call. for dedication to Thanks, Emily. to generation continued consumers. teams their Good fashion our I for and for thank afternoon, a thanks of our want building everyone, joining year a.k.a., transformational for XXXX next the brands and next-generation was
we touch sheet. new challenge, to up expanded our our opportunities, customer group, every a points As strengthened stepped significantly and created balance
want Before inclusive X% of from I go delivered I through few sales the the growth of XX% quarter. to highlights U.S. fourth a share results, the in net year. We growth
lastly, and registered across in propelling by into operating with tested opened cash continued and debt, approximately to brand Princess of million Paxson, XX%. Secret a We And time. $XX Liverpool. of the Victoria's including for U.S. We compared down growth levels number sales expanded last wholesale physical Los our the for store inventory in and net a Culture our first of retail generated paid year. XX% brands, debt We reducing Angeles, omnichannel engagements to double-digit initiatives Polly we demand our We accelerate the $XX flow. reduced year-end year. by million Kings the
And Target Macy's, marketplace exceeded which expectations. partnerships and with our
the million which Turning fourth last was to now We net delivered year. of flat sales, quarter. to $XXX
grew As pleased fourth to I our is offering. the U.S. which quarter, the business mentioned, were testament in a strength that XX% the very of we
As delivered below Despite we headwinds of our now a the region the reminder, our is in sales in $X.X largest U.S., adjusted million our region, net expectations and which and U.S. Zealand the the to our in moving due potential expectations. we ongoing New in EBITDA, market the and total slightly forward. line strength came where greatest with see Australia was
additional that an fourth decreased balance really sheet. which feeling off ended current And XX% inventory confident lastly, of $XX quarter, and strengthening debt in XXXX. we I'm million quarter the the fourth paid composition as pleased levels to our compared further with we our
full delivered $XXX net the adjusted the of Australia, we we in $XX despite for EBITDA million year, the sales. challenging For environment And year. macro delivered million in
X look priorities driving we at key strategic framework. As we strategic have XXXX, our
retail our leveraging next-generation customers. our categories, product expanding deepen and This evolution at innovative repeat marketing the strategies includes direct test women's particularly deliver retain to continue our brands, our of weekly, to and our relationships to delivering will approach, we First, customers to merchandising and strategies differentiated attract newness and customers. technology with
and through that of be are experiential that's as whether retail, brands fashion the wholesale is, confident their or winning wherever marketplace we online, stores future channels. to Second, look we in will customer
to will omnichannel to of I'll continue our scale shortly.
And year, omnichannel third, operations you showing transact. excited benefits take which deliver We for the across are committed seek in to through last the we're our company. XXXX, our customers financial Based initiatives on our we wherever and up they inspiration to tests streamline success
We assortment year. P&L. rate and are of providing improve operating efficiencies inventory repeat test improvements to approach, merchandising to committed gross Kings across levels, to drive which And the on we're additional will half rapidly the focused and the back finding converting Australia margin a Culture expansion in the
let Now with Starting tremendous Millennium last Z as recent primarily popularity brand. our with the that quality well a has U.S. brands gained Princess our some on-trend few over the share Polly, Princess years, me for as drivers targets the direct-to-consumer highlights Gen growth as brand year. from Polly fashion. and online off in largest women
of authentic and channel. to has first that we As Poly Poly LA a committed City, customers we're build on as was the Mall positive. mentioned, retail feedback Polly the relationships This the in last Westfield shifting that community were no real to store time in affinity decade customer person, XXXX. to loyalty. the able front the customers our matter interact Princess in its resoundingly September we're and landscape, direct with marked store future, strengthening thrilled the staying Based the life I continue built truly further opened Century to to Century for that City Princess durable first Princess brands and and life in in brand come over allows The feedback in
this by Mall the year. Diego, on open including of fourth engine creation The for footprint third in in to Newbury quarter leases as to also the in quarter in in year. on the store of that to event store announce the X signed And are store and friendsgiving excited in XXXX. expand Based is X Poly will officially Boston, the San success come to Fashion successful and more influencer which store, slated its and another events, stores used on a we've content marketing first a in-store Street a Princess both store I'm the Valley
Princess several new retail launching store use Through Equally ahead expansion next-generation I'll expectations. driving of categories in analytics plans customer the feedback, quarters. with XXXX, Princess is important continued launched sharing openings look in in already coming performing ahead our and details and loungewear strategies focus and on staying innovating, the and online. sleepwear strategy Poly and as of store forward data Poly trends January further on to the of more as expansion store is
customers Princess Poly Poly million for TikTok is preferred new TikTok This assortment constantly we a customers new month, have every new attract to launched with over brand. activewear connection fashion unfolds. with views, that Princess additional year the million of broader and plans We're platform. customers for worldwide. with the customers confident as categories also and styles over reach innovating XX we platform reaching to their direct people collection, an existing enhance and the will their remains resonate customers on XX
content the In tell and harness more drive fine-tuning XXXX, Poly and to of expanding as will both sales. including They're Princess opportunities paid TikTok well in their program. story scaling Tiktok power their strategy, their as influencer investing team the TikTok brand
customer which women's & Poly event-based slightly Moving our Petal in other portfolio, brands great than to older base & Pup, a offers brands, targets and as Pup the more has elevated achieved Petal in a brand. success other to our Princess styles. Similar the direct-to-consumer U.S.
announce year. While opportunities began addressable successful XXXX, adding the consumer live I'm beginning excited of the launched now its total that at is in the in to is to website, Nordstrom's & Petal increase omnichannel which distribution half to business, grow continues brand brand's on market. Pup its its testing and last second it really also presence and direct both marketplace to expanding Target, Macy's
new Pup new reminder, and our of power the customers. both a back getting expanding of & also As report that retailers initial & half with been Victoria's of first on shop have the XX% half channels marketplaces through over XXXX. the Mexico's and Liverpool. brand, to distribution largest one Petal based customers results of Pup have front the positive Secret to pleased retailers, incremental reordered product in to of which tests, demonstrates of Petal In wholesale XXXX, of arrangement tested the I'm in that
Turning streetwear brands. now our to
remain where go a trend They're expansion culturally in to Kings on part off Culture year It's relevant, both I in brand's and the fashion that's region. be the to in and Culture the bullish fourth a the growth just a creating quarter more disrupting and full the and very U.S. fostering lifestyle community. and the streetwear is strong globally. Kings market, U.S. fiscal people registered in brand. continues of double-digit on than take
and icons, one-of-a-kind in designer, Jeff Las store featuring take Cenat moments. key flagship it Kai day, by an Hamilton. continues weekend, Super streaming during for and and the Star, level Las The Las Davante life they to Vegas next Adams, came with and every in to RDCWorld to in-store its Vegas appearance retailtainment jacket Vegas Bowl celebrity brand global ethos activate event The in-store Raiders events
days revenue the and through brand weekends. and also accelerate brought in grand interactivation The marketing continues printing activations collaboration. store X we'll unique the thousands sponsor top-tier brand and exclusive experience Los Kings rights, a U.S. record, recorded new and and Rolling week, partners. stage the with Formula customers Is an largest element full-court its and where across immersive on-site awareness of collaborations Loud have in opening surpassing X Culture to high-profile next-generation on a of basketball next Angeles in naming with official screen merchandising
also product event. is activations month, events the next arts main official range UFC will exclusive marshal in-store an Las upcoming include and mixed Kings in of an Culture partner Vegas the which surrounding XXX,
up many streetwear in the As online store. growth continued for and brands, which over by long uniquely an of other Culture to be sellers, Vegas very from We first-party brands, top apparel-led term. streetwear is brand, private remain Las setting Culture performance the Kings Kings the continue excited differentiated both footwear-led the
key mnml platform And our NBA store to its streetwear capsule also in first-party and brands exclusive a of brand Kings the excited and We're top assortment, streetwear brand and as Culture international performing spotted athletes. in celebrities to hundreds players priority, space. emerging new Vegas growth [indiscernible] its a the brands the the launching collection the spring. new be well. continues brand professional credibility this on for own Kings at Las Culture its brand's is Star, remains with enhancing on to both brands for While large continues accelerating Mnml, are other also add
the omnichannel more of a regional distribution starting grassroots plans, part stores, are Culture also with As approach mnml their their reaching expanding expansion and in broader streetwear customers for way. to products authentic exclusive Kings an through channels
questions. your the I'll taking on before Now P&L you more give detail
$XXX I net were year. the mentioned, sales flat quarter fourth for to fourth compared which was the As last million, quarter,
strength growth quarter delivered the X% last a year, although is In fourth of the in to sequentially third below XX% U.S., from in of third that Sales rest last year. in region, for and improvement Australia which expectations, the of and remained New Zealand quarter nice long-term fourth us. of brands sequential pleased compared the compared from the the the improved quarter. quarter, which our the declining we X%, strong I'm world sales increased to opportunity sales our growth challenged growth XX% internationally, representing as a is net
demand Total for traffic the tests, increase quarter order our $X quarter XX%, million, Australia customers in active X% an million were fourth growth and region, New of lower XX% U.S., which to fourth orders a higher Zealand driven compared of by was the X.X In slightly On to pleased we X%. and where of Zealand contraction were year. despite were offset region. the in last see Australia orders down grew omnichannel fourth and a by basis, the nearly quarter. in active the X% customers the New sequential We served
X%. customer count active in the grew our by U.S. we Importantly,
reminder, a customer a count trailing calculated active basis. As XX-month on is our
quarter represents decrease constant and quarter a basis down value the last of currency. on of X% X% compared fourth fourth was average in to reported a Our $XX order year
was for the a and Importantly, the peers our lowest point return among the one of third of fourth basis this which rate XX% improvement quarter, quarter remains our was for year. XXX
was in to XX.X% the XX.X% same last year. the Gross profitability. in now period margin quarter fourth to Moving compared
impact we other full basis our in Culture brands. expanded from our have the the in across margin Excluding price Kings points to gross actions selling XX strength took to would Australia, due XX.X%
of progress, Kings there's while take to the work continue pleased ahead And action us. at more Australia. I'm Culture We in with
back a merchandising repeat similar the and brands, women's Importantly, rapidly the which under our to half team new profitable converting the in test year. to of be leadership, will is fully successful strategy and implemented
due sales basis, the Australia Marketing marketing Selling the were Selling XXXX. XXXX, million net compared the last up of basis expenses quarter in to in of XXX expenses to quarter sales of increased million fourth shortfall which and primarily rate sales sales, with $XX.X compared in to XX% fourth to line to million, the quarter $XX.X X% compared expenses New quarter the was in XX.X% million points our $XX were XX.X% XXXX. compared expectations. to region. net in a expenses the net of year, Zealand $XX fourth were quarter On the fourth of of of in
rate hard working further marketing administrative achieving the and levels improved our expenses to effectiveness expansion effectiveness. efforts, are coming We XX% omnichannel over quarters of declined our as to improve $XX.X million fourth and of $XX.X the were General compared net a anticipate we XXXX. we the of expenses On basis, compared sales to XX% million net quarter in to last of quarter of fourth year. G&A sales in XX.X%
for which the performance to and adjusted costs. compared period of $X.X our same in million insurance in within bonuses EBITDA Adjusted last the last lower quarter X.X% same decrease X.X% to million to due was compared We a year. range. in XXXX was $X.X was fourth delivered guidance period the margin year, This EBITDA of
now sheet. Turning to balance the
make We improved ended levels the we which, start and reduced and $XX our our $XX balance and significantly substantial $XX million that with at progress for ended to over cash you liquidity us last debt key by of XX% ended position I'm the an XXXX last debt we XXXX as in cash quarter was strengthening and $XX low the very million a continued and priority and year.
We sheet, proud with total approximately or composition with inventory to And of debt of we year. of million. equivalents, highlight remember, million
third inventory XXXX. to continued in rightsizing sequential Total last inventory inventory want to for dollars down well down their our work X% I of teams from the was inventory our year. the basis, inventory. with to quarter XXXX. XX% compared managed On now Turning a of was thank end
$XXX,XXX levels in mentioned, environment the to the and in macro model quarter, $XX for of compared to aggressively in cash align operations $XX to cash inventory quality.
We newness challenging, XXXX use in preparation million Princess I in across the from mnml compared terms of fourth the free In transition Kings' flow, capital XXXX. As flow that Petal our Australia good quarter EBITDA profile. prudent have generation of in test I'm XXXX. positive very Australia generated which Culture to I'm cash region to of in generated of and Polly, repeat million in remains management to of half stable coupled back million we fourth & continue work that composition, XXXX. and full $X with cash the shape the and a flow of positive pleased the pleased working in regions enables are us inventory cash operating all Pup of we
on we a update total for fourth program. of repurchase cost stock the quick $X.X quarter, shares A XXX,XXX In million. our approximately repurchased
million of the repurchase As we remaining of have end share in $X.X the authorization. year, our
XXXX Now turning to for outlook our and beyond.
XXXX. an our As strategic a focused even the heard on for laser setting stronger stage remain we priorities while XXXX strong deliver you've today, to
strategies continue First, our we customers. to to will deliver next-generation innovative reach retail
across new platforms to and will we our reach initiatives expand multiple customers omnichannel channels. Secondly,
will streamline we to third, continue strengthen And our operations our to financials.
that and macro profitable we're we in the Australia fashion the While building brands region will pressured high-quality for dynamic the term. environment and XXXX, in long committed to anticipate remain
For million the in to we to net full $XXX between sales. year, $XXX deliver expect million
we and other XX.X% expect For XX%. lines the the gross margins P&L, between in
half as will in lever at approximately expand move and back lap as to We Kings XX.X%. the net and of first the be will of omnichannel expect we Marketing XX% approximately higher actions increase year we Culture initiatives. throughout we anticipate expenses slightly took our the to sales expenses be margins marketing expenses the of inventory XXXX. in We gross the selling in year through quarter
expense the $XXX We million between $XXX expect G&A million full year for XXXX. and
XX.X expect $XX For of the $XX weighted year, an tax between capital million, and of to we rate and average adjusted of of million XX%. diluted EBITDA million $XX expenditures $XX count share million effective million,
million and $XXX,XXX. net expect between between sales EBITDA million quarter, adjusted first and and $XXX,XXX we the $XXX For of $XXX
deliver power. to about continue I Millennials confident I'm the and long significant as Z spending we and gain have profit think Gen When both opportunity that term, growth to
Our global brands and of their beginning are ahead runway tremendous with them. at a of the cycle life young
model to business of for mission in next steadfast is our the generation flexible be Our remain of the we retail generation working consumers. next and
and to getting exciting and every into serve these started look to together. customers are day our international our are we looking XXXX We teams I'm just tapping talented we faster. expand who U.S., to highly I'm strategies year. brands the motivated in confident to an growth even that grow forward accelerate have
for up it questions. your open we'll Now
