that intend And of we identify of are continue operating We there. am We strategic existing and seeing belief future. our traction spas, which the our lot I to enhance with confident result time. sales my comparable store and and EBITDA have expand opportunities due of flow get we on potential if
we our wellness Our experiences And and XXX brand, their holistic and of great strengthening which perception yields greater are loyalty team hospitality frequency. to so, over expect doing in guests. members providing our time
Before XXXX Eastern York we XXXX at like that which on holding numerous ago. in remind a we many are of stockholders Standard Annual September have few shareholders XX:XX of proposals, consider I you Meeting your Monday, moments we our our At AM to are questions, Time X, to City. would meeting, this I referenced New asking take
read to carefully and of then While urge accordingly. them and vote I consider all now, I you list will here not them
in we and to will time you portion of Thank our now Q&A for turn interest your XpresSpa call. and
