good and value doing And operational shareholder of effective deployment execution we're by with capital. our Driving morning, the Jeff, remains combining everyone. priority. you, top strategic Thank this
Our navigate disciplined and environment. the actions successfully financial our health today's and uncertain have improved to business of allowed operating have volatile us
as As value line omni-channel first successes management, results, five while bottom expense exceeded walk through our Jeff and focusing our allocation. margin, capital our sales expectations. creation said, we anticipated I'll delivered highlight our productivity, sales, quarter gross on as inventory metrics: I
sales billion First, the up omni-channel versus $X.X Comparable or generated million, an plus during owned increased on XX.X%. sales. XX.X% quarter, net sales in We basis by year. $XXX licensed last
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where we our of margin, another saw quarter gross to that expansion on Now strong contributed outperformance. to
above quarter, basis the period from For gross margin XXX was and higher margin the points, points XX.X%, up year basis increased expectations. from AURs. Merchandise our XX prior benefiting
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the penetration fragrances and impacted just shift Second, quarter, away home And pandemic higher increased of and in category were textiles from in Full-price largely big sell-throughs the The apparel jewelry. activewear like third, the slightly were discussed. ticket soft here prices. mix, fragrances, contributors occasion-based mattresses, driven that furniture by down categories and addition fine categories. to in by
a and within improve a across predictive understanding in for XX apply Within step tactics. leveraging gross depends customer know science. full-price net sales. increased environment, us of XX% also our four a better point basis we reflecting we last uncertain on that data year, back minute, in this brand. key forecast demand lower AURs and expense analytics margin, allow categories. penetration. than the delivery accounted of for However, ability understanding few demand and the points They Macy's margin percentage maintain X.X% we're decline digital for If That's our to To to highly
be Important earlier. spoke to efforts Jeff are personalized. more personalization about we promotional are the that shifting here First, our profile
and our predict Second, ability as demand, productivity. improve buys higher should how within we to across allocate we accuracy improve we sell-throughs markets. drive us and to help our upfront better inventory This expect the and of inventory
the dynamic demand productivity. based inventory to of availability, timing, sell-throughs factors patterns. Third me pricing as is We utilize signs. pricing such our inventory use change and size leads This cadence science on to of and markdowns
of manage at receipts percentage than higher a the challenging, the we supply Macy's around inventories, those At within chain. categories Despite inventory same higher are quarter As of that The categories. from as Jeff pandemic resulted we within productivity landing resulted could and largely including inventory earlier we shift the faster-than-expected in away as deliver time, chain continued the loosening to in dynamics acknowledge this, we the our expected. discussed, effectively gains. during the supply decelerating
resulted had inventory year. compared inventory priority for strategic which beginning management improvement efforts the the The a us. at an a improvement Our in low in versus even XXXX remains of XXXX, abnormally XX% turnover levels to effective and X%
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teams. eliminating we we of tightening open first significant XXXX's the expanding of or either with quarter marketplace exited management. progress those expenses million of In such operations major reflect as made generally driven we or This with performance labor positions inflation open growth. primarily by open improved the positions $X.X percent wage new was the XXX material X.X% market. sales as positions face due our on a expense course organization. disciplined management quarter, for strong a even net by Today, business the by this and basis or of positions. need points SG&A Recall sales that remaining number SG&A Since to in Next, then, to have the personalization we filling achieved And normal $XXX for increased expense billion. across to XX.X%.
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growth During nearly million, first saw Media from the the million $XX net quarter. the doubled revenue quarter, up of which XXXX. to the Network, we Credit also of benefited Macy's million card revenues in quarter $XXX were from $XX
of net sales, credit were percent a XX to revenues As X.X%. up card points basis
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investments towards automation omni-channel Our critical, science remain and large capital continued on portion investments, marketplace, growth investments a including focus and geared digital the with data capabilities.
significant actions took increase also we to financial quarter, the our flexibility. During
our with unsecured. the February, in remove of credit able that we the upgrade ratings is bonds collateral so were our all to from now debt First, our long-term
Another our action to facility of extending and asset further the of $X years our financial we flexibility took March billion and XXXX, credit by based amending liquidity. strengthening three term was
before, expect of needs periodically based As the we've the we use to credit said the facility business. on
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continue Lastly, capital to to shareholders. we return
This leaving $X.XXXX buybacks, we EPS. during $X.X of not In they million quarter, million, our payment spend repurchased Recall billion available. dividend of the in $XX shares that our authorization or million our include addition outperformance a our per for to shares XX billion repurchase to share guidance X.X% outstanding. represents $X.XX $X approximately contribute of share and did our $XXX total of
this outlook, XX%. in in is result penetration level acknowledge our XXXX, flat to see. strength we a raising the digital the risks and associated guidance repurchases. versus We we To to our associated down sales based that digital reflects expectations. credit Turning increase the within expect intensify. updated of penetration to guidance prior of as full XXXX, from earnings estimate are This we the of stores the highlight our reaffirming of believe uncertainty and up our changes X% guidance portfolio our sales two that, appropriately net our to is year sales guidance net reduction of macroeconomic now we continuing line approximately and in And on with primary of percent be sales share XX%,
First, of than experienced second, home apparel, And such rate accelerated to behavior higher return categories, shift in and as to beauty. in-store the past that the pandemic the we this know continuation a shift online from consumer which occasion-based we quarter. have
During higher-than-expected we the categories only macys.com net quarter, adjusted within Overall, have we contribution changed outlook and sales accelerating saw the haven't expectations. changed in of increase a our our accordingly. the We've returns on each channel.
Additionally, of we debt were revenues higher approximately This now than up card by balances as largely from in expect credit improvement of driven original expected. as X.X% is seeing our the X.X%. net within we portfolio to sales, trending the expectations, bad well compared
As a XX.X% EBITDA adjusted and of be this, between now as sales a XX.X%. is percent to expected result of
adjusted excludes In is quarter. that $X.X Our and $X.XX the impact only billion completed EBITDA, the billion. reflects year quarter, for to consideration $X.XX, expected but between be first be which the in buybacks. EPS net the Note buybacks to not $X.X future expect the this to now any of reflects sales also second in for change we
inventory margin correct within of supply quarter We our chain from XXXX. see elevated no levels needed expect industry. anticipation the the This the fuel and than costs gross reflects levels higher the inventory our the in of rate an of to we second lower possibility be second high the overstock quarter categories to for environment markdowns given promotional network, within
quarter to share, For $X.XX $X.XX in the for XXXX. we adjusted compared and between $X.XX expect earnings per
keep performance, pace of While and call to the are is our our over and capacity our necessary turn we flexibility closing to With that rapidly. some the the I'll certainly to not health quarter us changing operational with we pleased remarks. the recognize But for change. is first complete. make with financial world that, investments Jeff The work changes up provides back
