I to and everyone you Thank Good you, David. morning, cover this for would joining morning. thank topics us. like three
I quarter our results. first will review Firstly,
Secondly, I balance will year. discuss our the outlook for the QX and of for
be to details. will to business. to for the while benefits may comments a environment that I walk few Then I happy external call the your that longer could believe real respond John our explain questions. the us, drive offer on strategic through term to will I financial Thirdly, near-term this it hand headwinds we we And will create will that, over for After environment.
Okay.
We driven to XX%. Let’s talk growth. of store we XX checks comp have this time growth. federal achieved quarter about XX% results. for QX XX store decreased sales sales estimated that Comparable the had at stimulus last first of In year, the the our points
headwind. developed knew As for this QX, up against we we plan our we were
at viewed be the comp to a we We mid-teens we would beat. baseline a So decline. able planned as quarter this that
In plan. missed we fact, this
As in-store miss were in and on was faced had and down levels this us March. The backfired too this that unbalanced and churn was receipt in explain, I deliberately root largely planned sales we inventory in of this the low cause QX, will February self-inflicted. quarter. as late deliveries We early but inventories
providing have we explain the inventory levels do. have believe turn were significantly, and we Let still lower driving faster more markdowns. XX terms, reduced to me greater In that months, We faster. room past to XX trying and flexibility we what to freshness
inventory reduced further QX. levels we in So
the that stimulus are during We the also fact of we the lapping checks. federal be will mindful quarter
levels lower would that inventory felt we additional flexibility. these So provide
In completely impacted As especially experienced assortment, trending February, receipt our critically we sales in created gaps I businesses. this in line delays. in fastest take these In in-store say, assortment significant and improved. gaps And Since trend These backfired. trend. last has were our levels. early with big receipt By inventory moved quickly April, back our comp to March, we our year. inventories our up then, up and
This effect comp a I it to year-to-year. of comp simple am when geometric accounts comp X-year like trend, but our call, this for going growth stack, stack. a compounding from During describing use just X-year is the
March, was in in April, more And this last it X%. indicator X%. believe In detail was year, numbers stack comp meaningful plus that trend. release. X-year This a minus metric press geometric is we large February, very minus stack more it described in our our today’s our multiyear Given of provides In X%. was geometric
that unhappy our a For with was it we self-inflicted. very X%. largely minus we are stack recognized was whole, Again, and geometric X-year as this QX result
Our trend I start will points in performance inventories suggests then have quarter move the our on. that QX. inventory comp higher issue appropriate, been the in could our have been on of April and X One since if and point this other
plans be the raised opportunity global not have We delays on but planned line that move we means normalize. after about so the still still now and am and clear, will XXXX, inventory the I the the issues to rest of will increase to year. to of talk year. of our above to line QX until be historic to higher inventories in-store year the To for in believe inventory in last room they shipping year have for slightly We this we but levels. than going go that levels slightly will this rest be to for rest this now are be below well outlook terms,
mentioned a geometric I X-year our plus ago, As April in was X%. moment stack
X That Our April. we to than trailing with May month-to-date trend consistent has months plan is cautiously trend. said, been this think QX more it prudent
geometric with There QX X-year in This growth are we being why in So, minus implies planning reasons a are decline comp X-year XX%. minus two XX% of stack single-digits. range planning are This low QX on compares we to a based cautious of comp in QX. the XX% XXXX.
will of it inflation are few Firstly, in months. spending. economic significant that income is under retail especially and not customers stress the this we next clear the the economic about change on environment concerned are about and Lower impact
second and to later promotional our in lead very reason environment caution that The is could a quarter. many think us that the this as to overbought. retailers of This We environment hurt to overinventoried for business. are seems kind if tends it
full guidance our to on year. move for the me Let
updated geometric growth This This year on of to X% X%. X-year a X-year minus stack year implies Our is a minus XX%. based comp to full X% a against of X%. decline in is full for XXXX of up guidance the comp
get year Our form. does we full assume as the in uptick trend updated guidance an into
for provide in back concerned remain a the couple environment, us tailwind half the think the that of a we about we of While external are there year. factors could
in other retailers, a this a been the Firstly, of if We has the do by the there of above. has off-price than at trend vendors, merchandise. in know all not buying for years. decline environment been But of sudden change availability the catch-up a sales better supply now is the has or it reasons, whatever overproduction by driven been sea
great Our buyers are deals. seeing
values. assortment deal, customer improved a compelling drive that We year. can have then expect build stronger We this would an opportunity environment taken sales to in double our persists, value-driven QX, At this inventory. of needs level was compelling, trend. the environment reserve last reserve buying we our with an a to our really assortment be know where more end of the even more the If
that now an begin making expect are buys to late the we summer. We have could impact in
like the industry begin retailers our second anticipate it The a customer lower drive are income customer Those to right be could retailers feels this slowdown If a growth. our higher this will and sales the then groups happens, that that inflation of customers would results, seeing on sales trade-down possible cause income possible interest income this falling recent stronger higher trend, Clearly, market lot trade we it’s retail factor trend confined some the serving the bifurcated. rates, sales shoppers while down stock We value. back serve is broader is lower for looking experiencing to income the higher But our at is other point that expect high Based unlikely of focus income about think a will as weaker if now. shopper. in economic and only are to shoppers we year affect trend inflation, there be and stores slowdown and to the business lower sales impact economic stronger half of well. for XXXX. in see a concern could
me recap. Let
stack on This on low is of the appropriate feels single-digits. based QX stack our a for and is And geometric guidance X-year the year for X% guidance to X%. a uncertainties. given based the X-year guidance risks Our updated full in geometric
a have position. As very year our strong inventory a in last line reminder, reserve we are and levels with
John to But details the guidance. provide might provide be think this and on the our In we the of So, rest trend will year turns would we we some high before well-positioned financial in through more to then I if there, industry to like rest should it. on what out a chase be moment, of stronger, go retail year. happen commentary level QX
driven retail As is to that create across something This retailers trend as sales to challenges believe and environment I this economic government and and been higher above year able happens, likely is be in have that the than anticipate a drove support industry. programs short-term, for the that of retail sugar this higher summer trend pent-up moment the it the last the some as a across margins was benefits business. we would and there broader slowdown. other the always on summer longer strong going described we achieve. the industry. fallout and us pandemic. headaches from retail remember callout provide a economic of consumer spending, would the time, for across ago, that worsen year This and the emerge turbulent demand What likely could if believe they this high, very We investors was otherwise further to undermine the could retail potentially we factors XXXX began inflation would to to we from but lower be difficult sugar not sales anticipate shoppers that combination that slowdown high specifically, trend for could income that that will our did undermine we anniversary. Many impact further to last be this difficult characterized a At by term
no make retail The to always and mistake, been Make are important for difficult the for in us cycle. times run, in the off-price. has a spending difficult the life makes this point Historically, slowdown long good almost in is retail short-term. turbulent in the
we the trend. may We from of to our be supply. we that. the in able trend benefit off-price quarters, by customer. to the coming can are But certainly retailer, can adapt the sales And trade-down We drive loosening an feeling to appealing as new
further believe times the bricks-and-mortar if retail to do does, if strategic will not stores. retail and it know it that difficult could tailwind we We turbulent off-price of happen, addition, very full-price when channel. important or but in or this later In sooner drive a represent might rationalization then
first our quarter would turn well I performance will call the Now, for financial as on who John? as details our over fiscal outlook share to XXXX. John more to like
