I quarter Fiscal profit. will for on was our our with record and Thanks XXXX Tom, discuss everyone. year and sales then year fourth review and good morning our XXXX and fiscal results, our outlook full XXXX. best highest
Our year store product all growth comparable X positive of we XXXX categories fourth quarter posted gains. sales increases and double-digit positive all store in sales our broad-based, was full comparable regions and posted
stores investments in-stock the people, inventory total XX fourth customers. sales warehouse Net or connected at the quarter along consumers prior in XX% from Pro in a stores, $XXX,XXX,XXX $XXX,XXX,XXX both We resonate XXXX end versus visually continues stores, stores with increase XX year stores, of our Our to period. unique to products, the the experience, approximately customer an the quarter innovative with ended professional of increased model XXXX. in large format of XX inspiring of XX% format the with fourth quarter and
performance we our quarter and during year. Virginia; to with very we the X continue Park, the new pleased of be new During opening Overland stores stores Texas; opened Kansas; and the in Austin, Alexandria,
store increased Our and this comp on XX.X% the comparable sales store of year a fourth top was sales increase prior quarter period. in XX%
post sales positive market, combination comp momentum hurricane Our of store of as fourth Houston. outside other in markets were Houston a the by as in driven quarter well continued demand
sales comparable our Excluding stores increased Houston, five comparable our in XX.X%. store
by the increase transaction driven though increase of quarter for the and comp the was rest fourth transactions both largely the ticket for growth, year. average much So year,
of margins, increased to from XX the XX.X% quarter by a from result product XX previously quarter approximately Tom mix and the quarter XXXX due XX.X% by fourth product to Now XX centered as XXX,XXX,XXX in in the onto in points profit basis mentioned. in points which higher expansion of distribution XXX,XXX,XXX network increase slightly basis basis margin driven XX.X% increase This XXXX. in as fiscal to quarter was was our the XXXX. gross higher margin a in profitability; in products fourth fiscal primarily favorable the of fourth costs fourth of margin result increased points gross fiscal increase the of distribution Gross offset substantial
came quarter -- store higher percentage of a the XX to leveraging XXXX. SG&A sales, entirely stores basis SG&A from As total to of leveraged our on fourth sales. points XX.X% on leverage compared expenses
leverage a by leverage Our generally opened the new on their of in approximately higher higher our run about stores. getting XX% more mature during than any by sales stores sales partially given mature XX will new the operating year, year we've partially our a offset expense was of our as our year this store base expenses stores. first growing stores percentage we're operating mitigate from we're operation XX% Since
in operating expansion, $XX fiscal XXXX. increase fourth million the and during drove in to $XX.X strong million growth, income of XX.X% as Our fourth sales margin gross leveraged the quarter to a compared SG&A quarter
passed of a of the by of Our taxes benefit related with to quarter tax million tax in legislation primarily $XX,XXX,XXX of for in of as income in driven revaluing in in connection accordance XXXX. was options benefit fourth quarter the the a the liability exercise XXXX. tax fourth compared reported $XX stock $X,XXX,XXX deferred excess quarter $XX,XXX,XXX benefit The benefit with well XXXX in to our fourth as the new ASU benefit tax the from provision was XXXX-XX, December
release. share out earnings We onetime per our adjusted both have calculation of in of today's adjusted benefits diluted
and enables both investors release. Before in these our better please to as A can earnings issued with our a operating I I measures found We note to disclosures GAAP metrics net release in our measures income basis of believe between non-GAAP the in fourth share as $XX,XXX,XXX quarter the net be million directly GAAP most and of on for fiscal comparable increase per guidance, non-GAAP diluted to performance periods. an in reconciliation of were comparable $X,XXX,XXX XX%. $X.XX for in non-GAAP call. share Adjusted or increased adjusted XX.X% $XX,XXX,XXX compared This and XXXX. core Adjusted understand per fourth share quarter discuss adjusted EBITDA EBITDA of described the that discuss fourth income this XXXX. XXXX in $XX.X financial net quarter compared diluted $XX,XXX,XXX represents fourth diluted earnings connection the our will adjusted adjusted of quarter of the adjusted to or income per to or earnings $X.XX
XX.X% grew year billion $X.X to increased comparable compared net $X.X the sales sales For billion to XX.X%. and store
Harvey quarter just almost XXXX. million net per $XX we fiscal year year coming to to compared diluted added comps, for fourth over or in the XX.X% diluted all points For that XXXX. income our as that of share XXX to the per over Adjusted share increased adjusted basis XXXX Hurricane $X.XX estimate $XX,XXX,XXX or of $X.XX prior the adjusted for
full we EBITDA very while the Overall, Our $XXX,XXX,XXX under $XXX,XXX,XXX available and believe of growing was ended our XX.X%, revolving ourselves outstanding. adjusted between investing cash as with year credit for fiscal quarter in with in XXXX are XXXX $XXX,XXX,XXX our facility, balance tax in right borrowings increased $XXX,XXX,XXX are fiscal earnings and striking XX.X% long-term. pleased results; liquidity to year compared full we in adjusted XXXX. we to the the rate We
XX% at the end of $XXX fiscal balance Our from million, was fiscal up inventory XXXX XXXX. $XXX,XXX,XXX or
we increase quarter distribution Miami our combined center fourth new as in previously by in as in shutdown distribution As completed Savannah was the continued opened stores XX with well the as described additional strategic mentioned the previously, large XXXX. for investments driven preparations XXXX, relocation center
the key down. and improve stock New make also We to anticipation to positions of shut decided Year investments Chinese strategic in
want are before full giving guidance; fiscal XXXX year there to I guidance. new events to explain turning quarter three Now and first
successive suggest hurricane from in have lift as post experience prior well we third continue get the with Houston in are relates excessive Harvey away of should in as in and we First, but demand. elevated flooding comparable for were as quarter three quarter hurricanes our moderating quarter moderate in to basis quarter estimated moderate due XXX market will sales the sales XXXX our model of in store hurricanes. of as fourth Houston, sales demand to points digit our further the XXXX an industry said the comparable it others first events, over the each Houston assumes In range. which we comparable of each XXXX sales XXXX the our the XX.X%, to Therefore, fourth planning that in to store Because quarters store was Houston mid-single quarter. hurricane,
to expect Houston our digits excluding in all We to the store of comparable digits high low XXXX. single double be sales, for
we Tom as Island Boston, have enter Long mentioned Seattle. and to strategic Second, decision made a
new Our Washington Jersey, success gives confidence stores Los time our Angeles, is improved XXXX XXXX from and to step into and in class with us New D.C. Chicago, performance larger these the right now of along markets.
openings, these expenses pre-opening of related million are However, previous in require will $XX this an new to and more expensive to estimate we additional years. compared we operating more than and store slightly fiscal invested in investment since markets XXXX prior what
successful opening confident in markets We these have will have long-term but these incremental on an of and be more positive that return will in are a investment, year cost. initial the stores more the expensive
store to will have would much XXXX to I years. later stores the as approximately be so we point that the store relative getting open million new simply increase stores in backend our in cadence the For relative year do opening as from fiscal we're expected example, years, expense to versus $XX previous is weighted not XXXX our the prior historically to also start-up XX% XXXX. in new our out sales
before believe already due accelerate reform, to to decline high this passed even and investments however, expect business expect to estimated the XX% further strengthen our about significant XXXX Third, tax XX.X% estimate see estimated savings in result tax position. reform tax as further into X,XXX reform. XXXX opportunity drive we strategic by in rate investments tax as tax about noted, will at we December benefit to incremental Tom and are have reinvesting basis as will of priority of in back strategic taken a to previously high to a XXXX. We the due versus sales our our already receive we to effective XXXX. we outlined These tax We we that beyond rate were points an be reform
cost We expect initiatives to basis margin. operating about will us these XX points
planned Seattle, investments a of net we flat and XXXX about even Boston, As in though operating result forecasting be growth. margins along stores for Long the are to fiscal expect new with our our income we Island will accelerated open
XXXX will and a million We the into the remodel beyond. are outlook for are net range competition, expect store based million, reform a further for $XXX for and versus confident account market, to do investments XX% growth for the repair XX%. net XX% tax of further comparable the approximately fiscal increase will our residential Taking the first from quarter sales quarter of model position increase sales as distance with of the in of upon the and to is This economy to XXXX thing growth XX% these be XXXX. business, an strong first to to we $XXX right a and these us factors in positive
range increase on $X.XX to $X.XX, in first basis X.X% of points GAAP for planning XXX of the XX%. operating earnings XXX are basis range to to of first diluted of to be XX% points to quarter increase in quarter. an in the to per We the is share a X.X% expected margin XXXX
million, an weighted XX% quarter XX% first we are the over $XX average first fiscal of outstanding to adjusted million expect for We XXXX, EBITDA assuming increase $XX XXXX. shares diluted of quarter million to first the of be a of to for quarter XXXX the $XXX
based XXXX. store comparable new store fiscal the range. growth X.X% warehouse XX.X% openings to increase and in full sales the assume $X.XXX $X.XXX an sales billion, increase expect range in our billion XXXX 'XX be to versus to net now range fiscal to This XX% of is Turning we of outlook XX% on year for sales outlook; to
gross improvement expenses our modest sales, on expect We our higher store last of operating due remain year. a as cost to chain about supply and higher percentage in sales product margin to versus margin selling leveraging flat we expect
leverage our this stores, discussed. mitigated While as previously we of largely stores get out comping plan higher and by to costs is new
start-up by store of about increased to our due expenses cost increase entering an expect XX% to as as openings. new store higher We number markets, these well
We XXXX share corporate expect to rate diluted modest be earnings $XXX,XXX,XXX administrative is expenses. fiscal $X.XX our XXXX our and shares tax leverage of for out to general estimated to be XX.X%. expected Diluted share, is weighted per is estimated to average outstanding $X fiscal be a
As may a the that in the option due XXXX. of guidance tax consider impact reminder, this stock fiscal exercises to does benefit occur not
expect XX $XX infrastructure, million to an total XX% on e-commerce store fiscal the million $XXX respect XXXX $XX to remainder to to towards directed spent $XXX to increase to openings of store is $XX remodels $XXX spend for $XX in expenditures million, earmarked centers, IT our distribution budget million and this fiscal adjusted expect million With of $XXX in will with XX% be over to and million capital be We initiatives. support range in million about the fiscal store the new of center million capital $XX to CapEx, approximately million XXXX. XXXX. million XXXX, EBITDA of to we $XX in
release. all and our for For please earnings details our guidance to refer results
to call. like to of would the Q&A it we over operator, that with turn portion think the I
