outlook quarter. morning additional good our and the John, visibility provide will everyone. current strong discuss including you, also on And for XXXX first results Thank I fourth perspective the some fiscal our we'll on quarter. of
messages. Before I a go key on, few I'd highlight to like
First, We free EBITDA our adjusted sales are working. positive cash strategies with flow consecutive generation. of growth quarter our and deliver comparable third
divested showed a exceptional structure, returned increasing year at business, liquidity. debt, agility challenges. same non-core positioning to assets, unprecedented shareholders fast the and and discipline our growth, the we comp on year Second, time our strategic three-year third paced of we while in invest strengthen We sales optimize in business positive plan. to a capital And financial reduce during deliver our transformation, financial of deliver cost
fiscal our while sales reaffirming are We and XXXX in the outlook business. and EBITDA further investing
Day. are We share to ratio gross have three-year below we debt-to-EBITDA Investors year. to this of projection our And improving our $X repurchase that what program times increased three billion above we at communicate
by XX%. led quarter, digital Now, enterprise of continued strong sales comparable X%, growth looking at total fourth grew the
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positive over to XX%. of banner sales comp led growth BABY returned Importantly, our by digital delivering buybuy growth strong
be reported transformation, as optimization our from well net our program. communicated, our impacted continue previously portfolio As sales would as banner fleet to
the was net these This flat XX% of end expected, decline. our with billion the of impacts range XX% sales total XX%. in to of As January. communicated We enterprise at and declined $X.X call that on healthier earnings
excluding divestitures X% In on to saw banner impact core sales core terms sales, only from Therefore banner non-core net favorable approximately basis. an were divestitures. from we around the down net the the on bridge of XX% sales banner
from store approximately prior On sales diluted in of to incomes growth compared from of these resulting in performance line These of adjusted of a net include special with a closures, sales excluded results initiatives. underlying items the on in certain net expectations connection X%. assets to recorded and $X.XX earnings include perspective we related loss businesses, by from and net loss On in level delivered year. charges store GAAP sales transformation the better million our provide items, share of per special basis, non-cash to X% impacts unfavorable the which net with $XX a $X.XX Reported the does approximately are charges restructuring reduce business. impairment the comparable results of
adjusted Excluding also $X.XX, was was these which EPS year. last increase over an impacts
As approximately margin expanded planned, adjusted the in basis improvement quarter. significant EBITDA drove XXX EBITDA points X.X%. we margin to
more larger unfavorable XXX points expense lower channel to impact an year. XXX cost XXX XX higher approximately favorable SG&A on from sales $XXX saw Gross the adjusted the from and product favorable we stores. mix and said, margin impact divestitures drivers unfavorable basis higher of from digital versus expected, and And rate margin fulfillment shipping in guidance. occupancy and year. million gross increased efficient proportion we driven As on revenue the declined versus points healthier anticipated basis by XX This optimized basis we an XX.X% basis of partially points increases. offset mix of of with leverage efficiencies improved points around our XX included as reduction base. freight margin by Adjusted margin from points optimization, non-core basis EBITDA Adjusted prior banner industry-wide costs distribution basis to line prior cost categories, due of points was given expense promotion from lastly,
SG&A percent XXX As declined a of points net basis to sales, approximately XX.X%.
As top-line a adjusted of stronger million. margin growth. mentioned EBITDA in coupled to gross increased and reduction SG&A expansion with another $XXX Fourth quarter resulted XX% quarter EBITDA
transitions million. average from related cash expenditures plan. We cash now billion to was more Capital preparation prior and balances. in capital store even cash investments according our a quarter, focus some stronger introduction managing our brands, our reduce were Turning liquidity prior including selling $X.X accelerate balance cash in our for the investments highlights, in business. our by closures $X.X $XXX billion, nearly was flow working of improvements from our on of core and of product $XX balance the Free seasonal banners to program. planned own healthier, million versus maintain sheet $XX doubled We're quarters ABL. flow given operating flow with to fund as inventory cash, network as strong well inventory growth million approximately as transformation our We to and $XX lower the million including optimization stronger primarily
approximately We to through of million also shares $XX. of estimated Investor return significant XX% capital October, shareholders Since share shares, repurchases. an at repurchased we average price XX have Day in accelerated outstanding our
repurchase of first program was be of at completed will completed week. ASR second million of Our accelerated end the our share January $XXX $XXX million and next fully
balanced capital and driven having growth, plan. increase with program of our share announcing to repurchase After cash be We for data agile the $X stewards three-year our billion our to diligent $XXX previous in today, versus capital another million approach we're allocation. to investment funded fully and continue
Our and continue We fiscal will XXXX been and sales our driving commitment had expanding to comparable shareholder value. growth, generating margin cash being unlocking performance on focused reflects flow.
business to cash deploying investments our also attractive shareholders. continue will and We to for our
and store by our rollout a including financial level, on uncertainty Turning in outlook, now customer impact XXXX fiscal headwinds, to continue the of our macro patterns, related digital to and shopping will traffic pandemic vaccine around subsequent relating sales. and XXXX to be fiscal performance demand influenced especially the
will assumes to current as from progresses. in-store to store model in traffic the financial headwinds We we year anticipate remain the previously that short-term trends the gradual costs. Our continue improvement that with continue industry-wide begin seeing recover and freight year. environment open communicated the will our throughout But
embark our have start we those three ‘XX plan. on transformation as We year fiscal strengthened positioning and
revenue we’re leading Our transformation XXXX modeling base remain consistent yet digital of a fiscal positioned larger significant with healthier proportion core strategy, a include believe portfolio our growing provided execution and is to will fewer business reaffirming long-term of objectives. previously Also, which our faster assumptions. transformation our well we we financial to with performing achieve a a better stores,
through sales closures a quarter, be ongoing as will include we net solid that four, of store to range were in assumptions in be of quarters the On have sales relative $X.X first due to recapture program. to as basis, Net lost in sales We said the we three the communicated sustain expect two comp continue not COVID, between of billion. first XXXX. $X under project in to sales those of this, and the quarters the from the experienced banner network to the well quarter same non-core divestitures, we closures previously In to impacts comparable. fiscal optimization prior-year store sales expect base, recent quarterly because we temporary
second for started comps that QX flat enterprise assume as to comparable of delivering in total XXXX a the continue positive sales purposes, quarter of versus through strong XXXX. planning fiscal we will QX as be financial We base
We XX%. gross continue approximately adjusted to project full-year to margin be
higher during sourcing model negotiated our the data promotion Our in mix, from effective contracts, brands including year sequential of drivers, improvement reflects newly and from product vendor more own positive key product sales markdown launched strategies. penetration and driven savings several
million restructuring. the to We range be to of network XX% favorable EBITDA store approximately continue model impacts prior-year from under total the in from SG&A and full-year by closures million. assets between finally, $XXX savings model optimization continue to driven cost of And and to we adjusted program net $XXX be
we flow stated than leverage including chain achieve transformation, and million and or to than times. sheet IP CapEx cash debt projects improve $XXX EBITDA In supporting assumptions, better significantly balance below below some to we supply expect ratio gross remodels. to key project this a invest previously is three our times plan three be approximately a half now year. in We faster Turning for to XXXX, reinvention fiscal of goal and anticipated. our This to ratios store
also cash increase shareholders. to to We return plan
$X in up transformation. in visibility fiscal ASRs, repurchases to business, our to maintaining our year. shares financial in we on our April committed share have first has will million this mentioned, while investing million completed increased three-year our cash Together $XXX to namely, resilience, I’ll plan repurchased month quarter, now to capital repurchases totaling remain million, As funding this planning XXXX. $XXX allocation business We share billion. which Again, by We're doing $XXX fiscal the the for shareholders. we're March, in includes of with the and returning and generating two now some capital provide current principles, and May. already
and depressed. when our of were was As were year period this the most closed stores recall, you may sales last
QX press for addition on fiscal our the Core the core comparisons closed, itself the majorities in significantly billion. growth comparisons a the period provide in in April first completed transformation portfolio impacted banner In & this quarterly accelerate the last net by March, included our Beyond to efforts. this than this Values in last a a and and May summary when our buybuy year slide basis. showed be core sales in year, core both approximately a basis, XX%. release sales our Directionally includes GAAP go-forward year-on-year of presentation were of Harmon quarterly Bath lap to banner core and be XX% of $X.X optimization. would when On expect divestitures of will stores the and To banners, quarter we latter quarter month and sales have and fiscal go-forward closed. were the sales reported year higher by Face perspective BABY, table were the report with stores prior-year fleet on to more we strong Bed continue will a as growth and XXXX The first and we to XXXX
is year we of earlier. net mentioned This directionally total by over increase basis. a on fiscal growth building expect guidance terms to In year-on-year them sales, XX% through the
Directionally, to to sequential adjusted as the of improvement expect terms margin we range. gross XX% year progresses. expect be the we this first in margin, gross would in In quarter show
remarks. In and to to between continue QX. the drive $XX million say. we’ll our for three-year some terms of closing leveraging Thank of we we and data in on to deliver deliver EBITDA, diligently, now turn as in In journey. transformation on business remain We year future our Mark and confident call manage we first the adjusted what expect the you. to embark performance over $XX million analytics XXXX, I’ll
