you, and Jeff, everyone. morning, good Thank
and Polaris’s of margin our continued results As SG&A our grow, leverage, led quarter above as expectations. gross continued strength to result EPS we omnichannel third momentum strategy. EBITDA digitally a and our to far Top-line Jeff the expand, sales to continued gain delivered demonstrate and shared,
at and capital to Balance on priority our shareholders. Additionally, aimed to we allocation our continue successfully Sheet execute returning capital strengthening
full confidence we Our continued upon seasons us I the strong weigh our expand as holiday our narrow combined results leading guidance, moments. move in which are with a to XXXX few into will and year
inventory, X. creation: capital Now, gross to in value allocation. do as quarter our X. summarizing X. that margin, most important the are results, I and focus each X. productivity, our X. sales, management, on metrics expense
quarter levels. owned XXXX, October forward to benefited into above sales have by quarter. increased First, row, the our compared pull we owned sales for in billion licensed million sales to $XXX to net XXX mind while The Keep some XXXX quarter X.X%. generated X.X% top-line plus the that sales of Family $X.X In and third or we quarter, licensed comparable Friends the Sale sales about second plus the in posted a early comp. basis October from from in the late the start adding to fourth this, points of of contributed
of growth adjusted and it did won't improvement. into forward expand year, and know we get extent Friends last sequential Additionally, produced even until to season. we holiday trend shopping of further for the earlier the we our but began continued as Family, Nevertheless, sales the when full solid pull
highlight Now, in levels, have where the focused sales Recall true I become continued true brand, of digital sales when Moreover, continued retailer owned we of saw XX% as Jeff of as quarter. that stores, omnichannel see viewed made physical digital growth. progress sustainability a grow store certainly our trends had results in a overall growth improve, our digital results. the to stronger on want licensed XX% of potential above Macy's increasingly and brick-and-mortar omnichannel The performance we'd comparable third sales as sales plus be markets outcomes are said we've performance moment the we and to hidden versus to sales approximately saw omnichannel sales. and market represented and we is sales notably those over this the to than omnichannel more while to which XXXX case take
benefiting omnichannel examples So growing digital it several see you beyond markets. a these shift our stores, presentation, of that. from growing sales is merely In isn't and will of actually
further potential expand market added Within our these an markets, the locations. there to of off-mall is addition share with new
from in quarter, Dallas, a the seen X opened scores markets. and strong locations well our net and above customers new we've solid expectations. the We've During Washington, sales current response Atlanta promoter DC,
encouraged see very growth. now off-mall new results initial the a path are We to we store by clearer and
shop. best and however stores we wherever, the malls, growth So, locations, they of choose it's combination a our most physical e-commerce best-in-class accelerating really move as sales is in and to a productive platform; whenever, off-mall to customers
closed of to look In of planned us timing view that portfolio. Those the many for markets has of also we the remaining are addition, slated the are XX previously closure. as highlighted an the the Polaris. in aggregate performing omni optimization for point this our -channel the approached second need following take to we approximately stores stores at when we a in With of part store considering we best includes previously close as mind,
the us to underperforming closure top-line market in a lane it stores, stores to certain relates which as growth. critical physical presence our to First, mall-based the allows of is maintain
of formats concepts our in Scaling these brick-and-mortar store will of over needed off-mall funding and the smaller pipes are to quickly markets assets effectively learning to to support to growth. open investment markets stores more to with these reposition adapting introduce our And the year. lastly, portfolio we're more time. to our positive formats support stores allow our sales off-mall flow omnichannel us these Second, more more next cash reposition within
XX to details with about announce come we result, more to closures a XXXX. the of remaining expect stores As in in January later
XXXX. third to of saw an the gross basis quarter onto compared XXX we quarter increase Moving great of margin, another points expansion of to XX%,
inventory noted, lower levels of pricing and And compared combination AUR and points productivity, higher we We the pricing lower a were pricing these of l'll levels margins, including of further inventory which and drivers improvement consistent Markdown Jeff - by continued efforts primary sell work. full-price XXXX. scaling signs, throughs as maintained which and to generate upon in The drove POS level healthy merchandise markdowns full-price XX.X%. the shortly. expand basis results were to improved location to very XXX as
we to offset in merchandise which teams the The prior was expense dynamics for out of a profitability in initiatives, continue own quarter expense levels Even increase clients margin delivery roll And advanced in more to basis expense merchandise reduction With of a Polaris inventory tool, market a product the due points third and of was to in understand XXX penetration. net priority compared for we events. top promotional XX.X% though of the to promotional savings effectiveness the cost us. analytics including margin XXXX. better We access outlined giving of down regards is digital were new in additional sales, improvement rise increased to initiatives. area, by ongoing this delivery quarter than offset of to expense, the higher than Delivery presentation. X.X% the the a increase third mitigation have XXXX, in and productivity, our this inventory our
healthy stock the order management XX by nearly the while the data customer Our and continues inventory by for practices approximately to turn our science inventory for of sales enhance all turn to to the improved way improved Inventory sale. placements X improved XX%, ratio trailing months from trailing use XX%. months, remain
by practices a retail the and Additionally, initiatives. facing number in staying of industry, inventory management shift implementing given challenges we're ahead making the our further macro
many to late call, on we As until noted XXXX. we do macro constraints to our of supply anticipate chain last not the improvements mid
$X strong the and transitory third the from million to bad by $XXX by next continue due cost million and to significant percent of At levels our and a is costs contribute from quarter, them expense of by The to Improved benefit sales $XX the reduced the $XXX of XXX our strong were net labor driven savings XXXX we going expected. to of guidance. up prior openings. the well to of Moving the metric. of we expect to customer X.X% on, credit percent we impact discipline, into the a elevated debt improved million revenues levels. net of basis as job continue of as net or of XXXX points what exercise helped expenses basis ahead value improvement quarter XX% ahead card billion compared points XX.X%, to into creation next to moderate we shortages were management again, third XX from SG&A expenses permanent about card sales, SG&A annual of as year. the quarter as and increasing XXXX third Credit trending ahead revenues growth also quarter credit
relates in it credit close card our to expect a a on we're to decision the and to program, As partner upcoming weeks. our finalizing decision announce
As a pipeline capabilities pipeline have the prospect strong and partner to the digital retailer, in led digitally a a we with today expand must strong further future. with that innovation
retain Our historically slightly sales more and loyalty so our obtain to serve to as growth. we as lower and personalization card levels be revenue X% growth customers percent that the in and over That a or experienced. we key of the next few have drive credit levers said, initiative ability years, sales will omnichannel expect
and million, $XXX collectively, and expansion. helped expense to After adjusted $X.XX Given these EBITDA accounting $XX gross exceeded our adjusted strong XXXX. generate income quarter, performance across adjusted basis positive interest asset discipline, we third $XX and million $XXX of XXX recognized points EPS and the for in the margin of results of sale million. in of these areas, margin diluted $X.XX by strength net XX.X% Notably, third quarter quarterly as taxes, margin EBITDA well on management adjusted of XXXX of as during the respectively the million versus the gains generated of
interest at build target. that million during quarter, ratio much our of regard. And merchandise value this generation free billion flow us and retired. we has year-end well well repaid lower final early, of a In leverage credit our the meaningful allocation $XXX on we than did we Our which under served rate third our drew our year-to-date debt the we of $X.X debt cash while to the seasonal the support is go quarter, facility brings approximately in creator of capital
on Going forward, use the expect the of based the to needs facility we business. periodically
regained investment ahead successfully profile an grade schedule. we've of Now, well
times to continue an with upcoming will ratio matures, debt years. in down X We a as the leverage to pay debt below aim achieve
in our remaining, total actions long-term. paid to Additionally, our And to $XX we and our a X% earlier shares authorization of we total allocation to near-term $XXX fourth-quarter shares. dividend million in for month. our we buyback underscore million. outstanding or announced These repurchase cash priorities million million With repurchased shares share look more in plan and confidence this and opportunities the that dividends further of XX value $XXX than for shareholder the creates capital business, our commitment of
full-year as outlook, Turning and to guidance. our mentioned, we narrowing raising are our
We the potential impact impact that guidance last fourth call considers headwinds low holiday quarter's have strong the market, constraints, but supply of play. chain surcharges, our in momentum the levels remain unforeseen noted quarter, elevated labor entering The of of tight The and these headwinds. of shipping the the we variants. end on COVID
and full-year refer to for complete the fourth-quarter our can but here are presentation of some You metrics, the guidance highlights. slide
year, For We billion between prior a range increase of increase our from the net to expect an which guidance. sales $XX.X $XX.X $XXX be $X.XX the to prior $X.XX our we and EPS the $X.XX midpoint adjusted of compared billion, narrowed and our over than an million dollar more to increased guidance. $X.XX, ranges, to from to at full of now
rate X% than are already due in the are impact XX adjusted compared and shift any of executed on is basis a to approximately adverse than quarter. basis an repurchases XXX expectations lower quarter, the X%. improve fourth expense, event Now the And is an share sales SG&A of XXX between impact fourth XXXX. $X.XX from a other percent between XXX EPS, quarter compared to be to sales, comparable This versus as to Friends the to Family of between third Gross diluted XXXX. the for approximately those to basis basis expected increase expected quarter excluding XXXX into points additional $X.XX, expected and the as points margin includes third XXXX. and promotional by and owned-plus-licensed point the
on date Our put already the with progress sustainable to and well underway, path profitable combined to us sales our growth. initiatives Polaris
such, incremental have is XXXX, our from years. our tailwinds demand In few see business particularly to outlook for over initiatives. people clarity Polaris and on return increased business consumer we we healthy work. expect the The those we as the As to our next several beyond strong continue,
As XXXX returning tourism, borders a we see we levels don't to the in opened, on anticipate uptick back an XXXX. although At in yet keeping watchful tourism same eye headwinds. time, we're
are pressures provide As talent, disruptions to colleagues. with focused supply for success. chain managing labor the in shortages mitigating pricing leveraging our We're competition and our navigate continuing We're investing continuing on by signs our mentioned, we actively and inflationary our returns and customers, with to also strengthen on health while execution current turn by which our to our digitally will team led in shareholders. growth sheet strategy, is the In Polaris’s bottom-line clear sustaining strong top omnichannel the through value. accelerating deliver of to of customers balance summary, and committed our continued successful future and our
Next for to the quarter, Jeff and back guidance With details you some call closing that, and for to with our further XXXX look we I'll on for turn sharing our XXXX beyond. over forward remarks. outlook
