morning, you, cover I would X you Thank like Good everyone, for David. to topics thank and joining us. this morning.
discuss Firstly, results. second I our will quarter
for of over new year. walk the call rest the the to And will our hand Secondly, program. opening details. store our through I Then talk Kristin I outlook about share I will to financial the thirdly, will
Okay.
on the very season represents X% X% a to stack sales basis. X% X-year as This our spring geometric on for X% versus versus growth for it in sales that growth Comp trend comp comp was to X increased on store and our a a a year our X%. quarter geometric store about was sales X% talk whole, Let's QX, means and results. basis. second store QX guidance stack similar a of our This XXXX the
with numbers. disappointed We are little a these
came growth. Year-to-date, on this guided better. end into X% had the As we to low XXXX, to of we we do to a hoped basis, at are range. X-year X% We comp
last believe As sales influencing the shopper, the been our negatively these huge lower of going costs impact course, economic year, half pressure. impacted our spending the of we customer. XXXX. continues under cost a have these in on still had this But external the underlying lower lower-income the customer's living, are previously, health trend shoppers benefits by to that, of first somewhat. significant key to factor core is Add discretionary This in demographic Increases of refunds discussed and moderated which be have up. low-income tax
customer, headwinds this their overall, in So spending been constrained. moderation still some there the facing significantly has discretionary is while
Our has strategy points. price to on this with especially focus opening customer been at great value,
are with this pleased strategy. We our of execution
and driving We this improve. and But an at points. price continue area these are turns to where can we margins strong must is
the so price of value feel in brand and will these critical you, really it's It's points low points year. I better at our even price, sharper prices. are just one can much our of at to aspects point price not opening values to opening about opening we But last values fashion, about all merchant off-price offering better customer, these any now showing opening and did get value. difficult most than price core As is tell great a quality things I even at do. about
other been our demographic been by As while groups relatively inflation, impacted core customers income we before, cycle higher have unscathed. that this unusual said been groups, economic have shoppers, in have has low-income
trade-down more slowed among economy was we the potentially XXXX, might it stores, lower-income of traffic our this in and possible down, weakness our that if overall into the then customers. Coming offset see thought could we some
been mix shoppers going price for across trade-down increase points to strategy assortment. value the these better, of within recognizable to after the good, Our best has offer brands great and
have mix much of The Our nice done our brands than executing job this year, are now a significantly higher values merchants strategy. is stronger. last and recognizable
is that this Again, a to we need improve. continue to and strategy push
been by only merchandise. our Our a as there off-price will good, up a recognizable This of strategy brands means increase been in value, strong the strong we very not value has great best describe mix Kristin able also at to able supply availability branded merchant have but drive better, that margins. we been to is call, have of helped environment fact later that the
not we down significantly. Unemployment of levels in have seen execution activity not have as as liked. we fact this the has our is our Although feel much overall low. that slowed trade-down good stores The we economy strategy, would about remain
our trend has cycles. previous We but than of lower impact have trade-down the seen some been on so traffic, this in far,
trend on move year. me important our for the our and of year. the now our year-to-date Let with is context coming putting expectations about by into comp the talk rest It start to outlook into
we This two, income full households. Our on X Number X% things. the X% we've guidance one, in to was X% moderation the improved guidance to inflation some impact X% year like a a achieved. geometric on and similarly, feel on execution, X-year was stack of Number predicated comp X which for year basis. on lower
traffic it by As lower benefits the The offset been in stores payments happened, an described economy. tax still but three, and slowdown moment has our by struggling. a refunds. in And partially number shopper a lower is income driven this has ago, trade-down in increase
slowed earlier, economy described really overall down. has the not as Again,
X-year actual our at growth full basis end is comp range. lower year-to-date of of the on comp Our X% a year guidance
just with given commentary makes provided, this We are have disappointed this year-to-date but trend the sense. that I trend,
means full range guidance of achieved XXXX to we the planning on stack. comp we X% season This a that from this now range narrowing to what X% X% geometric a year-to-date. comp our of X% The are based is versus X% X%. We full to midpoint of are range have to year
trend that and and discuss of will to our same the range. quarters. she both earnings is Kristin for But on the geometric QX, the will midpoint a program. comp also our same In applying X% stack would X% we provide to for implications the will of opening I guidance like year-to-date guidance. Kristin their brief this there, explain we logic, Again, update before moment, comp break are QX new store go a the out
discussed that very smaller excited far, to Also, by store retailers. off-price have we about a are, And we discussed major smallest increase previously, opportunity prototype. the are We our previously, the store count. believe as we significant of as our
be number less always less reasons, they well and larger than locations. less visible been a our traffic, our historical For of and tended stores to peers, have desirable have in much
are As store off-price a sales square result, peers. to our productivity economics inferior and our our per individual foot
we adding In an relocate to and downsize productive older stores, new our addition have to of many less opportunity locations. and
goal number. have been of hit has lack stores availability struggled in given new Our net open years, But last the a excess this to XXX of few we year. to stated estate over the real
this XX and year, As between we net to open we stores. new XX in expect announced March
of & significantly the main would several that up say winding glad this There over driven real implications that opened the discuss. especially like locations I'm Beyond. Bed months, of the are supply down to estate last X has I Bath to by great of
revert acquired locations cherry-pick to Bath X leases until acquire It to lease, wait have to may interested and leases for soon we paying even the location locations the landlord. back Beyond. benefit typically the X get we the downside is from start of & even directly though is leases rent would Firstly, store we're us directly most that months the to store the retailer take the in. store. open The The XX that is from as We in that acquire acquiring unusual as it another we Bed bankruptcy. prepare we to
In provide a expenses. Kristin on moment, details will these
Given expect us total on in store material These not new on count net XXXX. year. stores a the will to timing, we have our these impact benefit or largely stores this sales our do
XX returned to their in former are locations the Bath Beyond be to addition process. bankruptcy of many interest Bed there in to Secondly, that us landlord may are they stores, these other & once
look in on XXXX. like our much of the more pipeline in locations, point, open store we are this ability our that program. at now our we is as store would to provide stores At new confident too specifics we number to So opening it of new early XXXX
We will a later time. at do that
call the I to would to over turn like Kristin. Now
