bottom-line Thank good macro everyone. top-line. in facing despite challenges you the quarter results We and delivered pressured solid Andy morning our that fourth
global along was store This at Our COVID-related our comp in due X.X%. to declines backlog sales declined largest U.S. closures the ports, largely and tourist traffic with markets.
given lower offset promotional a SG&A our healthy partially on dollars rate as higher basis, mid-single in fresh margin in per inventory. to our dynamic decline earnings last However, resulting digit demand share on product activity gross year, fourth executed a compared team environment. in helped the quarter, both nimbly This improved expense, against to a and and
of the pleased XXXX. in We noteworthy billion. total given This are only for year to experienced result, is pressure report sales QX decreased X.X% line a we top also $X.X to significant the that by
total Europe but Foot the nearly During tells roughly of roughly breakout were were XX% our the COVID more Sidestep at results open story. while quarter were and and decline Canada in regions a Locker at for sales operating with quarter our offsetting constant open Taking increase, a X.X% U.S. largely XX% lower sales total XXX% on XX.X% the our decreased the potential led for Once fourth X% channel at days, of stores. stores XX% days, restrictions. a banners accurate XX% approximately basis. between currency detail, direct-to-customer or again, our in look more given a a way
to XX.X% rose DTC holiday sales, Overall, of strength somewhat year. we total up season. for of factors quarter, masked believe described the the external the we the percent a underlying As last XX.X% from earlier
the comped divisions in multiple mentioned, positive Dick quarter. As
saw and the in by XX% comparable quarter, sequential North Europe the largely which primarily over Congratulations Additionally, Locker year. encouraging were prices Foot down a the was modestly holiday November pandemic. digits, efforts comparable along COVID-related store of driving Asia with its double distancing Taking a in on was continue comps full conversion a was quarter in base stores our January. surprisingly, had contended Canada, Not comp our as Congratulations Average comp closures offset America comp Foot there. in digits while digits high Locker flat full team participation, Impressively, digit with as number hard delivered significant a goods performance lower selling we momentum Locker in performance closures intent, volume down low-double-digit numerous Pacific decline, decline digits respectively. continued Eastbay smaller impact Locker closures up Foot quarter, December the levels up led the maintain sports the team! period were to to gain. units job. measures resulted which also the low of sales digits. due Footaction with store faced also sales down a single both the as year to increasing was and with impressive team delivered low-single-digits to positive increases, social an Kids product mid-single but and and higher double double the double-digit up a decline up in group to the an off store Canada, traffic, through performance, was while up outstanding headwind last Foot Foot customers single Pacific was in through and essentially followed, Foot sales Internationally, for digits. way digits. the capping the shop digits. also double for streak at continued double by digit of with Locker of and Kids Champs double hot region, look Footaction Locker year mid-single store
Turning to Sidestep. Foot COVID Europe, as Europe at drove already decline widespread double-digit a we’ve discussed, both countries Locker and across comp restrictions
were penetration the their declines digital lower very banners, they both direct offset could businesses in Although the for stores to due not rates. strong
basis the Turning to in last points statement, by XXX XX.X% quarter gross rest of year. our the from to the leveraged XX.X% income margin fourth
flat, low merchandise basis, points. in a higher and our healthy would although inventory decreased by With basis, both markdowns, inventory at end by sequential At sales. driven rate meaningful we and fiscal on roughly year, basis levels was a quarter negatively achieved XX single Our digit like. expense the margin by of our our than goal XX.X% by sales to down greater latter neutral a our freight reduction gross digital composition XX.X%. The the of currency was position, to a On are margin lower impacted our year-over-year compared respect offset we penetration being decline. the of end inventory a
normalize. see during $XX gradually XXX related primarily points last driven one relief we versus quarter, to provided of time year. the of basis inventory by million our occupancy abatement. of This compensation comprised of said, COVID Dick our mainly Leverage and tenancy expect rent was with As levels buyers’ us fixed relatively improvement
relief. with Our additional partners our rent with respect ongoing remain landlord negotiations to
in by same in the to a rate SG&A the points basis period XXX expense ago. sales year from de-levered Our of quarter XX.X% XX%
incremental roughly and points expense to our last continued PPE rate. bonus team million with contributed expense some provided $X offset. expenses, million versus basis this subsidies year, said, in of $X coupled managing discipline sales That to Although of nearly quarter’s decline, in exercise XXX government the
facility. million year, to was on slightly cash $X last interest increased year lower as down due our rate in lower year. last million, points year rates amended than part the XX.X% dollars to our at balances, decline expense change of release, basis, year, $X offset last income our million higher full XX.X%, XX% rate below year’s credit our last We sales to $XX due interest the GAAP basis SG&A property. to the revaluation rate in came in expense fees to expense to non-GAAP to rate incurred XXX our of intellectual a on XX.X% a de-leverage of X.X%. we well certain highlighted On current due interest year, On QX as of came related last rate as SG&A as down the compared tax were Dutch basis XX.X%. tax For by primarily at our from Depreciation press in
Looking $XXX We $XXX credit we position, manage approved macro have year. flexibility borrowings million an believe inventory near business. was of a billion our end cash facility. last ended liquidity, with we to our our of higher driven a recently $XXX term Board the relative in for of of million last with Working efforts into from resuming we receipt program the financial million timing cash Signaling year. increase increase confidence capital cash source of with in no also while reduced early financial currently [ph] and the at expenditure equivalent, significant to level have liquidity, cash capital the our year, investment preservation fiscal $X,XXX ample coupled With outstanding quarter our QX the fluctuations, a payables XXXX. the by on and through in our
close As store customer XXX stores The XXX on improve further with including supply XXX in our is approximately expansion Asia digital expenditure experience. such, we existing relocations stores. fleet plan stores. to million program We and to and improve spend XXXX, designed further balance plan approximately the to in or capital chain of to remodels approximately approximately of new initiatives $XXX focused
to Turning return of to our cash shareholders.
dividend. Last first dividend quarter our quarterly to declared our share we XX% XXXX. returned form in million our of week This the our to $X.XX to a shareholders the per quarter increase $XX Board of for
roughly share repurchase for repurchased shares million. $XX we our XXX,XXX Regarding program,
going We opportunistic buybacks forward assess the to will additional based continue on environment.
first $XXX year $XX funded million in with XX guidance. bringing the million, line total as of the we In to the our into relocating approximately our stores opening our including terms openings as the as our capital South This of opening to the year-to-date or new Korea which in during total of of for Dick quarter, stores. expenditures, well bringing the remodeling stores, invested was XX mentioned, XX business stores,
XX the QX. quarter, owned stores primarily company closed of at also America, us end We the in leaving X,XXX stores North in with
the the ongoing are uncertainty visibility the operations, of this we on at and not the pandemic Given low impact into providing guidance still our time.
the as about for keep for sales, as you our are think However, of Looking to days. consider only helpful stores models open may following: potential your be against it year, up a at decline QX, in last XX% mind that we comp were XX% operating
Although closed the freshness year, temporarily level relative to inventory, the over store less contending With restrictions. and of gross respect much we last XX% of situation compared expect our is promotional to our year. COVID base margins to pressure we on merchandise with margin, improved are last due over given as
a mind that as forecast keep inflated in Additionally, Also year steep rent contemplate occupancy not de-leverage due artificially of sales our significant the cost decline. sales the current abatements. our rate was to on does last
to such, As percent expect be norms sales year. closer this a historical occupancy we to of as
year. costs Lastly, into costs account respect SG&A, this last QX QX will we that PPE we in please PPE had no incremental virtually a costs headwind. be expect freight in year as remain take to With elevated to
in shifts XXXX. our at we rate, historical income, the degree elevated though remain tax year as Looking full not expected to levels, somewhat to the same to geographic relative for non-GAAP due to
a to Locker your prepare very for questions, two and this as such next fortunate group. the Foot to like Foot for dedicated incredibly more Before I’ve alongside Locker at entire my and team all thank been been their I decades have My of work fulfilling, than phase I’d life. take we talented well-wishes
it sidelines. move has is many accomplishments strong that, capable decision know of is our cheering fact, bitter-sweet, Foot in forward built. from them honor. With call but been the The be an growth I years will company the on team certainly I I on hands. we’ve operator, to continued ahead please years am the and proud very open to the in for extremely In the the and watching questions. over Locker’s look up
