continuing talented weeks transition. I'm few at here accomplishments team Grimshaw EZCORP the develop opportunity Thanks, his off the this the through as Stuart to Michael, many everyone. business start counsel with last strategy. leadership good by and the thanking We've contributions as and work wanted morning honored his years we move morning, and I about over our and incredibly to CEO. ongoing spent overall support excited the for and to
for underpinned and by spread across store-base, regulation markets growth. attractive runway stable demographics, a are that a have large We diverse
and from to financial that our pawnbrokers a current service relates essential growth emerge crisis and performance ever a will more that our a who I'm the as business team position it and is of We profile. than confident for in stronger have we customers, provide unique operations,
to Inclusion. at increasingly the needs of a members us more key in wellbeing to these diverse team high in the we a first and the performing the our government are competitive choice remain uncertain we cash and here A investor durable our And is on our U.S. the our customers' opportunities best Latin X Slide measure We strict presentation, and going the new by be strive the on excited progress leveraging very Furthermore, have guidelines highest efforts. team as level, Head across recently for creating and in short-term appointed industry. track adherence most about tenured, starting So times, of CDC diversity of forward, priority Diversity and advantages. we and closely local their we focused we safety America. of with procedures for
to XX% America are every while to it. they a are continues U.S. year-over-year for working the down Our customers, to and in with they store on to ensure basis. that and committed day do drop, quarter hard turnover Encouragingly, attrition XX% we in team members continuing our serve the are Latin safe employee
essential and critical services. provide financial to continue we customers, our to Turning
to As remotely working stores merchandise XX% home our open, continuing for XX, is and needs of schooling. which meet affordable for and July key customers' providing remain cash, of our to
our being customers driver is loyalty. this consistency Our in regard, for of big customer there our every a day,
differentiating factor. standpoint, financial sheet a remains from our Finally, balance key a
well our all increases of maturities to end, remain as a $XXX quarter at and that near-term sequential serve cash million debt to of unrestricted strong, positioning and to short-term large The needs to us in grow of debt balance internal $XXX million has debt XX quarter scenarios. and grew loan million rebuild by no customers incrementally July, $X our on able basis Our we our strength well-funded their demand covenants, recovery meet over balance over sheet, highlighted June restrictive by continued time. in no net at ensures in
further, walk forbearance In the Key item Canada. decline government payments exit Pawn offset and quarter. and second down charges profitability, service balances and a X% driven through as CashMax our on a given further addition, as themes included extended An reflecting we charges, first scrap are including demand driver loan are the significant noncore strong stimulus discuss although and charges, revenue in is On additional note, our of reducing plans that versus same significant administrative some as pawn and important QX rationalizing in overhead for our I'll financial round to could growth, the for related highlights year service prior loans, top-line targeting of activities, stimulus lower by Slide business benefits. by we to which and cost the merchandise unemployment a stimulus. pawn quarter. funding, federal for X, sales, degree will in impact the operational of to actions expenses prepares service savings round not pawn stimulus the
charges trend we expect saw June relative in to as yield as PLO, to the in would much consolidated be given on that pawn service impacted we basis. quarter Additionally, not a the positive
higher of here the and U.S., levels U.S. merchandise inventory general ago. XXXX aged with year the Next, by of rising from in X.X% to quarter turns. made end considerable in fiscal aged sales over in reduced our of aged we've driven year third percentage progress nearly year, a the managing inventory We inventory X.X% levels merchandise the XX% inventory by of dropping as
higher sales levels well in in closures at challenging extended environment store merchandise we stepping and levels with due lower-margin Latin as the impacted quarter. strong, and Slide pawn to a decline current gross negatively margins across QX are where trade-off show have higher-margin on from EPS GPMX. lower while expect updated indicators. charges more of stores high Inventories inventory profit declined levels inventory We X, strong seen With and for the as scrap for have summary, up our On a the management profit. trended see decrease. from levels, due gross to EBITDA merchandise macroeconomic we focus to selection in we In stats service sales were several America, sales
have stimulus While any increased April, several recent reframe to strategic top- jobless and we to which claims In detail sources, backdrop, post next drive non-bank company over initiatives long-term actions. the subsequent levels the trends optimizing including slides. the likely pawn, needs for bottom-line cash from growth, opportunity light moderated in peak took from both of we this our position
X, a So high-level, mapped at Slide out key initiatives. X on we
and our reducing operational and to significant overhead committed and activities cost rationalizing cost savings. generate annualized are structure we expenses non-core administrative to First, optimize
modernization well on count our options, continuing more our customers, opportunities fostering and business pay-by-phone technology continuous digital strengthening optimization capture fully data as are online on assets. leveraging and and to footprint. focus we remain and innovative payment operations of members, tenured we third, Second, store across selectively to de curbside, marketing lending, pricing through our core high-performance ongoing And M&A and focused novo new solutions expand and and pursuing our as Lana, store grow to in
sheet we members, of our by on and are strong on that underpinned these balance us allows relentless team a execute. efforts As all of customers to this focus our the a quality highlighted page,
and near-term expenses add base our the our increasing areas and better expected expenses as Slide deeper These to selectively related next and and the to on align our X, earnings well profitability fourth expect with We from trends. progress efforts levels. we these the digital calls. subsequent taking future these efficiency to include level expenditures, efforts resiliency we're remain a growth in a a that and will of be committed on impact fiscal strategic additional on both PLO out We're months. are our our to stages CashMax reduce cost in reducing early and quarterly corporate QX and and still environment identifying to as not mapping current we plan business the ensuring we non-core on through over operations efforts, economic of and to results, maximize quarter greater an maintenance identified reduce key as to Furthermore, on costs business to do updates balanced of we begin approach savings, few in but measures providing focus have down cycles. beyond cost conference optimizing more shutting the to we'll over our digging Canada initiatives Initial reporting bit time. detail operational current So, significant costs regular funding of even capital
member team and infrastructure, to optimization consistent and pricing we centered Next continuous number our IT improve to operations invest well profitability. core our of customer cash-to-cash overall drive we to more cycle. system-generated on business More modernization on Slide better-balanced the out a specifically, as profitability of X, lay as experience, and a continue in initiatives strengthen productivity
Early systems the higher way On return in earning in lending XX% on are of automated forfeited sales and more increasingly loan-to-value the the by over showing are a in implementing higher Mexico, we by decreased guidance time. paving U.S. these ratios XX% generate results consistent for efforts having side, margins. collateral, on merchandise to and assets
we systems team professional help will and enhanced these develop member us addition, believe improved retention. into productivity increased In processes pawnbrokers, new and members team
to quarter across efforts year, with to increased El be standardization IT of rollout POSX in our fiscal the the and of this the On Salvador fourth modernize include infrastructure completed Guatemala side, enabling ongoing geographies.
market. interactions of focused centralized new bringing tablets store pawn digital are as management products and goal across channels enhancing and with use new In customer data business, of to of increasingly addition, the we and on as the key well broader core our growth penetrating engagement
XX. Turning to and our innovation Slide and on XX initiatives growth
enable through customer-centric innovation to culture the Our continues crisis.
across convenience customer are For expanding thereby we example, experience. payments, and enhancing by pay the cross-store customer phone and choice
has As to been has our and impacted service to expect that temperatures be continue by an COVID-XX, staffing but been back, increased important curbside store have pulled going we fully forward. offering
capabilities clients. remain new we digital to our differentiated on capture focused Next, leveraging
Our driving online optimization and efforts online activity, media are engine focused reviews. engagement, search higher social on
stores March the over of to of Focusing accounts the continue the compared in XX, also and penetrate X we customers, increasingly second existing Lana, double XX,XXX XXX more customer with at rise, over in the at with than is stores or available more July, than the fiscal March. extensions of in over just on times with end currently number the extensions our quarter. July on Functionality X,XXX and processed stores, platform XXX to at end XX,XXX
to customer and capabilities platform Lana While digital card layaway servicing as the so, or we X expect next our online in for months customers. loan debit reinforcing the come payment
growing acquisition store Turning another XX with growth. disciplined new and to markets large novo open pawn base remain we attractive Latin in an strong de demographics, On track stable open next backdrop, on in opportunities, new and opportunities maintain prospects. year. we regions. We markets the and challenging spread core to perspective, despite across the diverse a plans store stores And by regulation across remain XX America geographic potentially fiscal from to market scanning this year, inorganic for underpinned
Slide growth demand to loans, of a XX, function while down stimulus the a EBITDA pawn and have to As pent-up of beyond trends outstanding how know largely shown time. lending margin over and softened, field recent pre-COVID on levels expect ends pawn of and story pay more the drive return loans we
we to year. diluted our basis, in adjustments for the million diluted for to adjusted $X.X early GAAP we quarter and from of year of debt non-cash lootings and property, financial negative for third fiscal of in equipment in Now XX restitution in to $XXX,XXX share related a due quarter late earnings foreign prior for loss to $X.XX our On our in May Adjustments occurred $X.XX a and share $XXX,XXX turning the $X.XX typical stores the quarter. our as per fluctuations. riots results in earnings during report the the prior June On a compared that negative decrease losses inventory, exchange $X.XX, per plant of loan quarter. an as exclusion and of basis, included expenses interest well for U.S. reported convertible
Sales sales shelter-at-home and gross by consolidated scrap XX% financial for a growth merchandise Focusing revenue XX%, and on Slide on in higher in increase driven X%, inventory profit up stepped-up demand merchandise was year-over-year on a reflecting up highlights sales XX% was our turns. basis. XX. Total
expand and As a to optimize related was inventory cycles. cash-to-cash process result, significant liquidating we inventory and down margins - made progress XX%, on aged
X.X% largely factors of payments our these offset driving the pawn balance lower However, to total COVID-XX PLO revenue. operating pressured a quarter. thereby year-over-year, decline and was in $XXX net Despite ending charges EBITDA XX% service down impact million margins stimulus in headwinds, the of the for and of related expenses,
XX%, effective gross pressuring with sales Turning with management, profits inventory and on a PSC driven and year-over-year XX% turns in growth, to quarter lesser Slide and lower XX, an for PLO net was merchandise stepped-up and U.S. was though inventory average ongoing decline yields the COVID-related PSC PLO headwinds, uptick Pawn rates. PLO trends a down and higher the Ending were revenue driving in quarter up basis, reflecting on for redemption similar, higher revenue. strong on also by given
point-of-sale merchandise versus year-ago. year We rates continue steady general to sales enhanced pawn loan-to-value compared to X.X% favorably, over system loan to drive down leverage and aged prior X% decisions our reduction inventory More merchandise the quarter, and yields. held higher with margins a optimize to
though with do In basis with on reflected fourth addition, XX% points pawn service Much not margins line year, finally, managed, related our jewelry costs quarter. charges. and of the XXX EBITDA and decision gold XX%, was lower expenses level well to sales, to of capitalize scrap expect in same fiscal in scrap the the prior remain And gross profit segment up with increased prices, down we higher on XX.X%. step-up operating profits margins
closures Next driver of reduced were merchandise of were results partially expenses. by gross Latin expense XX. decreased reductions. profit, big PSC Store U.S., the operating reduced and offset headwinds. reflecting declined, Similar on lower outside the more PLO hours contribution, Slide COVID-XX largely EBITDA a and reflecting Mexico to America with challenging
through hours, in public many closures restricted under the locations limited COVID-related Mexico persisted remained in with activities reduced or at with transportation. open, stores GPMX, business stores While generally quarter operating
yield. quarter were by XX% X%, contracting down GPMX the Merchandise prior XXX a at PLO traffic and lower a reduced reflecting PSC As by in-store sales compared result, with driven the lower and closures store points declined related for year-over-year, margins average year to quarter. basis
time. are drive on managing America we levels and over yields increasingly more As merchandise to LTVs margins and improving effectively intent inventory across earlier, optimizing mentioned aged Latin
the statements to Finally, made few of a follow-up forward-looking morning. on this
to savings a for second delivering earnings June, it temporarily will accelerated for to as pawn XXXX round our over we that, and loans and operations PSC material started cost see And pick meaningfully market time significant trends performance said, providing the particularly in expenses growth pawn loans we expect key Related updates value-added revenue consistent and to demand While progress pick annualized of structure the we've we we financial simply, take All with increasingly are while with for still demand early that confident that remain expense government our we up going on on invest more begin stimulus initiatives process more focused to will in very rationalize on the the are and and up Put we out. to we focused on regular to payments. time, initiatives. focus and driving rightsizing rebuild, savings, and of starting in building and power, efficiency, in to also remain fiscal on laid metrics U.S. against plan story. strategic recognizing growth. reverse cost PLO we're a
coming call maintaining liquidity while look service that, and organically and the while continuing safe our these outstanding a valued a focus for for to to ways more on on needs inorganically. crisis and choices growth. our sheet store to up customers' we all our And can our we questions. give strong and strength invest meet we in will and grow, customers level efficiently the emerge is operations of if structure I'll to enhance in customers and do with to to We the we Underpinning execute and more excess members a open continue conveniences. effectively. will COVID-XX optimize know initiatives, And relentless in quarters safety our cost will position initiatives team will of providing cash for the these balance while that, position our a of we that in even on We and be our from both