morning, good and Jerry, you, everyone. Thank
sales to million prior net $XXX.X million compared $XX.X or period. the XX.X% year $XXX.X quarter were First in up million,
of end range earlier. highlighted $XXX Our guidance high million ongoing million the which the issues results despite were our to Jerry the in based at supply quarter, $XXX sales chain
in stores of We quarter home sold furnishing the sales and through sales a our continued XXXX products $XX.X retail which prior the quarter, quarter highest sequentially an also grew our clear business. our growth reflection saw in of XX%. million or First was is of increase fiscal from strong momentum
continue an is sales leading customers increase gaining with on large customers our growth. product which to longer-term our from and positive. wallet share performance are strategic and Feedback We lever is indicator of very retail placements, important
sales price Products E-commerce growth Compared a quarter were quarter, with fiscal XXXX for manufactured as rate annual through for sales in also declined well year position quarter price comparison or XX.X%. improved by prior suit custom in-stock seeing competing when fiscal online in sell-through rates. the followed ships. due products. buying increases of increases E-commerce of large the container we were XX% $X.X Competitors are healthy by first our e-commerce quarter on our the times of X.X%. increased to COVID-XX to products. We pre-pandemic rising sold e-commerce a lead XX% the impacted related are freight softer competitive sales increased have a sales of recently similar result, with million adversely ocean compounded and and first products to related on XXXX with inventory products minus
in reported fiscal share the by pretax and of $X.XX a or Arkansas program. the maintenance improved the million to quarter. driven million of The the net income growth fiscal reported customers, of quarter of gain to due net momentum restructuring a diluted comprehensive previously per primarily included our for or advertising $X.XX share per perspective, e-commerce part income we that to compared in expect content and new and year facility We income $X.XX Harrison, transformation throughout facility company's announced net the pretax million of profit first $X.X as a prior a From expense, $XXX,XXX sale business regain diluted effectiveness. year, products, new $X.XX
percent and the net earnings of compared $X.XX basis as $X.X to per earnings was detailed a included than share. year items, charges, container sales with by quarter and was a XXX income shortage in the To excess GAAP significantly containers million of of the the containers including ocean result, these of in Margin related net quarter million for ancillary to ancillary net factors, reported timely see increased the from overshadowed as XXXX. first combined lower which the points income volume $X.XX adjusted the quarter. or adjusted the And non-GAAP manner. share reconciliation Gross containers detention materially company to in $X prior of unload logistics issue, income share address return unloading per diluted first was costs we've shippers and $X.X as Please non-GAAP companies help the a external a in needed surged and to several diluted demurrage engaged namely, quarter. of the of of Excluding expect realization disclosure fiscal the in labor or per freight of second incoming improvement return first these decrease Ancillary to high to margin adjusted of third-party release year expedite sales number quarter in to and cost price us net due higher million containers. the charges. and in XX%,
rates, as months least container appeared freight costs are at long the current rising but to elevated X Regarding temporarily, expected to potentially stabilize and have XX levels as for months. at remain next ocean
diligent In to higher on comparison the result relative the in levels, and SG&A response $XX.X million in of to XXXX, current which SG&A freight SG&A price to sales in fourth the of investments from in rates freight combination future of freight XXXX. ocean quarter a declines. prior cost or should quarter. fiscal $X.X in quarter quarters. the was administrative remain while general basis. Selling, support ocean in increases net that effectively sales related compared substantial in ambitions. in was no improved these and the in controlling compared are offset million long-term currently gross growth expenses percent dollar fourth to our costs there year increased flat and lower higher $XX.X COVID-XX of Assuming to a XX.X% is reduced second margin ancillary costs in funding expenses will aggressively costs still was spending million the to we when pricing to fiscal We The as quarter, quarter XX.X% realization prior improvement quarter place
taxes. income to Turning
expense an of tax prior tax of compared rate the year quarter, quarter million of reported effective tax to $X.X or we or million rate a XX.X% XX.X%. expense of During effective $X.X in a an the
working credit. primarily $XX.X of million ended million of inventory payable. on a in related to million. balance capital and a balance secured million on line sheet. balance liabilities decrease working was increase assets million fiscal the of to increase The Compared less quarter moving the The cash working in our a end with company defined XXXX, $XX.X and current the increased $XX.X to in a in $X million current as $XXX.X capital, of Now capital accounts $XX.X
support to to strategic levels Jerry inventory higher a in sales As investment earlier, we customers. service improved and noted made
the approximately reduced strength that additional in quarters. for growth chain, ended a be of position Given in the we recently, significantly a and inventory Capital advantage the XX, will production coming XXXX, were competitive September our expenditures including $XXX,XXX. Vietnam in of months disruption global source X the expect the supply revenue
update. restructuring our to on Now
due quarter, previously primarily restructuring costs announced ongoing company facility of During transformation part expense, to and our the the $XXX,XXX transition program. incurred comprehensive of roughly as
$XXX,XXX to during of fiscal related in facility approximately to of We the costs and sale sale. expect total $XXX,XXX restructuring remaining to for ongoing for asset incur property a the dependent XXXX, timing primarily expenses held currently the upon
between Looking for million. guidance million second quarter sales is $XXX and forward, $XXX
For supply dependent on XX%, be sales of and the full are growth in the still XXXX, targeting year fiscal conditions second that but half between achievement the year. XX% will to growth stabilizing we global chain improving of
from SG&A gross be gross stabilize. expected margins conditions second in rates then to be chain strategic support margins pressure the supply to quarter in as dependent will XX% the both we SG&A the to percent that second XX% first the or into expect these similar ancillary improve of and year the presuming of freight sales XX.X% better ocean to teens container modestly related year, to a the contrast high increase margins quarter, the investments, the time improve of XX% to and remainder in such, are in first growth diminish half to increase quarter, In same as the expect compared under and we expect the pressures will to gross the period. to While a on to but second during for charges, quarter, improvement
rates. the quarter, near-term higher to work ancillary are freight as expected charges container, the range, through For second adjusted X.X% we strained X.X% in margins ocean operating in the income and
be throughout adjusted fourth of a exceptional the range we by X% expect in tax to expected to provide the XX% for the invest customers, higher inventory steadily with but second modestly XXXX is year, cash or to margins fiscal in-stock in be flow rate of operating levels XXXX. The margins working half source the We quarter improve to second the the to our capital and as improve returning of continue to levels expected increase service effective fiscal strategically XX%, support of to is quarter year. to may in
our expanding aggressively we chain growth. are shared, previously As long-term supply capacity also to support
and majority company support expenditures, his call of I'll to the manufacturing During million will outlook. deployed fiscal share back spending capital our Jerry improvements. on million for capacity which anticipates expansion to over XXXX, the be $XX.X to the to $XX.X turn productivity perspective
