pleasure is the with why our be for my to with to It morning. all performance reflections today, you, I Thank share Jeff. you have the outlook Macy's, forward we and on like joined In focus moments you I'd together looking our QX a and this QX.
I is The join did reason Macy's? why brand. Macy's iconic So an first that is
journey. successfully pandemic, both and during is of is role contributor shopping have work particularly the be to And marketplace multi-year joined that a Macy's compete. the business. this Polaris the been I a to me completely XXX-year constantly better company do the growth. accomplished store. long I into the success this what younger innovation in capacity shifting we company's given digital earlier this be have we drive bottom-line opportunity year moving continue this history brand. what and of and many the to be delightful expectations, that speed will years in and the the sales, energy, excites with key to redefine market to time the providing Our I focus impressed to channel customers. top with learned the The a has wanted of and aims of impacted our really it introduced to experiences order among and iconic agility to ultimately Macy's the our brand opportunity business our reinvention Macy's confident and strategy, months, to the this retailers, department strengthen weeks and come. focus customers. that transform journey to have changing omni innovative at of as for the I've compelling our customer to been modern by the respond what a retailer has I've on believe And part I of to where a our recent I'm needs reinvigorating is And we for Like the acceleration address evolving that to now
reason other The I was of the of great team. because our Macy's joined quality
the journey And they of ahead the about our excited Our success colleagues and that's of business. are committed to talented, focused iconic are very us.
to So of I'm for I'm contribute retail cloud the our experience thrilled as be reimagining of and to customers. to our to excited to to business thriving serve this how work a Through team. positively a communities we best come. continue will relevant years our strategy, to part contribute
on business. term. our At this let forward, are focused Now, for and to focus the transforming the and sustainable and laser over have in strong returns modernizing we moment looking clear invest our in me we be long our delivering history, investors unique our opportunity capacity on the
In incentives. wide KPIs, solve roles, work progress said align February, increasingly when long our back create growth, them sustainable by in environment. variety with disruptive with milestones, competitive term former had in toughest an for well-defined shareholder and retailers, provider a will strategy value clearly challenges to returning we helping and Macy's introduced their tracking of and my As the we lead I we
shopping strategic, At time, and same and disciplined analytically this I sheet, As in is the financial healthy maintaining achieve being paramount. sustainable world consistent capacity through able on mantle being more experiences, we prudently customer operational a driven I've balance digital free a fortunate on work, deployed and generating take our in the stewards returns infrastructure strong to proposition, that projects reflect our of gained to have to And flow, priorities. growth a and experiences cash our once and the again the our omni of retailer. are to supporting and value invest remain capital leading channel generate strong
in the has our share as strategy we Jeff you with forward. progress years to in shared, we our will the retail to competitive continue and As ahead, normal evolve move we be new Polaris
Now, to let turn me our performance.
QX results our the are pleased about with for We optimistic are QX. cautiously and outlook
remain and in the cases conservative, we US. uncertainty given However, recent the across surges COVID
quarter, the but adjusted As we are EBITDA. Jeff not to in delivered also third unadjusted mentioned, only pleased positive have positive EBITDA
performance the financial us the management, had We finished quarter our had profitably, but the in statement from pandemic. EBITDA the drawing underscores million has backed and we we in earlier throughout of million without previously $XXX draw expected, as the the performance facility next generating especially of and grow currently if end able quarter. what the income the as continued over a to of and head while Given in very credit adjusted are generation year, in liquidity flexibility. in from a accomplish anticipate this discipline SG&A, we through originally anticipated. is lot year. business ample cash were during we the the remain we of any, to And quarter asset unknowns into EBITDA first achievement $XXX work strong have we little, achievement our is This also teams significant than a to a and inventory front know Notably, this our facility quarter significant given having this given endured unadjusted
this season. finished sort our October, the plus Remember of Third anticipated with some had to shift in expecting Macy's quarter as QX. sales mid-XXs forward our than licensed an of $X industry fall The of than helped a what the and top November channel did from entire benefited omni comparable October, owned sales of to low approximately a we family better we Combined for holiday Overall, sales friends line. delivered these into into omni months comp billion, that demand channel and XX.X% we in decline pull normal experienced were a events earlier on few ago. down basis.
So end. those we in better the with delivered line quarter sales the in albeit expectations, at
channel business remains by in retailer as growing omni Our the approximately digital strong an quarter XX%.
year all better points. full our XX.X% down XX.X%, season. than to up opened margins sales. with about percentage the discipline from last was benefited expectations Store the expected, expected and in significantly to by margin during line again about XX%, and lower the better due largely sales decline more digital XX second merchandise inventory XXX of up gross sell stores from penetration pull And forward quarter's from quarter, last slightly year As the fall rate. management, from channel than significantly points to through clearance both basis markdowns. price for Retail moderated the improved with clearance of Omni XX%,
again quarter with down gift quarter what We holiday an XX% and Importantly, ratio, or XX% fashion year-over-year. million expected. entering of with driven largely of better strict we sheet appropriate time are and ended we the period. quarter, the management. than clean including next the year's giving the improvement inventory sales And an which balance approximately last was third from inventory fresh support stock $XXX by $X.X billion we expense is This recorded SG&A expense, to
continue driver was in XX As basis quarter by our a the quarter XX.X%. of February about from the expectations. be we our to costs. variable the and quarter the of revenue million credit card last ahead $XXX will We continue expect And up reset deleverage expenses to major July. Sales offset by sales base in the percent earned deteriorated of that with and points cost year disciplined this this through of last in year. restructuring to our Overall from the third of SG&A end in of million, increase year $XX very
and and in performed an months time. sharing macro better are the as delinquency than new Our customer do broader Potentially this Bank COVID and maintaining anticipated their by our profit increase see industry the spend relief we evolving arrangements customers influenced acquisitions figuring at term, us. near from with recent savings City into not credit rate, efforts has observations in
of million, was credit interest points the which an of this driven compared tax rate of was $XX increase quarter saw year of carry million, losses a secured the on card its $X.XX additional adjusted the long-term impact in from operating proprietary to the we approximately year the points million EPS is and net at approximately with year. high permitted facility. the basis credit in adjusted the of In took Our compared $X.XX quarter. basis last tax of year. Adjusted in a That $XX XX.X% CARES million strong in XXX of back finished $XX prior penetration last during of second position, effective the a of XX% adjusted billion liquidity under versus reflects total, net we EPS incurred net in We year. down quarter Notably, asset the quarter billion $X second $XXX rate loss XX.X%. cash, We as to quarter improvement $X.X down Act. This the prior XXX net income in untapped expense of backed representing was last loss we of year to to income period. an a benefit quarter, sizable again debts the new by the $XX recorded capacity million period
our many As and given XXXX impacting guidance landscape. recall, remain behavior and not we retail you consumer guidance in the there We're factors providing March at withdrew time. this still you'll that uncontrollable unknown
our to the I However, calls, couple have the rest in done of as last you would it to year. thinking relates we like the current update on as of
we We continue for continue model to the conservative approach quarter our scenarios various the of And to take last year. ultimately, forecasting. to a
same. the website. view posted chains Many expectations within you And up out presentation supply performance out our that slide laid across on close areas. we've urban surging third strong, of expectations remain was the call quarter our impede and the to within bottlenecks our is international continues the the remain. have the for those last country. our COVID the again And yet And tourism on our in overall opened we While can fall. recovery
not company holiday we in and to expect to range the the be quarter digital surcharges mid-XXs expect to partners. summarize, quarter total and stronger third the of margin the shipping Now margins back year. slightly due for we in continue to from to be comps growth than have the briefly Gross half fourth down expectations low to margins our changed,
a We to digit continue for than points to expect higher mid-single of percent percentage fall. last to SG&A year be low the sales as
mentioned on to reasons credit I has the thanks outlook revenues Our improved, earlier.
unlike quarter. expect However, quarter, we in the we to in the be third down what year-over-year earned them fourth
sales, of of modest the percent However, generated as XXXX. fourth see we a expect to from in a we what quarter improvement
to we the back. CapEx million. year this making $XXX of we performance happy expect spend about as comes solid in it with pleased our I'm quarter, the Finally, continue particularly business Overall, with is progress the the are and third
and to conservatively, turn critical great to confidence well the Jeff. continue the the back the be look Macy's have in plan point talking it months with season. We I'm to but our joining year everyone to during that And our history. meeting the and weeks at ahead. holiday ability in I to With team in company's forward over execute this excited I'll
