afternoon, everyone. Good Art. Thanks,
said, with of quarter I factors where similar of contributing our to this as to we fourth execute the areas there control, opportunity results are we our complexion quarter, our performance, industry-wide as must could macro better. not well As several pleased results, our and within were
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to fashion our the styles, driving focused overall the continues increasing depth marketed inventory product key more buys, she fashion balancing of and by improve, mix team our inventory As the acceptance productivity. on wants across and offering while is
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move me Let to performance. overall
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initial remainder The to product macro we're adjust to of and expectations trends vibrant for year. aggressively and marketing comps our strengthen respond our the our to working clearly were below plans the and plans the
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On reported first were quarter gain. building SG&A, total sale operating on basis, expenses $X the which benefit the million a $XXX from included billion,
we as were only costs will provide called but associated specialty with transformational separation million on costs. steps. You to these these out we as through that fleet well move $X have important restructuring the see visibility Together, as separately we the quarter, wanted
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additional this. on Two points
customer that Clearly be and strong to of our there healthy return, would believe investment is to the to continue model business those required traffic matched to yield we key and marketing First, our a element investments and best product is brands strong. experience. keep
held so and During improve. for we Gap, wasn't Old as quarter, the on back true that reinvest first Navy fundamentals marketing we'll and product the
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our The was XX.X% jurisdictional our earnings. guidance the quarter. On of primarily rate driven on effective first tax taxes, was pre-tax mix by the lower versus rate original
exclude We restructuring to expect expected be be about to tax year full our XX%. rate tax effective certain rate tax to full year reported expect to non-cash related effective we continue about XX%. charges, our When we adjusted impacts
On reported earnings, share were earnings a our $X.XX. per basis, on
costs well restructuring, as share and fleet our sale building the as Excluding earnings $X.XX. were with associated per adjusted separation
the quarter, of benefit to a $X.XX but was for exchange expected is the meaningful Foreign be for about not year.
an partially supply improvement Our of last with technology free offset lower timing an to payout, $XXX a by chain bonus spending, primarily was openings and due cash million, earlier of $XX store reflects in increase This and planned projects. year. over flow negative million capital
quarter ended with paid threshold. $X.X investments cash with and equivalents completed $XX million our shareholders, and cash to dividends million. share the to target comfortably short-term in returning within cash, of We cash we commitment our $XX Consistent of repurchases of QX billion
million XXX quarter. quarter to expect per continue $XX approximately to with shares ended the We million We repurchase outstanding.
about last an X with year. the in ended drivers point closures; impact impact acquisition; the Regarding driven a Janie XX% net store inventory, about including the impact There point we from in-transit of by openings, increase, and inventory behind compared times. from X quarter up X point increase couple to are of Jack about
in take have larger These bankruptcies in vessels and days. for resulted used transport. carrier in-transit to load increase and carrier three consolidation about freight overall to ocean noted, four generally vessels longer resulting an have others of larger As off-load, in time
last in Well, year. in QX costs, we beginning did freight have not of in-transit the any see ocean times increase longer seen to we begin
While dynamics than growth it given market. this against too high near-term our in current is is expectations the normalized better increase reported, the for still the X%
tighter remainder for the are mentioned the we several year. inventory of we buying over brands, As
inventory to slipped Our years, number productivity levels. best-in-class back must for get of a we and has
necessary improved rightsizing productivity, controls designed, we focused invested appropriate we the have to have put and operating operating now demand deliver improve yield We our responsive inventory improved in on in to processes, and discipline, to place improve are and levels the to tools channel return.
to non-routine related At store our the start base fiscal guided of capital Regarding our count, includes capital costs in million. Ohio year, the million, expansion capital $XXX $XXX of out of of $XXX and a XXXX expenditures expenditures to of build headquarters buildings about we capital which about year-to-date million $XXX and were million of one our D.C.
we in million reduced non-routine timing key of changes The of our $XXX by primarily be $XXX driven remodels. the Excluding reduction base our to million. spend is about and capital have Navy Old costs, capital in priorities
two on initiatives prudently footprint. focused Navy continuing chain key and opportunities in profitable competitive Athleta growth brands the that and to remain for investing differentiation. our well of Old technology We for And retail all tap priorities, position supply
It's levels. note, and we are expect impact important assessing a spending we affect which currently requirements, separation to to which could future capital
potential As we information we as better provide costs, relevant. visibility these more will have into
XXX new stores and net Old year net of quarter, now America, We've the in closed basis, added Jack for brand, openings X,XXX company-operated Athleta eight On openings, year. XX quarter Janie At and Navy Republic Gap We and the at XX added expect stores. in about closures store with Athleta store Asia. primarily for ended the and Banana Old nine Navy, North and primarily we acquired during a net locations. stores, the we a we
reducing share outlook earnings given through trends disappointing our remainder are regard per full-year unseasonable the the guidance. May, continuing and start with to weather year, With the our of we for earnings
we to earnings of range full the reported to the now $X.XX year. $X.XX basis, On per expect be a for share in
Excluding associated per range the the $X.XX. any to $X.XX we for on building preparing gain and of with and executing adjusted separation, restructuring expect to be share costs, sale, earnings the the in costs now
with the second sales digits, We expect store approximately low-single to first now about for net per low-single half adjusted openings. down year, comp the year, to share to relative improvement in and year. described of first EPS comp by at We I expect half new half driven trends the continue the up margin earnings expect digits, decrease of the flat the for to remarks. XX% be reasons period And largely for spread the and an my compared same to full-year now last for sales be to start we
closing, was a In this as said, quarter. difficult we
sight the However, the we we take retail to are of we to actions currently our to to and need performance strengthen facing. have respond clear that line operating both environment
we we believe Importantly, on creation. set of all up actions brands the value for that focused will remain long-term our
our supports with of are company What seeing that margin and portfolio standalone as new value they the its growing today winning we with brands base as can focus And single-minded launching current position in that leverage pursue served best a a in segment. operating enhanced and the to brands are opportunities. on view for an a with a industry strategies attractive unique customer by proposition growth, sustained retail the platform scaled Navy, our Company Old
So that, to it an I'll back Art with for turn over update.
