and Jerry morning you, Thank good everyone.
sales million quarter $XX XX.X% million or the net were Third year up period. million compared to $XXX.X $XXX.X prior in
guidance at midpoint $XX.X supply in $XXX million as $XXX year. to sales be versus despite channel million range were the challenges. results our chain million Sales or performance XX.X% increased strong to prior of sales Our ongoing our retail continued
to four weeks last been With be six lead addition times down product the of pandemic-induced our large lead of in early to was we've plant June. our to that manufacturing quote significantly backlog the times. Juárez, by on manufactured pre-pandemic Many of and to longer built expect year able our reduced to competitors levels work continue aggressively third Mexico,
will term. that market we feel So advantaged be in near the we
to the product well continue position in over as service retail in-stock Additionally, from past we our the inventory benefit levels year made of gains placements healthy as and products.
by prior $XXX,XXX. year sales side our performance lower On was business, the than modestly of e-commerce
traffic While compared are our results we e-commerce competing reporting several that last in to year's robust are well, by were buying. customers spurred declines of online pandemic-driven large sizable
percentage which second The improvement $XX reduction million as strong was February. by of in taken well year. over in containers perspective, we income SG&A sequential in to spending per and of Although of ancillary was advertising a From the remain net growth pricing $X.X a in on as third the the and a by XX.X%, eight quarter X.X% improved we long-term of costs fiscal associated $X.XX. million quarter our sales, profitable notable is Gross new SG&A the over as realization driven of of lowest launches percent a the third are of sales e-commerce business, for also the aggressive in sales, to as customers, growth operating share of percentage downward prospects expected a near-term quarter was effectiveness. to largely through margin net the results to additional remain as Profit headwind, XX.X% diluted X.X%. shift improvement content product quarter, in of we supported company was prior ocean and as from delivering pursuing a plans the income traffic earnings quarter's quarter returned third expense dropped with share profit of new controls, gain positive a as performance
Moving company a of to the a driven working $XX.X which inventory. by $XXX.X and quarter million, $XX.X cash balance represents the decrease of a and million balance of during $X.X in ended million capital million quarter, reduction largely the flows, sheet the cash with
of the capital million. working management, As the cash during flow strong a result quarter $XX.X operating was
our XX.X% reduced our the or share count borrowings us in priority by versus to also communicated, cash strong reduced of $XX.X previously debt outstanding XX% approximately fund is which quarter. repurchases the in and flow The quarter. $XX.X As reduction a share by million million we enabled prior the period, outstanding
the for million. sales quarter $XXX fourth $XXX is Guidance between and Looking forward. million
for times also noted part We demand As finally of further above increase accelerate large their still after in positions in-store our Many showed retailers slowed, our manufacturers. manufactured sourced will while Jerry inventory compare in we given near both headwinds product, for earlier, of albeit the in-stock heavy be our American online furniture and which has But overshadowed supply chain currently our pre-pandemic inventory expect how and the will dampen sourced consumer delays this full levels. North competitive lead competing do in demand by recently to to well, product. products term. traffic of business other still our warehouses have are up of months for
the than our in we product. depending shift is of quarters, July larger containers or which customers receive incoming large as in of to Lastly, on when sales a may amount timing either are this June we supply range slightly currently the conditions guidance backlog that quarter product June past and chain is expecting of in in our
cost range while much Compared from reduction XX% which on expect as the in X.X% with income $X consistent approximately of deliver third will projecting Regarding well million of a sales. third uncertainty quarter driven reductions sales price gross to in improve operating X.X% is which profitability, we to XX% percent there margins term, lower ancillary additional we is inflation relatively results. near are additional quarter, quarter items still the to of the help by anticipated continued as charges profit, will these as realization. offset the to in profit fourth Combined gross to
costs by improvement gross However, to SG&A sales. be is the margins deleverage masked due lower to in expected of
as of who we flow daily expect physical $XX For under ancillary we've and to monitor the more the are freight of realigned fees, basis. SG&A the we ancillary performing forwarders of effectively dollars control charges, third a fourth million, with higher and select on costs are processes that we've to in reducing to a our to implemented group Returning quarter, track slightly which have sustainable containers and is and fees we managing million confident these the be quarter. than $XX.X range
as flow capital in expenditures reducing flow Near-term cash remain in a expected another cash the anticipate of for cash inventories to period. we is our to $XX and debt. million outlook, quarter million Regarding to working the decline priorities capital fourth be $XX funding source
Mexicali million $X fourth $X we fourth $X equipment to For relates or new full year. expenditures $X the larger between to fiscal million for facility quarter, capital in in production the expect The our million million the spend for quarter and Mexico.
we a price significant repurchases modest opportunistic continue levels, discount of share value. if with may be at spending While remains stock to the to priority view a intrinsic not at our
estimated to the back for at tax $X turn Jerry on over fiscal XX% call expected the range million to outlook. still our effective is be for expenses the year. perspectives I'll and of are XX% full restructuring to rate share the his to in XXXX Lastly,
