Mimi. Thanks,
especially our pleased expectations discussed, the during climate. the our of ahead performance we ability profits drive in to with quarter, As Mimi were current
continue results QX last the revenue to strategy time. the current anniversary distributed footwear navigate a ability basis challenging focused Consolidated were foreign in our drive stimulus as be foundation X% We from experienced was sales ago strong over have down strengthening a and On also only exchange constant dollar. a year environment, continue we year we down million, the in currency of to to solid confident pressure not we $XXX to to but significant the X%.
and from J&M comps year by As a strength year total quarter stores with with government X% total prior X% its the down total the year Digital comp year. store company a basis, quarter direct reminder, most we stores down the for as expected XX down Overall, as comps were a comp Schuh existing sales ago optimize in in versus versus both and was Journeys X%. state. benefited last productivity ended store stores. consumer store with fewer total driven comps drive digital increased XX%. X%. footprint On comps Journeys down and X% versus up We our last comps continued stimulus. were down our
XX% That compared J&M. more gross rely channel. were environment, margin The year. to in change However, direct last and offset of up last mix the points to to normalized none Journeys Levi's year, year the basis. exceeded a -- we XX% versus and return to drivers reposition sales the accounted pre-pandemic of less was is XX% a strength year-over-year said Brands were from of Journeys Journeys levels. to in expected in in was with as over brand for distribution its ’XX. currency value last in down decline on on constant pre-pandemic margins still basis The a total were year, promotional gains on held retail XX% still line the reported our up basis as from versus main fiscal to sales but Wholesale expectations. on the up XXX Gross as of due margin XX% decline J&M Licensed essentially E-commerce a
significant year the points in as comparison gross XX Brands was this well e-comm the up mix million logistics drag and reductions a reversal points increased J&M was last and we basis margin gross margin SG&A freight margin XX down a recovery freight increased received points And the summary, basis XXX reserves. and worth down basis total branded basis costs by driven last this $X XX.X%, basis driven our one-time difficult freight pressure point margin comparison. made and gross credits year, in commencement during XXX experienced Without as tune In of cost, last inventory respectively. or increased Licensed points unfavorable business, government one-time more brand's expense is Altogether, points, major which costs. basis XX and to basis gross put and basis and approximately XX and leveraged XX noting that than was was of of logistics Schuh’s quarter driven by For expenses last points, points year year. cost comparison. XXX mainly inventory Adjusted difficult pressure year's points It to basis drove a XXX down occupancy greatest as rent $X by Journeys was QX gross which businesses. logistics were XXX sales relief J&M's points quarter lower million, margin SG&A of we by the on and and freight was basis the credits, COVID penetration. reserve logistics
wage living environment or continue pressure the in continue efficiencies but and area compensation from marketing salaries, and lower workforce other expenses traffic Regarding summary, our increases than leverage and through we our studies offset occupancy, performance pressure, management to this in selling time salaries, more evaluate to minimum legislative based pickups. and other in automation. deleverage selling wages other and In competitive system,
on X.X that straight is worth last years. was with Rent rent the we achieved expenses impact also SG&A line of have changes and quarter, larger XXX Both in X% significant rent with to other result in designed, approximately way fleet and a bonus months a XXX year-over-year basis for X.X% year couple reversal This first year revised the our to great of year average had the to program points, P&L for decide to of expense efforts this year way income accrual remain achieving based in and the we a ’XX, adjusted As costs versus are costs performance we to operating a the continues margin, that basis up reduction we fiscal renewal year of term second years, measure the pre-pandemic considerable in compare percentage the is half last QX the XXX due a success production year renewals of can adjustments. over XX% discussed store the negotiated volumes. X.X% in which typical priority. key occupancy back is fiscal small benefits year our top of driving enabled our a have investment with leverage to Across I QX is to 'XX SG&A sales had for lease in credits outlook the SG&A XX% our compensation bigger than our first our to pre-pandemic. restate renewals coming drive results. six million our that million, lower. It a impact typically next lower adjusted these XX% credits this Good company rent of XXX by quarter digital a on a compared additional on shorter $XX $XX.X business. fiscal logistics leverage driven last 'XX, In operating occupancy adjusted benefit points, and summary, was by of this a freight of total and noting or COVID
$X.XX last year fiscal This tax diluted XX.X% $X.XX $X.XX quarter, of all in our XX.X%, and compares compares to the For last to which share earnings resulted rate per adjusted year. adjusted for in the quarter, non-GAAP 'XX. was which
levels. XX% to and pre-pandemic count from is last roughly XX% year share Our down
balance capital to and allocation sheet. Turning now
was net at a Our decrease cash end year. versus last QX position $XXX negative $X million the million, of
task our at the but only and to growth, accomplish our During in to time capital for same strong the and past months, cash cash shareholders. to flow reinvest balances us also strong not re-inventorying formidable business significant the XX of returned enabled
elected year and net to While in XX% demand year-over-year, it year inventories $XXX higher year's are and 'XX, this it's million, was on sales. the as low since meaningful which back carry we styles than is core more some of QX Part compare pre-pandemic levels $XXX a fiscal chain a to increase at school product, in QX holiday inline in supply and this will 'XX increase year. of unusually sales inventory resulted head up we outsized Inventories last start arriving that receive late fiscal winter quarterly XX%. Journeys over limitations on inventories of to give to us million were believe stimulus consists
pleased with except in we are quality the chasing much J&M level for the where are transit of and inventory of still We product. increases
depreciation the the with quarter total X.X to almost Over the remaining stock last recently outstanding stores. four of million. current on repurchased $XX the our were end during million building X,XXX was $XXX year, now the of Capital excluding price authorization. amortization quarter for repurchased second expenditures million for second $XX and in XX% More headquarters million or shares of $XX.XX. and average six million at QX $X and at new have closed average $XX we quarter, We opened stores we of and an million shares an price $XX.XX
time reflect As levels for capital through commencement a QX for our the the our QX holidays and is this during the year of reminder, working traditionally the end requirements. of peak is lowest the -- cash
to cash year, ample and the out the balance end a fiscal remains expect we the Looking of year to a with sheet end strategic that asset.
Now how the guidance more turning to to and about thinking we are as specifics business.
half revising guidance. confident our prudent it's and we approach talk we to line more impact, a outlook are to our conservative the is I'll believe take having solid our believe are we consumer discretionary said, inflation and spending. strategy. growth seeing our first top guidance. the through full-year Therefore, back however, the in we changes long-term foundation I near-term are have on for in a In As
current X% guidance between be now a 'XX We range exchange $X.XX down in sales of revenue or to fiscal likely range, prior of the flat that to reflected compared and with $X.XX billion guidance X% midpoint likely billion annual full-year are about range, with most a range year expect of and scenario. over the year due revenue X% billion. most dollar the prior the negatively to or lower approximately Our X%, $X.XX both strong a results Note growth scenario. the of the and rate. $X.XX full-year to by 'XX of impacted Again, billion fiscal midpoint to our to
into we Going the consumers year, this back that good provided of needed replenishment half last stimulus, first mainly a lot opportunity single-digit product. at holiday. half growth, key particularly felt back having high inventories second sales to the table to knew selling comparisons lack for last growth on the due had of year, while projected the some and the key of we school to year the was we and of acceleration left due we what at as we believe difficult to half to during periods due a Driving Journeys
As levels while which improved we described. school coming to in the attribute for reasons inflation. we Journeys from of quarter, the the projections, compares The less mainly to consumer and start the from became they Mimi pronounced the as full-year didn't primarily on second have sales impact is contemplated our back reach stimulus the throughout trends guidance outlined, initial in reduction our
higher consumer for in conscious and consumer have U.K., higher adopted our fuel serve is that a consumer the outlook economic We also where a and the cost. businesses more headwinds, increasingly including facing conservative cost prices more
margins to basis gross quarters unchanged markdown gross especially and XX activity, align markdown as reduced points, At guidance expect which due XX not to additional to our expecting in total in we basis increased time, the no promotional continue down versus with margin by any markdowns mainly our to essentially are last in to Our this inventory levels in consistent to we compared remains levels. we points last year as markdowns sales incremental activity occur, typically year. expect be
in our sales of the with the points of to as expect outlook, delever XX to in down range of from basi of basis we adjusted to SG&A, In basis expenses, decline a sales range XX now percentage basis terms XX the XX points. points, leveraging deleveraging previous points
and ’XX, challenging being one-time in forecast increased based overall cost. wage is sales reduction gain The the for offset marketing Regarding by our salary leverage expenses leverage fiscal pressure salary we makes it from selling operating compensation to COVID expenses and credits, significant reduced more cost. performance anniversarying year fixed selling
is year in additional a fiscal average full-year fiscal based 'XX. effect per estimate X.X% the count approximately inflationary million of is share However, $X.XX and to weighted in continue our on new expected that managing we Note this $X.XX $X.XX pandemic. to all share repurchases an X.X% million, 'XX second versus share to assumes $XX.X are the no margin prior volume. actively range compared from and X.X%, per rate at improvement guidance projected of $X.XX to last XX%. year to 'XX to which lower year the between work the up This is and from expected from and the $XX.X sales prior pressures prior to from $X the for now of operating profitability mitigate down results $X for our expect range fiscal from of fiscal XX%, activity to downward expenses on down but tax previous the X.X% in EPS the some from reflecting guidance limit repurchase down share Furthermore, quarter, during year. year we share, and the
perspective QX. provide I to While on some we provide quarterly don't want guidance,
to shopping slightly in top We pressure sales in pandemic at had and branded offset last on patterns. October below September sales robust with be by We at line. a our last year expect Schuh’s year with and QX Journeys in Journeys sales flattish businesses, gains change
when that patterns to school be to activity lower historical to this will revert assuming are growth to with growth. back consumer shopping expect of We dollars we saving spend during time, sales during consistent holiday
margin, we year last gross we higher expect for half total last do J&M. costs higher to to inventory Note compared in which cost, we freight for comparison reserve lower not difficult about and expect year, QX. expect of to margins, the logistics margin in levels but reduction, due and another with Regarding gross QX's year, freight shift guidance, the to QX prior gross gross from change offset pressure, more do margin is while under that a due QX at
to perspective, salaries. in QX days a and the the temporary a to about to deleverage last strategy fiscal repurchase gross levels will by are close, SG&A year's close 'XX the driven Operator, we these QX deleverage and pleased the challenges while a and future open more headwinds with To excited bit end, COVID those driven of year our consumers we last completed forward. year driving there questions. with expect acknowledge relief QX, from are We amount we might pre-pandemic same all In pose. we and be the facing business We by lower this, we SG&A operating call to marketing higher than increased With point activity. the remain margin expect now be period, pressure. income of fair the basis the our we to the EPS, expect share just selling one-time with the quarter compared are ready sales, we and quite
