H. Fulmer
Brian. Thanks,
to of pleased We're through the details. with let million the sales program. we $XX.X were QX our last for $XX.X repurchase QX year, $XX return stockholders quarter, over through first no and a expectations, with share the solid million in net with to delivered continue profitability quarter, me we million in our our For X.X%. so and decrease to Net you above in capital walk balance compared sheet sales debt, cash a strong results
e-commerce discussed. channel X.X% in Net sports During quarter million down to sales that our to first Shooting in traditional while sales. were driven in a $X reasons net regard the the category Brian sales take versus cooking our quarter. our expected sales decreased in that the XX.X%, fourth With in lifestyle net Sports traditional sales initially million sales sales products. recognized outdoor discussed shooting by e-commerce channel our X%,
On call, last decreased $X we to net brick-and-mortar flat, net for were place we in basis, mainly we outdoor while had of roughly
last net year's in sales in total. all results included we e-com that retail planned included in our recall that July It's important store You'll direct-to-consumer XXXX. Michigan, sales note as closed e-commerce Grilla which to are our
Those strong of inventory levels like. we'd fourth replenished. sales levels In lower our left than are now the addition, quarter Grilla in
gross expectation margin by of the to was related year. our and QX to increased Turning had XX.X%, for and inventory quarter heading into higher levels. which was to was was the QX than GAAP margin. amortization This lower gross tariffs last driven result variances we freight flat
to to non-GAAP legal quarter compared expenses Non-GAAP expenses $X.XX quarter basis, by for loss $XX.X of occur. first last and an the
On was $X.XX, a $X.XX improvement million GAAP year. million EPS exclude compared compared driven was operating Turning lower loss a were non-GAAP in amortization, year. for to certain intangible GAAP to million last EPS intangible expenses. compensation advertising QX of operating The last expenses. GAAP basis, a in QX amortization, was year. EPS non-recurring operating million over for they On $XX.X QX stock were $XX.X $X.XX decrease operating QX and the expenses $XX.X in the expenses year. as last
share of approximately QX million fully are based figures our Our count shares. on diluted XX.X
diluted fiscal the million. we trailing fully EBITDA our $X count XX-month bringing year, Adjusted increased to EBITDA $XXX,XXX adjusted for for last our million quarter full roughly For XX QX $XX.X will XXXX, compared to be to about expect share shares. period the million
cash strong sheet the cash a balance expect to balance sheet flow. position, we the maintained on coming our no We to hand of inventory orders the ending now quarter, in strength quarters Turning and fulfill and the debt. during with
we Let $X.X We $XX.X seasonal some with of down of receivable. year-end increase the in and inventory investments details. the during from million ended the a accounts despite me made quarter in provide quarter cash million,
typically is sales around holiday As and fall net in a increasing with reminder, business in seasons. QX seasonal and our nature, hunting QX the
such, balances in use accounts of inventory as in collect build half year half the cash first fiscal we our typically generate and those receivable and lower As and receivables. year we levels cash fiscal to inventory the second our then of
by payable be $X.X in cash netted due we consistent QX, used our operations to trend. with inventory XXXX fiscal build $XX.X accounts expect expenses. for
In increases this levels accrued a of million, and of to in million We
then remain on slightly our total $XX that ended We our to expect We quarter bringing level no quarter year-end. million million. million available credit, with and capital $XXX through dropped inventory expandable $XXX outstanding our third to by over below above of balance line the
expenditures. capital to Turning
Our fiscal at roughly for operating tooling our line patents, mainly asset-light for model CapEx right costs. XXXX model. and was net designed annual for typically sales tooling $X.X on maintenance requiring in and are million to the product of with X% our investments, patent be for CapEx of spent We quarter, expectations first
sheet outlet building. growth, build the allows out based capital of our to we $X.X us headquarters and which expect very
The a most XXXX, to and time. new maintain allocation shareholders small $X.X spend in factory organic amount strength fiscal opportunistic year balance decisions Missouri returning what our focus store be capital is the on full three on priorities: to with includes to million M&A our at flexible our to For million,
from targets. to cash growth to beginning expect XXXX respect see M&A, we organic We increase to fund in with fiscal operations. higher in an quality are
With acquisition
the regarded brands, we Given market. as M&A a are choice balance for the sheet our believe buyer strength of of and in reputation building our solid we
Lastly, XX,XXX price we program. at repurchase an stockholders $X.XX we through continue to share. return shares capital roughly our of per QX, average to share repurchased In
repurchase expires million September. at our We the authorization current on remaining of have $X.X end that
the to turning that We outlook. and opportunities ahead Now XXXX excited about lie our remain for beyond. fiscal
that with our continue While could category. shooting growth the sports believe category will XXXX we believe combined outdoor X.X% net robust channel to product we deliver much XXXX. as may to continue, as that in sales anticipate pipeline, fiscal our expansion, initiatives Therefore, help grow to our in fiscal that headwinds we by compared lifestyle drive new
We expect I in the QX as follow coming highest described our QX sales to and our quarters with seasonal QX QX higher in net as and that lowest QX. than net sales net our fiscal 'XX earlier pattern typical quarter, sales
half category, X%, largely product launches growth in second X% our between sports We lifestyle opportunities category. outdoor and sales the expect distribution year, new followed driven the QX primarily by net by by the year-over-year shooting of in driven by decline to and
Here, call towards choppiness a to in some quarterly year I'll growth. our on full Brian's make point comments as about earlier back way we this the year underlying basis
Turning gross margins. to
We to approximately of freight the purchases. year for be purchases and fluctuation full continue basis, we margins expect and On the a variances for quarterly amortization some related the XX% year. the versus on those inventory prior to gross to based of timing tariff expect XX%
$X.X overall to the growth gross our Then be of align over to the EBITDA sales. X% increase in half continue half. an long-term million on net to
One As EBITDA, regard XX% calls during X.X% which all on net sales adjusted and range adjusted expense, of higher contribution of slightly of assuming X.X%, EBITDA a we net to costs. would increase between million. XXXX our for The model, would incremental in $X.X expect million result, in decreased with roughly distribution gross note final our benefit these we inventory OpEx variable of mentioned allowance full we a tax assets. from a to margins be sales We've expect up roughly slightly second expense. from on removes calls derived fiscal to lower the tax on reminder
With margins income for would in we balances valuation we our that to due believe factors, and selling second deferred have as on year, previous Based operations. of This will QX GAAP we tax to come operating XX%. expect of the loss have any $XXX as
for As such, open that, analysts. we remainder purposes the quarter our from expect XXXX. a With please fiscal small call amount questions of income in operator, of tax for GAAP expense for each the
