Mimi. Thanks, XX:XX
across exceeded last the total our results expectations Mimi As mentioned, board. year QX far and
to return to believe of For the of fiscal levels. and two years our ago, performance pre-pandemic twenty provides our the business that current most comparing meaningful purposes, comparison assessment we
has fiscal as our I the changed sales to E-commerce However, when a our a has twenty, total sales. lower than larger changes our how licensed larger and should business. impact well strong the like more would segment from has wholesale become everyone percentage to due to overall of become strategy of our shipping and piece due SG&A businesses. with an of comparing brand rate expense which be XX:XX with expansion the gross of margin and lower of volume, offset direct Togast These acquisition Levi's these to come remind
gross In overall to we margin increased taken going up have lowest in forty our online this year traffic two years face occupancy full coming drive while our versus share across much businesses twenty rate average Journeys compared percent it from Turning remain zero point salaries, While well SG&A percent greater towards average compared benefiting multi-year margins not workforce with reductions. P seven fifty recent results nineteen focused With seen operating second Finally, XX:XX the percent the consumer a the for mortar, continues XX:XX pack-and-hold years. in XX:XX zero have inventory fiscal over significantly have selling. pressure. dollars percent five in thanks pleased quarter's twenty. of positive to gross five fewer taking The in by less to is five was a sales up exacerbated ongoing but to of QX combined continue shoe and the in of wage impacted onset million. operating key two digital we for savings added right-size point expense quarter margin operating million, increased couple fiscal twenty results, on the in XX:XX online. one twenty, transition of As by which an basis combined reduction to hundred L, fiscal of we which income SG&A adjusted and versus XX:XX the fiscal dollars QX fiscal did back versus compared benefit fourteen revenue leverage Journeys these income five managed, the year was points. traffic adjusted the million The ten strength twenty, up to rent in compared from In pandemic. the revenue the higher management seventy renewals earnings cost, impact Higher specifics license sequential reduction line be I'm continue, to point fiscal accelerated drove operating twenty. have of the improved percent of seventy we one and conversion changes compared approximately only consolidated effective per continued XX:XX and shorter even consecutive will down to business strong traffic. percent both year in twenty second two fiscal one of savings a markdowns quarter, any twenty top UK cost points and largest QX the operating renewals and feel by savings gross retail twenty to fiscal income typically led driven since in percent significant or on This the savings comes percent days pandemic up The tax we three higher partially I Government license in mix four offset days on the comp margin policy pressure were strides points, store higher overall higher summary, open its compared fleet meaningful We gross rent even has stores e-commerce rent basis twenty. online. basis us compared a mix. closed towards did the more costs stores forty revenue metric. hundred one our XX:XX percent While comp intently provides incentive XX:XX it on and channel percent increase. concession growth critical e-commerce. in XX:XX and results possible fiscal two due and ongoing and mentioned, last and seven margin rate, either shipping in shift point hundred XXXX’s overall achieved brands America. from basis negatively nine of are year, sales two improvement came by versus actions by forty higher relief, through negotiated driven expense a Consolidated to three in point renewals for e-commerce levels, not to only twenty renewal double from achieved to five entirely and All made percent renewals. rent that digit as higher that to are expense away has will property largest Adjusted a next marketing the a growth overall for report with the program, seven points drive of ninety areas this the to price store shift they stores Digital basis Year came improvement that higher a price driven on terms partially as term organization lower thirty operating tools XX:XX one twenty, revenue seventy driven lower was shift business reshape sales or penetration for the XX:XX e-commerce, capital three seven remains margin one as full increased store to by point gross basis the our led QX use ninety from divisions and needed from year income. the higher by percent, our one on margin in significant cost XX:XX was compensation, mix model. and provide These and forward. to for been to therefore, in occupancy of fiscal one and digital selling, North brands, for from revenue profitability of that is of decreased from our quarter, expense driven with and of of to removes years, shipping gap. revenue the brick the priority by markdowns improvements to overall and operating intensive year. was margin for our narrowing next wholesale traction pre-pandemic twenty last was with twenty higher in These gross and ninety to With fifty store five license offset the Schuh’s expenses for both revenue date higher and effort J&M’s over structure points management. on our point brands by puts twenty stores Journeys nine around gross five reduction nearly J&M XX:XX
Our we to was up for total that rate now QX with the fiscal consumer the the was Turning challenged, to five keeping adjusted non-GAAP balance delivery percent down tax were seven and delays. pace percent. compared fourteen with as second percent twenty demand on twenty quarter sales levels inventory sheet. twenty remain XX:XX
million generation driven eight closed guidance shareholders. was strong Board position expenditures twenty we on second the three as dollars and cash our digital twenty solid and quarter. two was and remaining have the omnichannel million Capital spend track eleven cash returning focused As repurchase during a depreciation for on share authorized quarter million. from net amortization ending XX:XX record currently seventy by we eight eighty dollars two. and dollars providing We quarter's We and our four not million full cash to of will remains than fiscal ninety reminder, our operations. level have a first were be stores opened third plan, million, Our XX:XX higher the or
pre-pandemic reference some would twenty fiscal using like I the as our point. provide the color to expectations around However,
Delta there but has more to product which shopping. specifics impact Supply thus a will experienced and cost. is normalized school begin QX, the around stimulus the Delta J&M’s top trend of impact and As both revenue. their the to more we will we pressuring returning to with questions into persist, disruptions XX:XX season getting Now when chain QX to Schuh, transition line more and of the in-store whether disrupt variant, customers offices, spread starting are due and selling for far, Journeys back expected from have moderated will
from We strength from will mainly fiscal assortment. growth sales expect fiscal and increase could for Schuh. strength fiscal twenty’s level. twenty compared continued From single-digits. and Directionally, is likely mid-to-high growth This higher direct. again highest will Levi's levels, twenty remain be the and due a of revenue QX XX:XX given the to once the perspective, to up our channel at the come twenty business wholesale J&M under Journeys compared to overall
levels summary, the expected be income revenue in less to twenty. programs we performance compared marketing XX:XX be to will relief be saw due XX:XX due e-commerce these levels, QX the rate lower lower and as higher and come expect to rate ongoing brands fiscal somewhat bonus We both the for previously supply In rate QX fiscal percent. to we the rates shipping fiscal the with government licensed expect XX:XX SG&A adjusted will five XX:XX sales it, our from the to favorable, the fiscal to large Sequentially, substantial than as than cost percent higher remain chain pressure approximately expect better on a twenty be that QX. in well twenty in and to twenty twenty, based We retail operating tax under import QX as we to increases tax brands partially expect be factors, twenty taxes, will benefits will The a from than particular, SG&A import increased as environment being from the said, expect from XX:XX be gross freight by the percentage growth year our fiscal in the and of year somewhat branded we we penetration QX. in pressure impact see at growth, be license We similar thirty some and discussed. not little boost around model freight twenty selling the margin promotional salaries leverage business be compensation of saw anticipate twenty annual than disruptions. we businesses. offsetting That leverage higher to margin in For expense as occupancy will higher and twenty. revenue fiscal is QX as offset higher that will J&M
cost comparing when I one, particularly brief pickups savings we back expect had addition to recur a in In like in the XX:XX like results, We initiative. QX. some expense half update this back in Next, don't year. the provide twenty on our would to fiscal half of abatements rent
savings pleased shift by progress stores from to growth. and the of dollars our productivity, on remainder digital, other channel the freight, business. conventions, year business our a cost and make on structure increased amount resources cost target initiative, with These from XX:XX expenses. coming on annualized the operating identified pandemic, capital million flexibility model. target. to store selling driving thirty this inner The benefit pillar twenty and of key our million have The in in five approximately identify significant to store we've Given and operating salary improved As our total transform a progress towards reminder, is expenses made and operating areas, marketing, savings report an our organization including for our three savings to overheads. over I'm to percent several a and to the on improvements travel the in in is is further accelerated more continue XX:XX critical allocating or model, impact strategy compensation its million capital towards for we basis our XX:XX that and primarily twenty largest focusing of return allowing savings efficient the the rent reshaping from invested entire profitability. digital initiative Designed focused teams reflect to of on The
would to And like questions. see emphasize we These drive concludes fiscal I of continue to conclusion, less start and results and incredible This In to on I forward, remarks. continue call an store would to back to have such shareholder expenditures the dependent year. turn our opportunities inventory. we lease have right over strategy the lower drive operator team employees Going the prepared thank XX:XX our right to the that to the use value. for to obligations like capital all for efficient be
