year. onset Thanks, But the John. the coronavirus, factors before. few of in are everyday far our this as has a since felt Similar of our to lives P&L most anything understanding results our business the same important hardly in so each
an headwinds, First including there off, digital mix, have of first which of apparel fulfillment been costs avalanche several, for and markdown. merchandising the quarter
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the XX basis points On line, of recorded by three the third separate factors. margin net about a gross rate in the impact quarter, increase driven we of
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strong Our cash business very generate continues flow. to
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was tender long-term interest reduce retire to of created costs. billion $X.X coupon billion cash activewear, a and The in offer first significant execution debt. the significantly economic value, in which debt of transaction $X.X it of future This we invested will high
chose In on allowed extreme cash added take like the in at deploy us time following many of a additional the onset liquidity to we companies, insurance of the other addition, bulk when, we the it extra first to uncertainty pandemic. quarter of well-capitalized the
terminated the extremely month was first XXX-day credit earlier high made period when was the facility, decision we added during also of during which other supplementary uncertainty a this The quarter.
actions, initially announced holiday have look appropriate first repurchases We the repurchases of in season. that we to today conditions, to engage we the under repurchase share we also in quarter. those the don't would that in reinitiate XXXX. But end lifted we before any suspension Beyond the announced intend
of under in have program reminder, a September currently billion we of the of $X.X Directors approved capacity As by Board XXXX. our remaining repurchase
quantity As goals. deployment always, activity timing meet governed financial We be strategic and and invest our first of fully projects that criteria. the decades-long in capital repurchase to our will look by
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capital $X capital bringing of of year for terms investments the total million third In quarter, we about over the deployment, made to $XXX our billion. in just
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after-tax on to invested now our Turning capital. return
the business percentage up delivered high an extraordinarily nearly quarter, third XX in from the year Our XX% XX.X% ago. trailing five points through months a
acceleration would delivering longer-term driven prefer, our somewhat for plans been have two cash well than time, that traded given over our over been would two this some the quarters anything the focused though metric higher While inventory expected. has last we beyond have lower. more inventories And that gladly have ROIC we have on consistently last lower even would after-tax the over have quarters we'd
So our now a before bit little I about outlook. I to close, comment want
outline in guidance considerations important number back financial fourth the and driving the holiday want stopped move a to we we season While first quarter, of overall. the as quarter I into
portion continued of around meaningful in as The out-of-home the a of headwinds of consumer has the In light away path this levels categories a forms in Offsetting into the the spending pandemic, significant sell. from of pressure, unemployment. entertainment shifted uncertainty has and continued the of first facing beginning consumer elevated with of is multiple the mix the onset the change and there many economy. travel of pandemic and we been the
increasingly wants consolidation needs consumers trip benefit a as of wide have and in to to and our continue single stores their variety trip. relied on also We digital services a from satisfy
Beyond these more of a enter there as number the trends, are we macro holiday. specific considerations
the sales business typically in as The categories generate and both the category in half quarter. the our quarter their fourth our of change annual is fourth expected Electronics first mix toy
since Given mix it's out difficult in have important how began, pattern predict that our seasonal how our digital in overall an given factor our both dramatically the profitability, in of than pandemic will seen difficult these seen quarter. of of fourth the the predict Similarly, play digital typically that will reaches already peak we've penetration usual high quarter. the higher levels more to all sales year, sales, to stronger categories a fourth digital mix become it's year. the This dramatically
the us quantify is accurately future us just outcome. reality normal and can you what's why a year. are facing a uncertainty you've of once question. fourth compared So natural I the potential we've is, great mean all that financial guidance, none predict Well, question to outlined, doesn't headwinds of The affect but that's That's tailwinds with the all level think quarter reason forecast? your suspended a can't as of higher the much the we that
mentioned focus when continue effectively as prioritize to unexpected respond and year. plan far we operations. our the As and as business happens, you've can we way, on our this flexibility before, our team quickly I've in so seen agility That
behind can't agility creates behave consider been of these next consumer In metrics of and world, That spending will that unclear settle multiple to than will uncertain it's how it mean to be flexibility is vitally will how continue the can, the in to accurately consumer business only important. will any we coronavirus year be financial you over will will landscape fully crystal answer evolve what to and path get also time. dramatically Not world. like. that for changed us, will uncertainty ball new look while ahead you our questions clear more have the need Looking we'll clearer. down the this And mix about it's that how today, and post-COVID adapting that what understand the the any doesn't competitive when the as a categories year,
now environments the importantly, market across wider one to So deliver that's while would because work a growth And and consistent gains have expected. last range of continue where reliable in has we a year. been and categories its a weeks the have profitability specific us has been based demonstrated will outperform. business to continue share That's be a to line to the share of over few the than we team stayed product our consistent, on predict, to metrics years, far virtually ability time high degree confidence have business difficult nothing any of throughout ability in our our of and model hard through that's across
habits they've everything taken seen and a way. with they is from we've long we first reason of the we've their get told this the and target. an long each back-to-college the We've deepening With relationship call, when incredibly the there first team Brian aspect reason a more The changing how when I time. importantly, experience I'll other, that moving as longer consumers my have that young confident have massive retail, And our our our they over we it Target, But ventured in and young future. and why also a at most you new at mentioned to foundational in optimistic, huge has this this been Brian? sauce, service challenges. of families our they've of when they engagement time Target's we final for is been long-term friendly they've many team for our year, why all because home offered a year. has are strategy. Throughout of secret in known It's guests that team into sincere prioritize year's for loyalty. to season for a as they've away couples in demonstrated turn far important a stayed are I've guests children best has seen to our we're with reason the our married engagement overcome them in host quarter thoughts. care successfully team that, we're categories as some unforeseen is to so factor express and long I've the guest year the addition, our feel increase when service gratitude In I accomplished back want It's
