Bob. Thanks, morning, Good everyone.
with very said, second performance. pleased we our were Bob quarter As
the Our year-over-year outsized to solid comps, which partially & volume contributing can profit was with Johnston offset by have prior Journeys beat of small improved the gross grew in lowest impact. some in improved which versus to deleverage quarter, expenses expectations. an contributed this by was considerably led This SG&A improvement EPS Brands in Licensed margins, from by increases driven both year, $X.XX Murphy negative each Adjusted to $X.XX results. and
with consolidated million. year QX at $XXX flat revenue last was
revenue up to up Direct, points, rates, comps basis good percent sales Excluding comps extent up accelerating the X% exchange effect direct were XX%. was up we by X% the closed lower and was wholesale Positive comps X%. XXX e-commerce. of some a of driving Consolidated in total offset with to up retail XX% as make QX, and comps sales, lower store progress stores. continue were
to return we e-commerce emphasis instead expense keep rapidly and profitable an more reminder, offers, our e-comm free choose growth. center. shipping a higher business we a could with and be grow run more profit marketing As to We on
a gain comp increases increase to last which less in included solid Comp and QX strong of a comp a QX basis and a X-year marking double-digit on top increase X% growth. improved transaction performance e-commerce by conversion traffic. XX% stack year, on posted strong the store of single-digit Xth positive spite a highlighted quarter in QX. robust of of low both from Journeys size, store store comps consecutive mid-single-digit in of sales drove increases Highlights
conversion quarter. accessory be negative posted the certain growth the for offset basis year casual including sequentially sales macroeconomic continue impact conversion two-year exchange, choices QX. the in polarized by and foreign prior comp higher of a J&M were and store a with athletic kids highlights in for from quarter, Consumer double-digit negative comps. strong strong the X% by rates preferences from single-digit only increased brands, Not lower down a Schuh double-digit for flat a negative. brand to partially ASPs. on sales of challenging quarter to the sales comps comp U.K. for size. X% of A and were an were declines Schuh comparison challenging in extent posted to from X% traffic in increase total some negative traffic prior Comp for by E-commerce was ago. a but environment was spite Store transaction top a offset offset a stack decline in in versus year. store quarter posted higher the improved and on comp the X%
Journeys points gross positive gross E-commerce increased points margin basis gross decision to consolidated Schuh's merchandise of due cost quarter. XXX lower a overall credits, and category. points gross XX drove that our margin with to sale sell-through the favorable year up XX.X%. we basis was efficient wholesale QX margin to margin claims the freight XXX improved due comps shifting markdowns. markdowns. At the the comp to product made to largely J&M, basis XX lower increased in in points, women's business lower basis comparison due clear last warehouse and for more
margin Brands product. XXX increased points improved Total markdowns primarily expense. basis direct driven fewer to adjusted XX gross basis more expense and by SG&A points to closeout consumer XX.X%, due marketing Licensed increased less shipments,
traffic direct channel. growing our As overall declined, we has have mall been
websites. our in was expense offset lower We our marketing savings. additional paid stores bonus to have traffic to and and and increase expense to partially invested catalogs drive by rent This search in
last In expenses the X% to savings thanks store year. little a initiatives cost comp, a just deleveraged store this bit, sales quarter began low-volume at we we
and activities result Included continued reduction and divestiture. have into an eliminate Lids effort year. activities these cost profit-enhancement stranded of current as We in to cost fiscal is shared the a
million between can stranded were working $XX this had and expenses over shared of eliminate towards in that end. HR $XX that total, are time, of Center. Call and the or primarily allocated we with In much we Finance, million diligently Lids, IT, areas like cost believe and We
providing was reduction cost larger cash the top rent card -- Other or aspect us this important good credit renewals have rent the include basis straight-line for a rent year. renewals efforts, in success year negotiated X% the short-term, As renewals renewals XX% XXX flexibility cash in This partnership on and continue about approximately with is this increasingly almost and structure. reduction for An fixed, achieved on to warehouse a of expenses areas year-to-date labor last straight-line identified cost of our XX to years. very U.S. fees. or XX% in more three than year think our basis reductions. rent on in averaged landlord’s hours, we XX% of reduction as a of part This a which a on We've and variables store with these allows savings
ago. between take out these $X.X we quarter's opportunities, million footwear increased income to and division bonuses total summary, dollars elimination identify increased to margin some Adjusted versus income every of a of business. X%. second cost at aim this operating $X adjusted basis In Operating U.S. In operating corporate. cost another million the $XX year other stranded year and to offset extent by Schuh was higher points for to million the XX
of J&M's decrease basis down period. inventory to our X% back-to-school on sales. inventory inventory increase was inventory successfully QX up We X% as balance up in added good were Turning inventory Journeys' on to flat better supply quarterly Schuh retail down Journeys sales positioned constant-currency sheet. intentionally X% Schuh's on Inventory a a is at a sales tough during X% up environment. shape. business X%. on X%. the managed that to the was inventory was was on a X% sales of be in
million million. $XX and expenditures was Capital amortization $X and were depreciation
continue $XXX QX. aggressively of capital return almost shareholders in the to to Board repurchase our using that authorization We all approved million
with and X.X for ended the Friday, repurchased since of in a last initial close Altogether, million borrowings. million have quarter million, We we $XX repurchased the million to $XXX we authorization including August of for total cash ago no million X.X $XX of million. a As repurchase $XX December year versus have shares $XXX XXth, U.S. dollar shares million.
up and back-to-school season to shares, important taking guidance with previous are With guidance our range Moving range on to EPS compared a $X.XX. our a the $X.XX performance for better-than-expected $X.XX to fiscal repurchase QX start and $X.XX of XXXX. coupled guidance QX high-volume to we of the solid to to additional
range where Something current out best our close for reflects to of the middle year. of the come this might belief new we
more assume We in to year's for difficult in stacked continue remaining low particular. overall the to due for comps single-digit comparisons back half quarters Journeys the
for thus increased to the back-to-school comp QX start While current assumption positive given we quarter. the we've assumption J&M our comp QX the Journeys' reduced far have given results slow
and crown, for since headwinds we addition, the discussed guidance, affect could In the we year. last further the of which the faced British from sales time weakness profits
divestiture. eliminating costs Another variable stranded is the exact timing of Lids from the
even and While this we completely systems are Lids ultimately our are is off we pleased and than will shared much confident services that eliminate faster expected. of cost, Lids unplugged we
to remain, exposure eliminate to have QX in due especially We plan have timing. potential that detailed the stranded more year but this this a costs for
the we've not of does In anticipate beyond our less. of more cost. repurchases The low-end we completed. the range, buybacks In the eliminate guidance also already guidance shares high-end
guidance Mimi of could these Brexit into factors. said, our As impact hard which explicitly have of to related Bob discuss not will possible built of tariffs results, and both the the affect a but we U.K. our anything in either
X% if the challenging range from square we range stores, still right comps up weakness, plan stores, Store expect to to Journeys now footage end pound up sales XX open to down the from for range new in rent row. we Journeys expect with becoming comps can't still mostly and X%. the close the guidance X% third deals higher from to to around now up around We plan of Kidz. the get more or underlying We a up X% ranging year, the year X% high XX decrease up with For consolidated will X%. consolidated but
to up basis namely Licensed XX gross coming much improvement eliminating will points range. J&M total, of initial be the to XX our points branded of expect expense basis basis of the Brands. XX in we now stranded store low in businesses, and now with costs, point With estimate XX and a comp the delever SG&A timing expect from margin from XX to up the XX to We
that This of and net We year's up high last to ranges margin few levels due in all within buybacks. much that an An fiscal we in EPS at operating impact half share the from callout of the that modeling XX%. in for the for of EPS mid-teens results fourth estimate expect approximately rate up is XXXX quarter. the range, come to year-over-year back important remainder the XX% in tax now of to improvement year a tenths in the the
our omnichannel Capital expenditures fleet. plan digital still on be and refresh we spend investing amortization investments, more at to $XX around will million. $XX million estimate as We depreciation and to store while
million an what XX.X assuming to approximately beyond date. are we no of made buybacks we have Lastly stock shares assuming outstanding, average
Now Mimi positioned the external cover and company I'll headwinds, turn two deal Schuh improvement how update will an XX-point provide on is plan. Brexit with over to and to the our call who tariffs
