Lee. Thanks, morning everybody. Good
first which touch increased quarter. for $X.X driven gasoline the fourth and the merchandise for sales on billion, were our X.X% comp primarily were quarter by first ticket. sales results -- Let's by Net exclude quarter
timing quarter comps basis As year's a this and last that fourth reflect had XX with government an headwind effect on benefits. for reminder, merchandise estimate the our our change We lapping point comps associated the quarter. assistance
In change, impacted quarter addition comp EBT to negatively the holiday the period. for sales compressed our by were the
quarter stack two-year the X.X%. Our for was
and quarter the we like winter a weather And expectations a likely growth key was the the apparel in of X% total fourth on While push, categories general short effect our key of supplies. it for like comp, the division the while impact weather merchandise that toys. this quarter business posted did warmer led fell GM categories and estimate
perishables less as shopping X% The Our of by in respectively. fewer holiday trips divisions edible divisions perishables party grocery and earlier, days comps resulted and impacted holiday goods. X% negative compressed were well the headwind and two and I fewer led the grocery related EBT for as factors to our edible These by in shopping and calendars season. discussed essentials negative
fourth the grew spite grocery during comps quality driven our Membership headwind. income our the quarter. In EBT was division X% primarily non-edible Performance base. by improving slight by grew of in addition, by a of membership fee X%
we As and Lee trial membership noted, continue well reduce our on members. to acquisition on execute reliance
we higher minimal effect the The year, and all-time rate program our with made fee growth the of had and benefits of the Renewal a tier penetration Easy high For progress increase XXXX XX%. maintained renewal rate. January good our on quarter's last
gasoline procurement offset initiatives, which increased approximately the merchandise driven call. business, expected last our on over gross benefits as margin year, rate were basis by partially tariffs Excluding our primarily our by by and XX noted last points from
market dislocation We Recall million quarter. significant prior performance was line to of our quarter in in last margin profitability business the the $XX grow continue unusual expectations. year approximately included with gasoline and our to fuel year's fourth gasoline fourth the due a in that in
to the SG&A prior million in expenses year. million compared fourth $XXX $XXX quarter the were in
Our the $X with of associated and our was million closures approximately included million reductions, of the home clubs quarter from office. primarily $XX severance of $XX charges, SG&A the related for labor to which expense resulting million two in
other was these million, up approximately quarter. for Excluding the charges items and $X of nonrecurring X.X% SG&A
year off we from for from of million end a ago. quarter this Interest completed million expense our first the debt $XX the XX to the reduced of first fourth points associated our the term $X of will decreased expense and with loan, in included first Interest million approximately of which repricing fees pay transaction lien the XXXX. the transaction costs by the transaction margin opportunistic savings basis lien January quarter. This rate by $XX
would expense million, $XX interest continued our reduction. Excluding to fees, reflecting decreased debt these have
million to For prior in expense quarter, of recorded million $XX tax the compared period. $XX we the year income
in our this Our our rate to XX% rate for of normalized reported differed approximately XX% due from reduction reserves. of approximately tax a quarter tax
income $XX fourth net $X.XX million or in million Adjusted per in year period. share $X.XX the per the to quarter or share compared prior was $XX
by per income including the primarily below expectations, to reconciles our on release includes line basis. share net results. GAAP a table adjusted came for Our press $XXX driven net million a Adjusted income of top that quarter in EBITDA
benefit $XX year million included margins. the reminder, gasoline from of a prior outsized a period As approximately
now Moving our balance to sheet.
was impacted approximately and Our of AP year-end. ratio around timing was XX% purchases to inventory by inventory the
good range prior in this years. feel inventory which in ratio $XXX working impacted position for of be flow, fiscal in XX% the and at we to also came high our our similar back million Importantly, about shift to This expect in cash flows timing capital the year. free XXXX our
turning X% reflecting of outsized income. Adjusted to Before a reflect sales a range; XXXX. that EBITDA bit I'd full XXXX, below guidance at came fiscal the increase, after X.X%. considering our approximately for on like year's last was full year, few while reflects million for year two-year a a to We stack take in gasoline our fiscal our performance X.X% $XXX year to delivered seconds the comp growth for it
Additionally, we across XX%, adjusted progress of debt, returned solid million free per in buybacks. business. share through a share $XX came results the to result flow, by of earnings approximately and in approximately These million capital shareholders $XXX as down paid generated grew $XXX cash million
launched the delever growth that We while leverage funded in on next anticipate medium-term opportunistically membership and program. plan ratio us of to the our our adjusted times. quality and the capital a years, our invest our share omni-channel achieving allocation within two with to to year, a return business of in executing X.X business, enhance year the ended $XXX new shareholders. during enables capital buyback the of saw We to We X.X base, significant two EBITDA million times a times debt target
XXXX. Let's now fiscal turn to our for detailed guidance
details provide I walk release and and some of our press tables Our you full assumptions. will the highlights through
underlying and the our our investments business our from outlook continued in the priorities. and confidence strength Our reflects of benefits strategic
positive does guidance reflect an this earlier, not impact noted negative Lee the As situation. from whether or coronavirus
billion sales sales, X%. with to billion $XX.X be of $XX.X excluding to net We to X% expect gasoline merchandise comp
comps and Importantly, as recent value, curating our omni-channel growth will services to club driven our improve Lee expansion. and mentioned, in by quality, accelerating we of expansion products our business, based expect accelerating membership continued that membership elevating on new our are improvement focused from This improvement marketing we and be levels. enhance
rate. members and a attract maintain From standpoint, we membership expect our high to renewal to continue new
the we As from January of no this XXXX. year in a will reminder, our benefit MFI increase longer membership introduced fee
year reflect accelerated Our in will investments assumptions funded the business, by around which SG&A fully the for be Project Momentum.
in eliminated moves In XX office the approximately field the These XX% for positions fourth to and in quarter, savings we total year. the expected the structure. home of about are management our drive
organization. will eliminate addition, to duplicative deep on over and conducted In processes the work streamline our a spend and next year our entire we to dive
million Momentum in Project expected deliver years. is $XXX next savings the to over two
year the and these We remainder expect year. approximately new fiscal -- of the following of in $XX come million the the savings following into to remainder
fully bottom back from means not will savings line. be the flow Momentum Project through savings the in invested all to to expect This We growth.
the ahead our in capitalize cost the of to Project even in order our is savings said, allowing Lee work fund exciting us. to the will us company, of generate Further, on to growth invest reduction of of Momentum growth. fabric make we this to investments aggressively opportunities As further part to purpose
the in million the range compared at $XXX when year that year. result, to reflecting of prior to X% million, growth to a of full EBITDA expected the be adjusted range is As $XXX midpoint
pay plans as guidance repricing. well reflects Our recent million our our $XX to as interest is million for debt $XX down expense and debt
which is team biggest are is stock the our potential in here be be of XX%. to to sensitive tax rate our extremely the price variable tax prices. of to windfall The those and expected expected behavior to to XX% to benefits, Our response members
$XXX expected income Net $X.XX to the million $X.XX is to to year. million fiscal be for per or share $XXX
reflecting XXX the We compensation. expect stock share level million stock be of our diluted and shares fully at the approximately year current to count offsetting buybacks impacts with
from to million approximately expenditures expected year. are reflecting $XXX million, $XXX Capital the an to be prior increase
acceleration our tilting estate have We of and growth pipeline. the real capital begun process are towards
expect stations. three We this new to gas approximately to six clubs four and year open
teams our capital will faster. move business to We tools and our services the deploy building omni-channel and giving
Lastly, approximately flow million. continue cash free expect strong of $XXX we to generate to
We and our continue growth. top accelerate to business is to our transform priority
business investments omni, past drive the membership, in goals and on look to our to have growth. us health Our the year. delivering and forward laid We about merchandising, remain long-term our systems of analytics foundation the next for for accelerated optimistic we
And the to the Sharon? back begin Q&A turn over to I'll now, the operator session. call
