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quarter. remainder and quarter have Erik what on of Pete discuss our second with expand outlook for will XXXX. results our and already about then start shared I'll I Now our the
to For down of the of per adjusted reported last charges excluding share wind per share second compared per share Trunk year's the to of earnings earnings last Club, related $X.XX. year's earnings we When was $X.XX quarter, $X.XX.
impact operations. negative this falling approximately increase basis value, well points as of in year-over-year decreased the included as sales a sales. last also impact EPS of timing Net are the the down reflect approximately negative basis X sales shift merchandise of with We XXX of X% pleased the year wind into sale third gross Canadian quarter week They million XXX the from GMV, points Net a despite fewer to year. compared X the $XXX or QX. day with anniversary from
net about Excluding of these been the versus year. impact items, sales X% down would last have X
Rack year-over-year last wind sales timing year, banner estimate negative each this negative basis of a eliminate XX% most the had of when of the sales with the down net sequentially orders versus During a when the sales XXX basis of and included the trends quarter excluding from to GMV store first Nordstrom The was each year-over-year timing banner impact digital pronounced Nordstrom year's month decreased improvement starting operations and approximately shift third first QX improving a decrease XXX basis XX%. of Rack net shift Rack. XX% of sales sales on sales decreased negative points. approximately decision impact impact Canadian to impact decreased in quarter, points. compared and the anniversary We sequentially improved to points, quarter Nordstrom had sales fulfillment XXXX at quarter. improving anniversary of the in the a X%, XXX the
It point basis in inventory decreased the net XX% This last quarter. an to percentage eliminating impact digital Trunk XXX orders deleverage compared estimated in year an occupancy XX sales sales XXX includes lower third basis quarter second on shift. negative versus the from Digital Gross XXXX. combined the the as last an Club Ending decrease Rack lower profit decreased timing decreased offset a by includes store buying primarily impact negative quarter partially X% fulfillment and points, of sales, of from sunsetting points reflecting of second also XX% and cost. sales. in basis anniversary year in estimated
is during inventory back anniversary as sale. year, half move thanks positioned better the our Our sell-through of we the to into strong the
meeting management driven and lower efficiency to of continue higher will supply second labor disciplines SG&A last improvements from sales sales. Looking initiatives, and in which customer by net benefit expenses ahead, from year's costs we variable routines as offset flat while percentage demand. improved a to was inventory quarter, from chain deleverage helped
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mentioned, We with of momentum XXX quarter this percentage in chain improvement are initiatives. Erik basis where cost the marks points a sales. supply have of as consecutive we the delivered our pleased our fourth And in as over variable
sunsetting last from year's margin was comparison the quarter. EBIT year's margin. margin this up Trunk year's X.X% Club second EBIT excluding adjusted quarter, EBIT last quarter flat last in again, After of points basis margin for X.X%, to the despite and was of to sales for lower related purposes, charges second XX
We a credit. and maintain million our continue ending of available line second the liquidity full solid $X.X to billion available the quarter on in balance including $XXX financial and with position, revolving sheet
related of to year. current the Turning start and I'll discussing guidance. by the the for underlying outlook rest our environment our assumptions
second to improvement remains will inflation changes and how second during it sequential saw the in the a continue the to in of year, seen We see consumer, half top line particularly be quarter. in higher and rates affect season. spending interest consumer holiday discretionary the We cautious
it early is third decelerated in banners. while quarter, trends have at sales the both However,
in continued cautious the are despite approach will help mitigate we maintain for make and priorities, year planning on We our improve our cost taking full half. pressures. to to our results first expect progress these key which outlook profitability we better-than-expected inflationary factors, a the Considering
X% also for a outlook our the few approximately expect approximately quarter. This approximately sales second week expect the X% outlook XXXX. wind down which impact X.X to in the of an includes negative operations, that of It with starting rest versus X.X factors revenue to revenue. more decline favorable sales I'll percentage continue highlight million to expect shape half. $XXX will we we our delivered of from year, in in XXXX, point million to point percentage XXrd of XXXX. the from the approximately and we become impact top the add an Year-over-year fourth compared in line in the the half positive fiscal sequential comparisons will includes to $XXX which improvement first sales year, Canadian continue
comparisons Two lap store eliminating will things third benefit the quarter. digital of One, orders. year-over-year the Rack we the impact in fulfillment of start to
card respect basis impact XXX Second, credit the positively shift are will quarter sale our to points. timing third the Offsetting anniversary by approximately headwinds with sales business. tailwinds
That Our result above the seen connection delinquencies now which card rising XX% losses. they pre-pandemic credit the up credit in losses gradually, first credit agreement we said, the of and card revenues half with and recognized levels, were revenue half are from with into could in in credit higher XXXX. card second in partner and higher our lower-than-expected year have
EBIT, to EBIT to margin of full X.X% XXXX. X.X% we for adjusted approximately versus continue to Turning the X.X% in year expect
elevated forecast gross adjusted half inventory productivity margin compared markdowns primarily Our margin improvements in XXXX. to our assumes the second took from by the when will in that be expansion on focus EBIT driven we
impacted as by to trend our lesser from partial optimization We deleverage initiatives, expect chain supply expense given a from rate our SG&A will time be with offset outlook progresses. sales ongoing extent, sales lower although
outlook year. our adjusted full for EPS maintain also We the for
$X.XX related impact. for tax the Canadian the Our share wind-down which remains per and year, $X full charges includes GAAP to earnings outlook
Excluding adjusted year. to the these to charges, $X.XX earnings of continue of per expect $X.XX for share the we full impact
Shifting to capital allocation.
Our the priorities remain same.
growth. The first to the our long-term is, business customers serve investing better in and support
to continue of X% sales. to X% net We for capital plan of expenditures
and continue ratio of Our our a an and remain combination second through X.Xx. is to reduction target leverage investment-grade earnings below reducing We to priority improvement rating a leverage. credit committed debt
share. Our shareholders. cash Last returning $X.XX quarterly week, Directors per dividend Board to of a of third is priority our cash declared
quarter solid increasing improving results with are our priorities inventory in Rack, the our our chain optimizing capabilities. progress We on of productivity pleased Nordstrom XXXX and second supply and
on We environment ability We to over through driving the the navigate focus shareholder long and confident near-term our profitable continue to term. remain in growth. value deliver uncertain
With we're that, Sara, ready questions. for
