Thanks, morning, Eric, and good everyone.
are very the with our to strong We pleased year. start
results margin income. ] strong store board, came interest [ and of our driven continued significant in discipline businesses the first across ahead quarter gross higher expansion, expectations by comparable sales, Our
some the sales up The created basket and average through the our the XXrd made our for in this these all week of XX% year shifts, sales. calendar trends being last quarter. comp. a Transactions, the which year-over-year, we store increase driver holiday million, first store movement comparable growth to by and moved the and year in with increased in our biggest In comp retail were the accelerated $XXX were shift the weekly basket as new choppy Easter comparisons.
Barring strong quarter, and underlying quarter, ad net X% driven in some
broad-based, was comping Our categories XX% with category positive. of over our strength product
to X% our over goods and total garden, lawn sales Our sales. candy. best membership and performing housewares, of million categories Ollie's members and Army increased sporting food, to members represented XX% were XX.X
an During year-over-year. the X states, ending new stores quarter, increase XX opened we of in XXX X% with stores
We adjusted SG&A performance controlled increased a by XX% which are margin driven were to line XXX basis to increase per share to earnings increased supply chain favorable points points pleased the to to $X.XX. of expectations.
Gross store of Operating increased basis with our new XX.X% $XX to operating increased sales. and primarily $XX expenses margin decreased costs of in percentage Adjusted merchandise income in the perform XXX XX.X% on continue million, in XX due comparable increased as sales our with in and leverage net million, points higher and expenses fixed stores, margins. XX% the basis XX%, well to the to XX% quarter quarter. net income
basis XX.X% for $XX to XXX XX% increased and margin EBITDA adjusted to adjusted the points increased EBITDA Lastly, quarter. million,
Turning to the balance sheet.
center development new sheet and million, flexibility credit million no growth by with to provides and our stores, and strong were facility. returns. which a maximum remodeling on ended distribution hand to X% million significant is outstanding related of for stores. the cash between Our borrowings quarter the Illinois, $XX new investments expenditures We remains shareholder the to $XXX primarily asset, of driven new primarily increased and balance drive in quarter Princeton, very under revolving the short-term existing growth.
Capital $XXX and Inventories our totaled maximize strategic store and us
share bought stock. of to quarter, our our capital returning while through we growth opportunities stepped the and of strategic our in up the common committed repurchases, capital are We our working volatility price activity balancing to investors million $XX With repurchase needs. some share and
our outlook are with XXXX. sales to outlook for pleased fiscal and the both raising Turning and XXXX, year start to are for our our earnings strong we
in For store annual million, an effective of share net a $XXX rate adjusted to benefits which year of X.X%, the and XXXX, income billion $X.XXX tax of compared comparable to to million, shares margin $XXX stock-based of of which is Operating weeks diluted expect total growth to million XX.X%, billion, $X.XXX sales net $XXX XX-week now X.X% tax of diluted the to income to XX%. we XX gross full-year, of $XXX million. approximately average of per to related XX which million income compensation $X.XX outstanding assumes excludes and net weighted $X.XX, approximately adjusted sales
the cadence as opening Lastly, with we're let how comp well as to models. other color me thinking numbers your store quarterly help provide on few and about a
we algo QX, comps around For midpoint to our of the long-term of are X% planning X%.
this, challenging running represents Although of for monthly us. comparison we ahead currently very are a July
we to one anticipate due QX of flyer to a comp QX, into For shift flat be sales QX. from
we'd result above high our slightly long-term algo. to a be of the expect shift, of QX the end As comps
chose new not store we new closures of total to a XX X targeting openings, still stores, For that we're renew. less
as remarks, his possible. of is goal As Since very the at closing, in our occupancy Stores. to locations eleven these winning Eric expenses are to will incur discussed fast Cents open bidder start to Only we XX on we stores as be these excited
new early these we a of our XXXX plant XXXX. stores, original from likely With into will handful push openings
stores course Over planned. to next open we of higher than number now months, the XX the expect a originally of
XX the in year, time. earnings. but the quarter. shift we're modeling new the working quarter in opening year full-year few into real store We're in and next also a X means should through sales of more openings addition, cadence front-end early stores fourth the early loaded second of and will quarter, some be which approximately that third In next both this XX now still benefit
a to these a higher complete of the the haven't we expect to capital expect in the that remodeling $XX a Store XX assessment, million, expenses the approximately cost yet possession would stores Only than to we range approximately we'd locations, million typical for place, be excludes to price in of While taken for year. physical little these which $XX.X opening. With preopening be expenditures $XX and of purchase million a Cents thorough be
first our the margin, was In easiest terms of quarter gross year. our comparison for
in and expect be be XQ XQ much gross second modest down a third the quarter would than and As to historically that XQ. in quarters slightly. more we Keep are XQ result, the fourth increases lower in to and margins mind and
are amortization $XX approximately which We and depreciation million goods planning of that million, sold. expense cost through runs includes for $XX of
income net interest we expect approximately of million. Lastly, $XX
view We consensus decreases the year, are now in of guidance. the back the half the X decrease our original of in instead one modeling rate of contemplated
turn the me back to call let over John. Now
