morning, you, Reade, everyone. good and Thank
would in Investor is I spent of results, Relations having Tamara the Depot. the discuss Investor Relations introduce after Investor at [ our sell starting professional well retail Head consumer our career broadline new an Relations, ]. experienced to like time in Tamara Home covering her on I The Gonzalez sector companies side Before versed
further her efforts. board to We our Investor Relations we are excited have as on
to now results. our Turning
As Reade in year our results that delivered fourth full said, we and expectations. quarter have of are pleased came to ahead
disciplined and and initiatives results were top operating management, year-end our expense crisp execution strong of strategic income. growth Our by better-than-expected in brands improvement driving driven adjusted both our line
Throughout exam the fiscal impact year, stores improving mitigating our on we dark capacity made and in results. and progress solid dense of the
stores the historical year, the Best in a is mid-single-digit peak on single-digit an fleet, our dark For represented we percentage in average, low norm improvement percentage from America's and line with our which XXXX. of saw
average our improvement historical norm, represented single-digit a of on America's high prior reflecting stores a the still trend year that but fleet, an percentage to for than Dim Best compared is year. the the higher
expansion remote As openings. we an important in for growth well locations store select doctor of our considerations as as Reade are noted, our availability key capabilities openings remain store plan, part new as and plans
our quarter more moving on to Now results fourth in detail.
higher prior by revenue increased The transactions and, of sales year, the timing sales Adjusted increase in net customer X% growth compared benefited store an revenue fourth by basis quarter, driven to revenue from sales. the new by average and store a growth were adjusted to store comparable points. driven the X.X% ticket. period extent, comparable unearned of lesser XX For in
quarter. store and our new in stores. on brands Eyeglass in X,XXX America's World and Eyeglass we basis with the over ended Best total the fourth a We opened store and quarter base XX X last World combined America's increased growth X.X% the Best Unit year,
were by year freight prior other of points a applicable ongoing costs to revenue, offset net decrease driven revenue basis percentage in primarily by mix increased a increases well lower higher including compared a XXX service with as and expense. optometrist-related strength as As in well revenue These effects. exam and costs margin quarter, as the revenue, revenue warranty approximately cost as
than and For costs the exam deleverage points, impact in was the timing the net of basis quarter, higher optometrist-related revenue XX benefit-related is in increase the accruals. due to approximately of quarters from which previous year
revenue adjusted the expense SG&A and XXXX. reflects SG&A lower was decreased percentage Adjusted management of primarily revenue in disciplined advertising, have compared a fourth we points XXX organization. expenses, as expense as with taken percentage of driven across basis net legal decrease a quarter The the professional and of by
$XX.X to primarily year period, a the $XX.X Depreciation expense asset million, the slightly than prior as of better the our expectations, recorded amortization partnership. and was million and Walmart compared in impairment termination result to of was intangible due our
million, was to year margin $X.X factors loss of $X.X primarily the period. points Adjusted prior period operating Adjusted due X.X% to compared prior adjusted income the to to an million year basis increased XXX compared operating previously discussed. in operating
prior of of the interest expense Net year-over-year increase charges, of of offset $X.X in by to $X.X an primarily a which compared million, interest million to income million by year expense were period. driven increase prior The million $X $X.X the year interest interest increase $X.X compared was was noncash in and decrease million period. in mark-to-market an
noncash guidance the deferred financing mark-to-market As a our totaled million reminder, period. and costs interest which for excludes $X.X
interest was of million. $X.X a costs, these benefit Excluding
Our due period. book-to-tax tax was benefit the quarter XX.X%, increases the of loss in in to tax which book differences, effective fourth offset rate in the the primarily pretax unfavorable
diluted $X.XX $X.XX per negative year in per prior quarter, was share period. compared to negative Adjusted in the EPS the fourth share
driven program. of XXXX Turning costs points comparable net The primarily to XX year revenue unearned adjusted sales impacted our Net results XXX timing of of prior declined X.X%. revenue prior operating points. positively to X%, the and period. margin of driven the and growth incentive the revenue by compensation year the expected basis compared deleverage for Adjusted to new normalization basis our fiscal optometrist-related store stores increased by financial by period, compared
the down For and cost charges our the the our full termination adjusted in tables release. for impacts and and onetime wind to $X.XX, note, $X.XX share to initiatives, exclude per Please of associated related adjusted fourth charges nonrecurring related are the in ERP reconciliation year were earnings year, diluted XXXX. operations, compared savings with of rollout to items found our that in results other Lens Walmart the AC fiscal quarter related partnership detailed press our
track We project are fiscal phase end to XXXX. of ERP on of substantially the the complete first our by
$X we approximately incurred expenses project, of $X.X to which XXXX, million of the capitalized. related approximately During was million
$XX expenses. We continue the million to million of to related expect approximately onetime to first $XX the to project, incur phase XXXX in of the expenses inclusive
of of and the revolving million to a next our cash available our year $XXX capacity balance ended including million, sheet. Turning credit facility. from with $XXX We balance approximately total liquidity
debt XX, for of we of million, total outstanding As December debt year our $XXX the X.Xx. a was ended and months, EBITDA adjusted net the trailing with to XX
distribution flow In new investments capital invested doctor in-store XXXX, lab expenditures, our operating in labs, we and generated $XXX million million and driven in equipment. primarily cash center, stores, equipment by of $XXX
premium for we our announced repurchase As we November, million. of $XXX in notes cash million senior inclusive convertible an price, of repurchased of aggregate $XX.XX paid
strong a priorities. and growth to allocation balance support sheet maintain continue cash healthy We our flow capital to and
respect and with corporate the investments to growth to our be digitize technology stores through office. openings investment in we capital new priority our allocation first our continue XXXX, store to in continue as In will
May structure, the Our focus be of will convertible second maturity on priority debt XXXX our notes. given our the pending
As strategies. we November, and outstanding actions we for with potential fiscally the demonstrated plan and take actions monitoring with opportunistic repurchase to the other future are our market in responsible balance
cash is shareholders. third to excess Our priority returning
expired near repurchase in other January new to the term XXXX, pleased XX, through authorization priorities original in shares XXXX, on stated December we authorization repurchase million for are repurchase to expect XXXX. X, given not $XX a do place we While given our of our announce
financial opportunities, conditions. position shares to available continue market and We to repurchase evaluate on our based investment opportunities
our now the of XXXX Moving outlook. discussion to
net between $X.XXX comparable supported we based $X.XXX sales X% year. new expect billion, currently open of revenue adjusted new this and sales and by between year, XX on expectation billion our For our store X% XXXX to growth fiscal and XX stores store to
the million. range to to we amortization profitability respect This $XXX million With and income adjusted $XX million. includes operating and XXXX, $XX million $XX for between for of depreciation expect
diluted per outstanding. We to per shares $X.XX assumes between XX share adjusted diluted EPS weighted and million share, average expect approximately be which $X.XX
profitability the includes range respective expected revenue Lens terms. their guidance Walmart and contract operations through AC Our and from
revenue our we on year, $X.X and the million first presentation, and deliver $XX second out expect first approximately Slide income XX AC million the And million expected operating adjusted split adjusted and in across of quarter. $XXX laid to As the evenly of of segment half operating approximately of earnings Lens income of legacy quarter. million revenue of is $X first in
In addition, fiscal World. respect assumes improvement our for Eyeglass performance and ongoing outlook sentiment, with success consumer Best a range in to America's with scenarios brand, our XXXX of
than Reade sequential softer improvement noted, the have expected, started as As seen quarter progressed. the has but we year
not in some appropriate direction is for where given guidance, practice the to purposes. are to quarter, our modeling it While it we quarterly felt provide we provide
slightly first XX year. quarter sales point comparable the be adjusted to performance. We drag prior expect incorporates to negative basis from store to XX flat Walmart This to expectation a compared
performance of trends strong assumes as impacting improved and less in changes improving The weaker consumer Best environment through The guidance year World, in discussed. a World's demand performance as end success continued well full in in our Eyeglass strengthening consumer Reade high backdrop. supported guidance low the the as year by assumes Eyeglass further America's our of and operational improved end trends progresses, performance
end this the XXXX, to be and addressed call, created year termination last of realize implemented through XXXX, full profit us the fiscal the Walmart were partnership our than offset which actions, the on in pricing discussed which more non-headline headwind. we expense allowing As gap by would before benefit
million. $XX The benefit on offerings, by exams are which targeted focused stand-alone product and pricing approximately XXXX actions to expected
million overhead spend expect fourth XXXX. which result the quarter XXXX, we will $XX in streamlined actions, to annualized third-party cost and in corporate the in we savings approximately of of pricing addition In also
of to range, our in line Best midpoint an the in we America's operating and of came due income operational expectations to adjusted margin XXXX, management. fiscal in guidance which improvement At deliver expense with expect ahead disciplined
gross year. the businesses, We the expansion assumes of margin as from Walmart for the expansion AC we actions exit improved approximately pricing also lower XXX This benefits expect and productivity. and Lens points basis margin margin
to business. increased primarily $XX well expect the in termination savings basis cloud as decline approximately investments driven growth. the cost related of considers and [ Walmart revenue the expense annual XXX annualized given In of also to by we amortization of in points, ] ongoing adjusted addition, This our million levels expectation SG&A year-over-year as deleverage operating
We to presence we will Reade But holds. expect marketing improved focus to on Eyeglass shifting spend dollars XXXX. to noted, national driving that Best America's dollars below leverage strong the be marketing as while World continuing performance be
ahead, well we further margin Looking we our are operating adjusted achieve believe XXXX. to in mid-single-digit positioned target
have However, the discussed, there reflected is more we the America's brand, within results business is Remote performance. in Best of fully of to XXXX improved important in delivering course our has tool how expect as composition our an get we in and, evolved. normal now as embedded
capability contributor XXXX our deployment, healthy its going to benefit be incorporated plans for Reade this reviewed. our along in expect financial is to to guidance a overall continue results and forward, which our We with updated
driven remote, margin and expectations XXXX exam capacity related to to comp adjusted performance sentiment. to returning addition consumer also by improving our mid-single-digit In included expanding target
cycle and exam continuing continue We on the with of the monitor capacity optical have comp evolving control acutely that Reade to that discussed. factors trends we focused to and are pricing respect can to been and purchase the be within
improved expansions primarily these current future and gross productivity, across expense the making and margin we line top now expect remote XXXX improved on in XXXX. views through the are into expansion from results, progress driving and come margin leverage to company Given we
and the our adjusted mid-single-digit at As midpoint well operating strong least deliver margin be XXXX. to illustrated we expectations of on the margin, with Slide made XXXX we will XXXX adjusted in progress for in positioned assuming XX, operating achieve
not deliver our to am driving our improvement well of driving we As goal. remain going on objective believe date margin to we shareholders. including and I And team's our our have further focus continue proud always objectives, initiatives positioned is dedication and forward. said, our will drive XXXX for to value our we end
I the Reade open for Thank questions. you Reade? now turn remarks time will over for we to before call closing your today. call the for
