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along tailwinds to navigate to were least in our results environment, but quarter with both challenging actions taken relatively organization, quarter benefited also the line at have first we favorability as with of increased the first headwinds continue The expectations. we our freight continue that expect discussed, Jack year. from the to through we our half a As and streamline presented
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noncash this related to classification not be assets tax for in to realization by the tradename intangible the used change support for created liability deferred reversal previously the net certain recognized a noncash of a source indefinite-lived losses. of but can tax liability tax the deferred purposes as of amortization our book tax as assets operating in This now resulted deferred
Partially offsetting expense tax discrete excluding rate applying a from for our this estimated million year was pretax effective of loss, benefit the the $X.X items. to X-month fiscal tax
book primarily effective tax tax not period the created goodwill by tax estimated fiscal amortization Our the for rate indefinite-lived for for driven purposes. deferred expense is by but of year current noncash the
For of the $X benefit full approximately tax we income an expect year, report million. to
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inventory with are we with primarily to While our and we we in Vince have fall inventory have the made compared improvement last inventory respect to higher sequential moderate increase we replenishment had discussed, balances. carryover inventory as pleased balance, our related year, to a
we inventory we buys inventory. through we in conservative levels more for more the as current the fiscal well reflecting units As season have have to move taken normalized to XXXX, believe continue will to actions second return as of previously, half mentioned we
the from we Authentic. proceeds closed overall our Following the we liquidity and our transaction the end with strengthened of position have working transaction, capital. successfully quarter, With increased our
outstanding loan credit We revolving portion outstanding a the have million $XX.X term credit in the repaid and our of borrowings under that full repaid was facility under facility.
the entered with June and transaction Authentic close with the the our effective. amendment we into ABL the facility to the level, transaction, commitment of of adjusted the maturity amendment of facility the The commensurate with facility's became proceeds previously that Concurrent net XXXX. the
are we to ABL refinancing financial amendment, Given the forward. going flexibility actively this continuing terms, and updated strengthen covenants our conditions with options to explore
Turning for to our expectations XXXX.
are While time, we fiscal at by not to headwinds. ongoing the providing to we guidance continue earnings macro be this formal impacted XXXX expect
sequential improvement more We expect as quarter, in our Jack to prudent wholesale in direct-to-consumer a see our outlook with maintaining the channel discussed. channel, while second
of into licensing transaction as to the pay reflected annual quarterly be and we Authentic, at As part $XX which SG&A in reminder, royalty installments long-term Vince, expect of have with expenses. we fee in a to minimum ABG will entered agreement least million an
received and given along income will the well to going with operating expect partially business licensing our and impact we ABG net expense forward, distribution interest negative income of our by income the impact to in offset lower our a soft on as quarterly be this, Vince have for as debt. While reduction transfer the footwear from accessories, net
the fees we Authentic royalty transaction, to this of of With closing begin expect incur quarter specifically, the timing the to second respect the quarter. given to
incur $X IP. gain of to and expect We the a on to the of also in the over expenses recognize period sale transaction-related million expect Vince
sheet we vendor our As disciplined expansion on growth in activity, management objectives, relationships execute a will be to through initiatives. positioned focusing strengthening believe including look longer term, well we balance and driving and our margin cost stronger against we our with strategic promotional place, reduced
remarks. our us joining morning. concludes you This this for Thank
