Thanks, for Scott, and all you thank today. us joining
to Our fundamentals stronger business than results continue third quarter strengthen. were expected our as
driven third the revenue growth distribution positively quarter, innovation, POS. inflected expected, by accelerating in As gains and new product
increase capital our as higher and supply We was also than on result further and net supporting a from on million delivered allocation repurchases cash product of driving management gross and reductions with combined share framework, returns operations, generated lower including inventory, capital chain we
When margin our in of and in dividend. as our focus stronger quarterly a capital anticipated efficiencies. profitability $XX expansion X% working significant costs
is the with in the and on close pleased as performance more that but year-to-date, in we momentum are We execution strong building bit. a our business and year, out
modestly demand detail. revenue anticipated. our category in Relative X%. distribution XX% growth DTC in and while X%. continued in increased strong Wrangler expansion, driven and Growth growth in growth in brand, growth revenue development, momentum revenue with quarter platform. broad-based, wholesale Europe with in Revenue was increased was product results gains our in increased increased including as and DTC, U.S., including creation, in digital, and third saw growth by growth as U.S. and XX% our XX% X% our revenue By XX%, investments performing results the by balanced review increased XX% female, to increased more the we outdoor X%, global share stronger supported digital tops.
In X% Asia Let's expectations. prior largely outlook, POS Global market exceeded in and
the trends including by POS the we've we During accelerating encouraged quarter, in seen strongest the X% growth strength performance September, saw were in all through year. quarter, we the with
While our a posture consistent was growth to single-digit wholesale. share market gains. declines and decreased and inventory remains X%. levels retailers International suboptimal, in are Wrangler drive sell-through are more High in conservative in we by continue strong, DTC than revenue offset
jean, expansion which of style Cowboy Cut strongest platform. XXMWZ on iconic our success digital seeing our was are the our We with selling
up business macro rate. our books challenging at order U.S., improving 'XX in outside we Europe spring/summer pressuring by mid-single-digit While encouraged conditions the are are with a
as revenue In we reflecting growth, with September growth. sequential to inflecting global low in Now increasing turning decreased X% to U.S., business rate. work by accelerated POS Lee, quarter Wrangler, revenue return the unfolded to Similar through X% growth the wholesale. at with to single-digit the a to the improvement trends in as anticipated brand X%, driven
segmentation Our our increasing has early insights of consumer strong, particularly beneficiary work been an female and which was business, XX%. new
strong growth in T-shirts. strength category saw extensions, also We including in
the Performance improvement International We and in expect declined in environment uneven Europe, growth behavior, the In XX% to more platform growth quarter, momentum the the expected more innovation by to as said, as Revenue increased which demand Lee declines difficult by with modest pressure fourth growth than increased we DTC, X% management. the than quarter more we Growth our XX%. of digital compared revenue than became consistent as to in DTC, U.S. environment X%. the business operating offset wholesale. In ago XX in Lee in in region macro revenue more leading continued in was was the accelerated quarter. decreased retailer XX% revenue for a conservative continued digital, inventory in increase X supported the APAC, expectations days launch are including seeing X%. continues was the creation. in progressed.
That more
due to in our lift weaker remains new we Compared stores. in are retail are concept fleet strong our environments. double-digit traffic, we store to brick-and-mortar comp new average, While results our a soft seeing seeing
rollout the We our on our of with the returns and are encouraged XXXX. early stores to by this plan performance in new concept investment continue in
we year the with be the prudent increased measured and will investment pace However, environment. result
Wholesale of of more a X%. next as revenue
quarter, proactive the business are our remaining last of we That network conservative health take brands the the in discussed outlook said, long-term improve the more a and we for to region. measures quality in to opportunity As for near-term of we our the view China. continue retail while confident in taking
the expenses. partially was included $XXX to the Moving pricing of freight XX%, share in costs offset gross demand supply Adjusted the Adjusted efficiencies. plan. to creation, actions development and compared points This remainder the prior lower P&L. year, was targeted million, and input of expense SG&A the investments in of distribution driven year. an compared driven earnings was basis increase chain to XX% benefits Adjusted to per margin prior by representing volume-related our by $X.XX XXX by product expanded the X% and up
to generation contributed million. Turning to the sheet, management and strong remains priority year-to-date. has XX% capital our a working decreased cash $XXX Net top balance inventory to
annual further approximately We of less of we hand. inventory approach We quarter with the of cash X.Xx. on million and fourth our levels turnover in net debt finished or quarter the expect $XXX in in as million debt cash optimal long-term target reductions $XXX
range. or XX-month adjusted ratio toward net X.Xx, leverage debt trailing was end trending by of low our net the EBITDA targeted divided Our
returned our $XX regular cash a to repurchased Board as $XXX current share, our through a million we stock and quarter, million Year-to-date, increase. declared previously announced, X% representing of shareholders the of $X.XX During authorization. have under And share dividends. we per dividend repurchases quarterly
points return XX%, basis capital prior year. basis, a an trailing of our representing XX-month invested the XXX adjusted on on increase was compared to Finally,
$X.XX expect be turning the is our Now $XXX Full outlook billion, In to outlook. revenue to approximately expected year million, midpoint range. our prior with revenue fourth growth of X%. consistent now representing quarter, the of of we
embed following to continues Our outlook revenue assumptions. the
expansion, category programs quarter. performance have support creation we these continue to momentum fuel with gains to our in good we demand to investments increased First, platforms fourth continue distribution XXXX. into the and and visibility other to and new innovation And
plan Second, overall of inventory POS the meaningful year. in to for conservatively we continue no business improvement balance and retail assume the the or positions
resilient While levels and uncertain the in is at environment to inventory with partners consumer has retail are the a management. conservative and been posture our suboptimal, are regard retail inventory
to Moving margin. gross
We approximately XX.X%. XX.X% from are raising to our outlook
reducing growth positions Our gross this to secure took for
More reinvest of measure and for supply we've increase strengthen overall These of a of the in inventory taken the this excess specifically, proactively and and cash XXXX position stronger XXX support investment volatility actions from us support expectations a capacity additional allow productive our adjusted levels. These sheet, next primarily We remain points to efforts the in the progress a of actions freight updated balance the of XX basis provide as were inventory and compared pleased our the to growth in were supply to up to early to from as point outlook and represents strength flow. an and We chain quality actions year with clear light actions management inventory year. expected includes business. quality of remainder foundation included improve areas plans and actions aggressively chain basis further our incremental XX.X% of and customers.
Proactive these with composition made are out business and recent increase more actions. chain further close in the largest inventory inventory free impact now service more our precautionary we inventory, an our expedited of ensure inventory year. management margin of supply
income points. compares now our consistent reflecting year. increase is X%, prior to outlook gross outlook our now XX% outlook. to XXX prior our with is quarter, to supply quarter an of million, inventory reflecting be supply to the approximately outlook, management basis is EPS income prior $XXX fourth SG&A points includes the which than inventory Fourth increase expected management basis $X.XX, and of now chain $X of previously to margin our Relative now of to prior of For impact XX%. of to adjusted $XXX operating million, growth million chain actions expected including be is adjusted the implies compared incremental incremental expansion, XXX income
Operating more be actions discussed. and operating from approximately expected expected discussed. growth of an $X.XX
outlook Our updated reflecting approximately growth prior $X.XX, compared X% growth of outlook approximately X%. represents of of our to
about in tax As higher year rate, percentage a percentage a negatively impacted including points X quarter. will fourth full growth headwind by point be from a the EPS XX reminder,
exceed EPS to million. reductions a expect result further for This operations of We exceed growth in to quarter expected from fourth fourth stronger from
We Normalizing million $XXX operations differential, reflecting now is $X.XX, expect rate earnings inventory. to outlook EPS previous increase decrease cash and for quarter of of compares our a to approximately XX%. X%. tax cash the $XXX as
outlook nature highlights of the pursue and allocation increased capacity cash-generative business capital provides Our additional to framework. our the
I'd to included morning. like the XXXX outlook perspective Finally, the provide on this in earnings preliminary release we
take the we at year. full evolving details opportunity to time, want an at we early While we see the provide providing of outlook business our how this are look XXXX not next to the
year. Our the outlook momentum into of we business in confidence our building XXXX visibility reflects preliminary the have current the next and
in revenue driven we to growth strong be visibility, expansion, the distribution market new the approximate year. in momentum on of by revenue female. first half expect growth current outdoor and category First, we Based X% and ongoing expect gains, to share
the to expansion For we revenue in as category gains expect year, full front the distribution growth the more we half. second half XXXX begin be weighted anniversary to and to
Project and cost current benefits year, Second, degree margin to ongoing to volatility. and on our modest partially in next we gross Project by a visibility, chain Based we inflation the ongoing offset continue supported of high confidence product ability have by expand Jeanius expect of structural supply mix to our be Jeanius.
Third, operating growth, to by SG&A gross leverage. growth we expansion both margin expect outpace revenue driven and income
investment to savings We prudent regard expect while to both expected international creation, to support expansion reinvest demand as DTC remaining margin areas fuel Project in to product increase is and and our development to growth. discretionary rate portion such the Jeanius investment capacity, expect of of further and with expand operating a spending. we and
benefits the Jeanius to vary by from halves Finally, we expect next Project year.
back-end expect to XXXX savings, to platform. SG&A first benefit We the our related from in half efficiencies shared primarily of
include second the to chain year supply begin and expansion. of margin half will to expect scale added that support from the gross the initiatives We savings
and expect to As higher us to full growth expand we move returns specific Project XXXX profitability support providing February. mature Jeanius Project further more on in level evolution, with into our of the our its to XXXX, a to rate, and we run with share outlook intend investment of capital. context plans details We capacity savings in a about and investment along Genius
Before remarks. a questions, few for up closing opening it
are Wrangler well growth momentum of to and accelerating operating fundamentals business from driving the executing building. is a continue improve. of and Lee Revenue of and We the position broad-based growth is the is strength.
and prepared Jeanius support returns create investment additional capital savings significant optionality with I us Project the turn provide This growth our concludes operator. now layers while meaningful cash call remarks, and capacity creation. generation capital. sheet and to allocation the our value on strength of of drive expect improving We to will to to and The profitability balance
