factory quarter Thank you, comps Consolidated outlet year. store last and comparable decrease start discuss Express net Tim. business our as X%, retail outlook. a with positive million, were $XXX sales were were sales Fourth then million negative will quarter X%. comps X% results $XXX fourth to I our X% compared were and negative
Tim outerwear women’s by just for pants, able the to new were were product mentioned, well. strength deliver As the casual and enough. jackets fourth in and knit sold Sales and the we women’s have driven offset on legacy We woven men’s graphic tops, this in didn’t trend more in by was bottoms than and shirts men’s suits, tops items business. weakness within the older sweaters in and tees but side dress quarter and
was strategic as and to margin more customers occupancy not our which our by down products move actions inventory as inventory percent strategy. were and of a go-forward of clearance These merchandise continued resonate XX to our by was at flat Our the the beginning with as sales. reflected offset this efforts to contracted well in was with did Buying take we XX%. approach basis our promotions while we that position are points, February, with product through didn’t align
rent savings a as reductions dollar However, on basis efforts it and cost initiatives. relative around continued we other down was our
million, Our margin year. fourth $XXX as were with profit basis $XX GAAP quarter expenses gross a a compared basis XX of to million, to on compared SG&A the a million last year. $XXX XX%, decrease gross of down was points rate prior
in our million, was to of leveraging On last a $XX.X sales, $XXX came compared million, basis, the an points. loss basis $XX to XX.X%, last as income basis, of operating of operating year’s As compared quarter was GAAP million. income million. income operating XXX fourth for SG&A operating percentage at $XX year’s adjusted a adjusted On
fourth the Operating was in negatively two recorded profit impacted by charges significant quarter.
This first restructuring and the restructuring of of was face million statement. pre-tax as office the activity. on related recorded income a is previously corporate the $X.X charge The field restructuring announced charge to
non-cash implications a in second from be operating no intangible does a confidence year, and approach a the cash write-off of clear market cash in the The capitalization over single-digit long-term is flow of charge $XXX strategy test. impairment decline to a this goal mid our was primarily This is but margin. The charge determined million past used achieving our stemming charge our in has due assets. annual to not the market-based change our or
was basis, in Fourth diluted was the GAAP on net XXXX. quarter the per $X.XX, fourth of a share $X.XX fourth flat a XXXX. $X.XX diluted per share, to of of compared per quarter share loss compared loss Adjusted to quarter earnings
compared outlet the sales Consolidated negative in mainly our offset was brand year our $X product, partially store comparable decline totaled strategic by execution. retail of strategy, XXXX, negative by year initiatives X%, X%. X% decrease full early full with around change of For XXXX. net the billion, sales comps were factory results customer, were The sales promotional the driven from and X% and Express a the comps were negative
basis, share share was $X.XX loss year’s by $X.XX. to full previously restructuring adjusted impacted XXXX For write-off compared of last year of charge loss EPS XXXX. which GAAP to $X.XX results the share full of intangible compares Adjusted in a our and non-cash was diluted $X.XX the per on also the earnings were assets. per year The per mentioned
XX% million, This million and and underperforming balance for for as $XXX extremely our for totaled sheet flow, shares year’s balance remains have million million which operating year’s Fiscal compared million of to currently $XX current $XX as have an and $XXX shares of the million. healthy million. flow decrease The flow of XXXX year share Under activity, results the $XXX driven capital turning million cash we million, cash and with repurchased repurchase of during our million X.X $XX ended cash liquidation goods. program, year XXXX. mainly equivalents last at repurchase last we our share expenditures $XX.X the we $XX includes faster to Now $XXX by $XXX Inventories million. and were was cash balance our to compared year-end XX.X was decrease were available. free million $XXX remaining million in cash resulting sheet
not product over place. decision levels our months to seven reduced inventory penetration In until a of leadership has made strategy improve buy addition, new items to The our significantly in inventory increasing full work had we we the the assortment. certain and composition our our last team and by continue in we
reflects debt. sheet no balance Our
our guidance. that, will I address With now
mid This to For expect diluted of we $XX of range XXXX, in million loss single-digit in the per be the to loss net of first range, of currently to $XX.X to the quarter million sales comparable loss last year’s $X.XX. range the diluted compares negative $X.XX. and share in $X.XX
of guidance year. two impacted the factors indicative systemic of for non expectations first Our quarter is and our by remainder the is not
yet in business important inventory This First, long-term aggressive first in was focus due the our inventory of development quarter XX%. too early while we an of At in was merchandising of at the fourth short-term. levels its was and finished and XX% part have are inventory quarter stages place. improving on low. we leaders to design and time aggressive in end down February, trend, down which the our are to We approximately too strategy the the a the key planned, with did bit health was not
appropriately in in We to us line in product new faster the rate had business are half gives anticipated. the at than this response is invest of new the encouraged that bottom to is, selling The flexibility a we product year. trends the back
raw goods coronavirus traffic. volatility is of materials for there spending vendors and possibility continued consumer and a as Second, some as its impact. is surrounding There finished and of implication well the our
monitor closely to can do mitigate to We we impacts. all the any and will continue situation
about on will know the today have we what our factors first through contemplates these business of impact the guidance quarter. Our
and be there impossible negatively impact However, that of these at factors, are therefore goal not is could additional that should single-digit a said, predict time. With not our long-term impact to mid margin. this achieving operating systemic
in of million and refresh the investments, ongoing the currently $XX we new representation to to capital a fleet, the technology full across to expect our stores of fund brand ensure of platforms. $XX our maintenance to technology XXXX, year the expenditures million Turning range of consistent
stores new and XXX expect As opened X close and stores we and outlet initiatives filled it XXX previously stores, announced expect to process consisting our of XX price we announced of part go-to-market store previously outlets. of retail and and corporate We in year X XXX real as currently rationalization relates with improvements opportunities the locations, to expect in X to that million $XX the $XX estate, million realize XXXX. reduction in our restructuring end to from full fleet the cost
in million XXXX. forward $XX savings to updating progress. We our remaining expect the realized look in you and We on be to XXXX
call I will And back to now turn the Tim.
