Pete. our for discuss Thanks, quarter with start outlook remainder the then year. and results of third the our I'll
charge. loss after After in impairment $X.XX. reported year's third was to per a per asset earnings adjusted excluding the we wind favorable of $X.XX the ago share share share to of $X.XX per Last compared an true-up down third year adjusted earnings per For was quarter. the Canadian quarter quarter, excluding $X.XX share related operations, earnings of our a
increase are margin EPS the pleased and sales. with year-over-year lower net We despite gross
sales X with a XXX or week merchandise quarter Net from operations. points approximately falling this shift It negative impact points basis from a XXX X% gross of of Canadian down wind the year. QX. basis anniversary sale decreased the of third both positive sales about the in reflects timing and of GMV, the value, impact into Net included also
X down impact about been the versus Excluding year. these have of would sales items, X% last net
and basis year's impact X% XXX to approximately The basis a digital wind Rack negative points. positive had versus respectively, impact is sales GMV of and decreased Nordstrom third impact to The points. had orders XXX change. a XXX a approximately quarter lapped XX%, anniversary of store shift had net of negative basis timing we've Nordstrom last sales Nordstrom and Canadian rack banner and fulfillment XXXX operations sales on the starting the in down of banner of year. X%. that points, eliminate decision of now this sales QX
spot. said, Erik to continue stores Rack be As bright a new
positive approximately New XXX fulfillment timing an negative the third This stores of an decreased quarter. XXX from in or the basis Digital store performed Rack Rack approximately impact eliminating from includes digital shift. XX% well year points the sales during anniversary points last and impact basis quarter.
Ending Gross versus increased basis deleverage occupancy increased in XXX and Partially of X% lower inventory points, a on and sales. decreased net offset primarily X% due markdowns, last as costs. inventory a by to buying year sales. to compared lower profit sales lower percentage productivity decrease
said, we aged inventory. are work As through to Designer Pete some continuing
holiday with However, position the we're we overall our pleased enter as inventory season.
continue to and while inventory benefit customer management routines demand. Looking improved to meeting ahead, from we expect disciplines
impairment variable costs, sales X SG&A the Reported SG&A a of quarter, as increased primarily Compared in labor XX.X% SG&A chain charge. basis sales from points in year by deleverage Adjusted percentage adjusted third offset basis higher improvements last net due year costs XXX of expenses initiatives. efficiency quarter to as versus the from sales, of up to partially SG&A in a an lower and supply points, ago excluded XXXX. declined XX.X% net QX percentage
We the have over initiatives year. results our chain delivered have been last the that supply with pleased
XXX over the following savings As which variable reduction consecutive costs Erik mentioned, basis deliver to were were in in we quarters quarter. drive XX we X another able to basis each of points points third supply able quarter chain in
the sales true-up favorable year the in to in impairment and XX to margin the of adjusted related quarter. quarter EBIT for lower $XX Canadian a quarter. despite the this X.X% ago, this excluding third was leverage margin charge EBIT After third improved the million year's third points wind operations X.X% quarter basis down
solid million line available We the of in as continue and to full $XXX third maintain quarter with financial balance $XXX cash ending the a position well on million credit. sheet our revolving as
Turning by outlook environment for the guidance. the our to of and underlying year. start related our rest current discussing the I'll assumptions
Regardless expect we make key progress help pressures. improve of to impacts, continued our which our inflationary on profitability sales, will mitigate external drive and priorities cost
consistent guide it maintaining during We how full execution are repayments the to our changes higher the to narrowing remains resumption continue consumer season. seen these of affect all and in student EPS interest revenue loan holiday Considering a and rates the we year long, see cautious be our range. factors consumer, discretionary guidance spending year will and inflation, and
few shape the rest that the outlook our starting highlight for year, with I'll factors a revenue. of
will to XXXX. delivered to sales continue in fourth It XXrd This of the includes versus wind year in sales approximately full expect from down of an point X.X percentage an point add million million percentage from X.X $XXX X% the the to XXXX, operations, which in expect outlook week includes impact positive XXXX. We $XXX X% which revenue to impact fiscal approximately negative approximately Canadian our approximately quarter. decline also we
losses, agreement. risen Year-to-date despite have which versus of card primarily last at card pace increased has our This have result credit expected. improvement a come as credit card X% credit than slower revenues partner year, a
delinquencies As seen we levels. gradually, pre-pandemic and rise mentioned now above last we they have quarter, are
However, our are delinquencies remain contemplated guidance. and below industry levels in
X.X% full year Turning to to EBIT. We for in now X.X% expect X.X% the XXXX. of versus adjusted margin EBIT
compared driven margin quarter assumes forecast adjusted fourth Our by the improvements took gross in in on expansion we focus would when elevated the inventory our that markdowns to EBIT primarily margin from be productivity XXXX.
adjusted outlook for We EPS for year. are the full updating our
per now impact. to tax wind-down which earnings $X.XX the for GAAP full year, charges Our share $X.XX related Canadian outlook includes the is and
impact of we per full the for adjusted share year. the to charges, Excluding $X.XX $X.XX of these earnings now expect
capital allocation, same. priorities to the our Shifting remain
The investing and in the serve support growth. business customers our better is to long-term first
expenditures We continue X% of to capital X% net to plan for of sales.
reduction of ratio below is second Our committed a leverage. to investment-grade and improvement We and a to continue reducing priority through earnings our target remain combination an credit leverage debt rating X.Xx.
declared returning shareholders. is of week, Our Board quarterly $X.XX third Last a priority Directors cash per dividend our cash of to share.
our with quarter us chain the Our productivity of the inventory Rack and in longer term. growth third our results supply position quarter optimizing along to the profitable progress we've improving over capabilities, and on fourth drive priorities made increasing Nordstrom well
while through value navigating shareholder long delivering over the near-term are uncertainty We laser-focused remaining term. on
With Jamie, questions. ready that, we're for
