BBBY - Earnings call transcript Q4 2021 | 20230930-DK-Butterfly-1, Inc.

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Operator

Welcome to the Bed Bath & Beyond's Fiscal 2021 Fourth Quarter Earnings Conference Call. My name is John. I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. the being note, Please Instructions] conference recorded. is [Operator the to Susie I will Head over turn now Relations. And Kim, call of Investor

Susie Kim

and Welcome everyone. quarter good fiscal you, fourth earnings to XXXX call. Thank our morning,

Arnal, are today President and Officer. Tritton, Joining our us Financial Mark Chief and our CEO; Gustavo

quarter including and most and in call found website Before contain on could Form we long-term and call conference our in exhibit our slides Relations risk and of undertakes to filings we our The fourth the quarterly bedbathandbeyond.com statements. remind and periodic actual we and such statements cause to This reports slide or to may X-K. Form and our objectives. performance, the our fiscal refer or any to from our the you forward-looking our Investor Form about our subject related on forward-looking the no internal for say detail these XX-K company revise begin, differ during statements release to recent uncertainties models Annual are company's uncertainties XX-Q. that refer presentation at including as statements let that XXXX to on me All outlook earnings materially can what be section Report SEC references more update our risks Please risks the to today. results obligation section regarding

principles. most have measure or that effect will in amounts discuss directly subject of information we certain the that accepted with measures generally prepared included exclude Additionally, contains the in comparable are accounting accordance are the financial that to adjustments today amounts excluding

refer an my the with table comparable in to accordance now to to our as our call release included X-K our website pleasure the measures For earnings It exhibit to a today. is over GAAP, to on Mark. most available the Form filed reconciliation and in presented please turn

Mark Tritton

everyone. Susie, good and you, Thank morning,

versus strategy. year team's margin results the our disappointed and between long-term our of that transformational our hard first closed we operations our comprehensive against fourth our not and we're execution efforts. work near-term gross dislocation Sales reflect a short-term demonstrated the As long-term did transformation, quarter during our

business. we which rebuild execution. deficits There of focused core and completely extraordinary our the the that business chain, this Omicron exposed such remain more variant, stage XX.X%. the the foundation has consumer headwinds landscape, enter macroeconomic which we transformation of XX% our weighed we as disruption have derailing adjusted are inflation, to fourth fiscal we factors, turbulent rates factors challenges, on supply these of by did pervasive from led in embedded near-term confidence. global as chain persist. continued and at as geopolitical business, margins impacted our been unprecedented comparable XXXX, medium-term supply to while issues rising also navigating restabilizing interest operational have minus in that of quarter foresee vulnerabilities Our Internally, still a on the of short-term been gross not The have And our sales

a result highs. the quarter at held of available sale banner. Despite of and throughout to lack fourth proved has overall a remain ports towards to Bath our impacted Bed quarter the which or DCs merchandise in and levels, for through or not be of $XXX the million of sell impact a level continuing single-digit of in-stock Specifically, at inventory, available of product lack the approximately available and ongoing March. suffered end last high pressure an quarter deficit as the abnormal This continued us inventory impediment. Sales our

data surged. high used overall uncertainty market through peers, would our tracking our has been retail quarterly trends comparable only analysis, and November traditional by down own industry a continued macro on consumer have as to many worsen February sales since Furthermore, our perspective, January volatility For basis of have through single-digits.

inventory Our sell high XX% not compressing our available recovery traffic-generating to at categories, remained across strategies. key

anticipated to in recovery a QX, by projections For circular example, strategy. return normalized a driven more our initial had

advertised in our were items and were out-of-stocks planned. proceed by therefore, as to major However, circular affected unable

which increase merchandise power as and well circular. We through although will of In resources relative postcards our our margins own optimization. with we more our the with to in-stock marketing as door align efficient continue to traffic healthier other strategy, buffer line success, our and generating promo our as continue mirror and brands, not structurally pricing do avenues these availability strategies to redirect such seen events, have

However, fees gross margins port-related overall negative and those for historically significant to of part had unexpected freight high quarter. as impact shipping costs the costs a and

chain to escalating model back, group a marked supply reconstructing our environment, long-term Amidst efficiency these our been our gross Taking adjusted new effectiveness. Excluding and by the have XX.X%. our XXXX margin been course drive charting costs, year would for a operating have transformation. macroeconomic first multiyear the greater step we of

Our performance underscores in feat. set even need that to foundation our for no the first I'm all strategy. This long-term year, this transformational our we And was the milestones future. recent encouraged financial achieved small further for of our

rate we new improvements We own XX% run exceeding enhanced continue Firstly, shopping on pressures. also differentiate of brands, digital penetration price at opening we to Furthermore, Bed Collectively, Beyond, through enablement the approximately a XXXX the now and year of cross-banner our fortified as of own digital-first launch product to our of XX% website Bath Through and suite in as own in of deliver introduced & creating marketplace. our the new of offering while brands. we in to to launch well remain for especially through of our in XXXX. customer points stores. both competitive, XX% commitment new omni-always connections our compared our in the with our we light brands, only exited goal products own a eight inflation

footprint powerful by has the closing underperforming pricing, promise. improved build fleet and our traffic BOPUS the the in XXXX, operating term XXX and store environment. than we expanded a future established digital earlier Inventory, partnerships of programmed the for we of approximately volatility and In Through our and as channel the DoorDash combination in to-date. fiscal omni-always store delivery for more the XXXX. as of these will Uber continue of XXX to remodels, same-day opportunities, XX initiated on we stores we we stores optimized focus physical with been completed also will Our enabler and areas customer current foundations, key be near which navigate

unlocking be will full. can including so efforts, milestones currently these transformation core product clearly of in transit, we inventory fulfill held customer two on year demand the our again that support pillar Our will in

infrastructure. on Additionally, continue going with we're building to work our supply we've chain done the

of be to current our important the us the environment our way underway opening future. four in late XXXX. in emerge modernization protect a and our operational opening foundation XXXX, different some XXXX first will for Pennsylvania the West very completely in The we marketing regional will and Coast work on slated our tailwinds in the is significant changes as Following centers for distribution in offering. second see well center of from distribution also late

a all a We to proposition our engagement program our our for compelling will that value fulfill span launch create customers. banners will and new loyalty goal and

banners our the our retail week, to properties soft and we also in media connect ad they be network, begin builds engage across able our moments. baby on that You'll further. launched as our digital and the with evolve Customers a new authority markets. platform see This for way digital suppliers important Moment life home to will channel in each our

exciting through a and adulthood and authority strategic Our Last network. rebuild strength website, reach family expanding and retirement. to extensive Bed even collaboration home building we the announced infancy BABY the imperative Bath awareness creating of generations & brand remains to launch from our Kroger on We'll and all for in Kroger's week, our customer continue buybuy organic into of Beyond partnerships through both investments. their

incubating outlined line opportunity in stores working banner. BABY plans are key seeing we slated the We initial to be Harmon this currently to concept also for new previously pleased are buybuy year. for offerings our to in I'm our capture shop-in-shop addition with new announce our XX to year, which Kroger, opening this space that in this we XX will on remains within

Bed remodel total our store further remodel a Beyond to with remains year, year-end. & XXX well this course, XXX Bath underway over taking program for to by Of XXX our locations planned

an additional value. We weeks recover margin we has our and ability growing will approximately and to XXXX firsthand how look to share proved the in our buybuy mid-single is adjusted define updates like last fiscal achieved progresses. a time, the team banner without from value unlock on encumbering we optimize for sales baby as buybuy our have this been digits. this and the of this Board ago. to At to took forward BABY already forces. transformation not management as drive we stabilize actions work address few a year double underway business that on The an billion do in update I'd the versus year unlocking $X.X we in and XXXX, example to EBITDA digits by successful to BABY our moment with announced businesses we further as take

you update material arise. they developments on all will We as

this not will further on We commenting work today. be

fiscal addressing Gustavo our addition our Gustavo? to cover to financial results more Now on in to detail, for in outlook XXXX.

Gustavo Arnal

good morning, and Mark, you, Thank everyone.

plans. we remain said, our transformational on Mark As focused

at pleased with all results. not our are short-term we However,

While predictable, the improve macroeconomic and environment we be manage fully to how anticipate XXXX showed volatility. need a never will us

still, and are a systems legacy fragile Our limitation, compensate to correct need accordingly. we but

to impact fleet as from our period quarter, ongoing continue banner fourth as covers program. ending optimization last net reported fiscal the completed the which store planned reflect well February For sales noncore XX, year, divestitures

year from magnitude year, basis lower and in shipping gross freight margin decline XX channel, This and and Sales year. own of of low Beyond maintained last still higher in included for to levels largely while warehouses Bath given unexpected portion total net a banner, time, all that deliver And results digital at lastly, X% solid February, promotional year. XX% fees. we BABY in XXX basis last overall with sales. of optimization, of the continued to the to we to $X.XX on digits transient given digital as do Bath the pricing charged channel represented inflation. This spike on our & or down to sales versus down than single approximately now year COVID-fueled full were Freight inventory and XX were not for inventory of the top were reflected was have single-digit prices given inbound last January comparable product expect of Bed impact continue Despite levels, expected, prior negatively year. Adjusted basis forward. as cost XXXX -- mix, well result started. rates in-stock oil basis Further, of banner. as last of led XX.X%, additional related last decreased X% X%, And Bed sales total suggested a in the points comp which our net versus merchandise moving mid-teens or and a Container basis penetration demand gross part increases growth growth growth higher than fees, XX% were and normalization which performance. by resulted By double fueled XXX warehouse-related moving digital port-related quarter, XXX growth of peaks, finalized the year from be stores. nearly Overall a double-digit continues low versus significantly This points to points, increases, XXXX. brand dynamic points on cost points. comp $XXX of net continue the were ports, By quarter year, rate of this sales buybuy in we billion, unpredictably an sales as XX% DCs, versus in as comp sell margin basis we million XX% late strong available declined comp to growth in For not shipping XXXX. port points. quarter did been the progressed. first improve sales versus and has as freight high store year XX% the primarily unanticipated impacted moved significant were the and by XXX which in deficit in adjustments

slightly gross Excluding these adjusted SG&A supply our QX base. a expense margin to rate quarter, a with the although cost dollar in-line lower plans, XX.X%. was chain revenue sales due was in as escalations internal higher of

negative margin EPS With of an sales we EBITDA $X.XX. the This to adjusted $XX led gross and loss performance, reported of million.

has pricing been the Looking ahead, critical all importance current a environment. as theme navigating as know, us been you we've of for the

last equates points of improving just we regular to of acutely margin promo cadence margin approximately our Given not recover resilience accordingly, still and the price in year, managing to basis from as optimization we're EBITDA sustainably. cost it we've our chain and offset with key supply implementing will gross be enough environment. recovery last pricing and dollars. although significant show conditions XXX volatile demonstrated And was profile, promotional our previously, the current quarter Therefore, and to strategies lower sales near-term. versus X% Pricing to

Turning sheet fourth liquidity $XXX and quarter. approximately to Cash million generated solid and operating the of our cash balance cash flow. We during remained flow.

we flow share approximately QX, chain shares. approximately million. investments and in our of systems or approximately with These XX executed to remodels, free of supply led cash planned IT approximately transformational investment buybacks This million. million $XXX $XXX store continued We In reformation. critical $XXX supported positive million

billion we completed of $XX of $X repurchase planned, repurchase approximately share program, in inclusive our As March. million

total result, a to million million taken have shares of reduction a count we XX shares As XXX our from XX%. approximately for share

cash we XXXX. of Due parameters of we're billion. $X.X healthy I currently remains billion, to This year. qualitative as sales quarter, current lack well will the see change business of commentary where operating by volatility broad point the and uncertainty continue inventory and in $X.X investment as in fiscal trends to Our the at with the our operating to first has this total are environment, challenging share to quarter balance outlook and year. patterns. at well fiscal for quarter providing informed traffic our first liquidity related been for in end both now the macro the market availability we current in trends as expectations full due and At as a

to a range. demand. market consumer in emerging dynamics related show in retail based the indicators quarter, a XX% comp internal first distinctive on in and negatively in both many industry-wide approximately anticipate we're operating slowdown Additionally, the the of seeing sales running uncertainty an that consumer Quarter-to-date, quarter. sentiment continue are experienced we and We to fourth

near not inflation margin adjusted in As reflect such, that headwinds by the term. fully pricing gross be offset will will

have In spending. terms of reduction and we initiated as SG&A, costs across an expense announced discretionary last fixed optimization, quarter, fleet plan

inflation. occur With our But these, expect rate we deleverage year decline. will lower mid-term still, prior SG&A sales versus despite given spend

cost EBITDA and just for manage Adjusted negative will the the We and likely our will due responsibly first continue to be I to expense quarter structure prudently. factors have discussed.

recovery year, normalization For by the the full year, the of we our the anticipate a environment. conditions, half by a in comps and macroeconomic capabilities chain in broader in within own driven sequential supply second both

lead These last to as with anticipated improve. $XXX approximately dynamics expansion offset expense in and in margins gross year-on-year to pressures. the to should inflationary above modest prior Turning half margin planned gross of second XXXX. to year improve be the is the to aiming half the optimization We're expecting SG&A for adjusted margins. year. to second flat Gross are million year of expected conditions chain year comparisons our full supply ease Adjusted EBITDA

with balance $XXX Our of cash half Mark and including store and with than discussed flow CapEx sheet remodel approximately earlier. more transformational include assumptions investments, new associated the million openings

half second billion in will repurchases As noted, our allocation reduction for given our be assessed $X share year debt of the we completed share Capital and outlook. repurchase further have program. the

our closing on over supply to navigating will now remarks. near through Mark for strategy. capabilities, the foundational turn investments as well in the We transformation growth continue call and to as to some focused remain business I investing IT while chain term, our and execute

Mark Tritton

of with to industry Transformations friction is The made COVID more and personally in outside consumer that efforts. amidst as real, seen macroeconomic this in a operating have my in challenges these current Thank scale complex but achieving even commensurate are it often results non-linear, a has frame. time we're difficult moments career retail I and of the deliver environment you, strategy critical and Gustavo. our

our across the banners Decorist. & Even differentiated peak COVID, and remain customers see Harmon we our to Bath million we our Bed customer, XX our dedicated buybuy strategy. BABY, continue brand Beyond, However, after and cherish steadfastly to of

that We key powerful was XXX Fiscal a establishment visits our reformation of stores. digital enabled throughout year a XXX XXXX strategic more further capabilities reach still fleet evolving saw of pillars. than by million of more have year, and a than in across flight the core

tenets we our growth improve sequential momentum. standards for operational strength and have and our sound, closer While to core thwarted by the resilience. experiences our may industry optional continues XXXX, to execution our end teams, our our improve strategic their greatly execution capabilities of temporarily have bring our of business and our the efforts, deficits long-term and to will learning dedication build our short-term and structural proficiency long-term will are to thank The By from who for profitability. we of renew I strategy leveraging us

questions. We will now take

Operator

We begin Simeon will the question And Morgan our Gutman Instructions] Stanley. session. now from from is [Operator question-and-answer

Hannah Pittock

the And Simeon. Hi. on taking Is Hannah ticket quarter Thanks can actually there metrics, well quarter-to-date of is unit? fourth the kind basket versus versus question. Thanks. most next this units the per the you and on traffic us trends, downside? price as or like give the two you quarter within as upside per commentary and for any Pittock those most where over for see And

Mark Tritton

level of Thanks, digital. conversion the at Yes. our rates did terms did unit strength average and We retail. We see in at Hanna. see store in strength

been has place that with with we’d terms some aligned communication can into inflation. us when we're that basket on base our did we can the seeing. get gives in we associated existing our inventory in indicators the that was based we confidence implemented line coming little QX. Some that that suppressed, And of our some get dynamics we That a a good there. customer see in QX currently cost of of with signs increases with and positive that and industry have good outreach and the future But in

Hannah Pittock

Got Thank you. it.

Operator

Go ahead, Justin.

open. is line Your

Justin Kleber

Thanks, me? guys. hear Can you

Mark Tritton

Yes.

line? on Sorry, who's the

Operator

It's Justin.

Justin Kleber

at Justin Baird. It's Yes. for question. Kleber the taking Thanks

Mark Tritton

Justin. Thanks,

Justin Kleber

on at for you you, if you guess, you the you $XXX hand? was figure? have online? I would you Just that Mark, understand first from trapped measure impact to abandonments just upstream. how cited how looking if do Are that million know inventory being trying inventory sold it actually cart

Gustavo Arnal

be this Similarly, the out-of-stock compensate we digital sales can lost these in they that going of And assume third the how sales, Justin, to estimate were We significantly of and for than much store item. the transference, our estimates, in we items do here. we Hey, and We and at different are store that store, We trim week-by-week views as that. there's mind those by a the in lower but on keep level. at we don't know Gustavo what find We looking calculate from look some track lost way by for quarter. the could when category transactions. lost customers historically, all and category sales did down. we've we they've in-stock been key anyway,

Justin Kleber

And the mentioned registry. in just seeing five guys baby your in one I I'm deck know question. you're the Okay. business? registry curious number are what you then, wedding retailer

here do maybe within compared Thank on you. boom expected So registry wedding just that doing to business specific the to in capitalize XXXX? different year? to last weddings, are And you creates anything how

Mark Tritton

outreach have Yes. and our this and the that business. we an way investing adjusted baby in uptick We actually were We're seeing creates. key in wedding

that. that, we capitalize upward and that I trends everyone expecting want to is on think wedding in see

be that. And bodes indicators on we to stock of the able to creates facilitate inventory our just get early the in QX through back need So to end well. again,

Justin Kleber

All right. you, guys. Thank

Operator

Lasser is UBS. question Michael from next Your from

Michael Lasser

lot my Good morning. a taking question. Thanks for

about baby transformation until really Beyond So, improving up key is plan actions weakness. Mark, yet Bath aging as remains that all for time? this the here, customer a plan lot as of over you point, boomer especially demographic been from well has the Bath the Bed it's & traffic key with talked resonated the demographic source Bed traffic and What taken has a

Mark Tritton

loyalty our But sticky our actually Yes. in get have target able with tool creating but Again, that. actually degree that multi-generational, Michael, more customers got registerable we've have actually there, an We we facilitate they higher also normally that. market. key customers -- been line That's been and have with are to been working in working our we and numbers have and increasing lapsed And high we multifaceted a a the cluster, attracting which we're customer in change we're inventory purchase our to individual customers that. ensures base to in outreach be of to where in a rate.

expanded revision strategy complete engagement a also profile brand create to So, and with the deeper, customer base, more on but an existing of marketing our a personalized customers.

Operator

Guggenheim. from Forbes Steven From

Steven Forbes

I focus Mark, wanted on performance. Gustavo. margin level morning the Good to banner

it was BABY, profitability how So Mark, year, were where the given was for year. right, where more running that mentioned or is was buybuy And noted? EBITDA you the the I importantly, consistent full quarter? the in wondering throughout that fourth today profitability of mid-single-digit that banner's challenges banner the

Gustavo Arnal

Gustavo Look, the we're by stage. profitability into not Steve, banner can going performance you, I here. to with at get tell quarter BABY. Hey of by But buybuy happy financial very this we're

double-digits been four-wall -- of the keenly fairly billion is we've this in margin, on And with revenue, at a may said, attractive. there year. business pattern as margin on imagine. we consistent margin. have $X.X the gross very The growing profitability EBITDA X.X throughout year you As focused this the business mid-single-digit finished billion gross We're of

Mark Tritton

our in with Steve, line was fourth And quarter performance, plan. definitely our

Operator

Reuter from of Bank America. From William

William Reuter

have Good question. morning. I one

have you In year, Are lock terms back in this of will year-over-year? year? some lower of that costs into half outlook your the I entered agreements kind freight contracting contracting improving the your of in can't remember for you And strategy. for

Mark Tritton

chain had William. comment a multiyear had actualizing. build not we transformation, reduction We're all haven't supply this transparency done contract our But establishment is time. benefit said our on to the negotiations We're going of into through that at at we of to-date. transformation, supply working that that we lot individual but and which we -- actively work, as also the of in haven't have always, costs, can the we on We've maturation a chain

there's So, internal that XXXX. working be benefits negotiated throughout both we'll and benefits on

Gustavo Arnal

see so. of we not And out as expect warehouses, flow second port-related the beyond would fees we the the or product quarter to

William Reuter

you. Thank

Operator

Difficulty] [Technical

Mark Tritton

that? I'm was what sorry,

Susie Kim

a you. we're hearing time hard Operator, having

Operator

now from have a of from question Haas Jason We Bank America.

Jason Haas

Great. morning. taking for Good Thanks my question.

So a that unit. a strategic, put for for guess, large the pivot for you also of out have letter shareholder in and advocating potential the sale I company a advocating path BABY the buybuy

I worth think they billion think out they put -- several BABY dollars. buybuy is

what buybuy for a So change I'm curious and thoughts valuation if what BABY? the for of in are that think your there's on, need strategy a you just strategic

Mark Tritton

Yeah. Jason. Thanks,

this the late in and company of we Firstly, it competition And retail our a entering transformation really required plan, work with that clear full-scale level had I a the market. been to business. think required the in full a robust and underinvested -- upon was robust us business and outlined XXXX, investment return had scale to it because level of to be competitive in the

are think of supply moment underinvestment. where exemplifies in able that this than to at we this retailers better really in the pivot because I cope other chain moment time are

cannot plan, that So we survive a unless appropriately. robust implement we transformation

have And from, we we pricing, planning, where chain, cost robustly. the these all so assortment technology, undertaken source supply and been way

generated completed, is First year clearly. not benefit yet

and transformational a Board remains master that we improve. to So number But finish of to with at place, plan. we the strategy are in to always have ways and open strategy fundamentals that we're can through our looking this our

to a performing on be not do buybuy that its is committee true a we work best in very BABY how and performing is the the have work we that, is And accelerator the today, an is. asset, that more. has what to January, that? agreed the of as so a unlock is as for been we look strategic talking shared and opportunity began, have unlocking is well, way BABY And So sharing create as good, in stays street the value focused Board now forward We showing consistent time that media but to around That which on flight. And asset. value our What shareholder. profitability buybuy solely we some is won't a we've consistently growth to level. commenting of and

Operator

from is question Jefferies. Jonathan Next from Matuszewski

Jonathan Matuszewski

Great. Good question. morning. Thanks my for taking

just do maybe more to I of at Just Thanks varying did for look ask buybuy relative comparing delta a banner Bed much. so degree of you BABY think across relative BABY demand domestic versus is trends the about a tied the core to wanted supply to chain How buybuy in-stock how when Bath BABY. much a guess to categories? buybuy And like rates relatedly, Bath? a Bed

Mark Tritton

Yeah. Thanks, question. Jonathan. Great

I in the a the key business think trajectory. LY status of differentiator there's first its versus

year to lessening had So but had in prior, also we baby. execution -- issues, the we a demand in

that and pivot for I actually. than once. rather saw -- fourth quarter think throughout in parents were shopping basic much the were more reticent to be We and out in XXXX, needs XXXX stores

has back in yes, double-digit have -- in availability. like And profitable in Bed currently stock source Bed domestic own stores which which categories but the that second enable domestic they're Beyond, availability. Bath we is in product don't of Our outcome. that key also point, on with were and to it, Then side more & which helped half. in currently flip Bath for a makes more it bounced They base versus of in really is there back growth, more apparel, up really baby a your turned the

that its favor. in So worked

mix, that supply therefore differentiated helped as merchandise well model. a borders So, chain there some the crossing as and LY

Operator

question final from Basham from our Wedbush. And is Seth

Seth Basham

to Day, million Thanks morning. a you and million. you your good talked My lot, to talked At XX XX question customers. customer is Today, your count. Analyst around Mark,

understand And emerging are other simply are the got that digits. think driving or that COVID customers double to lot where are new a down that sticky, that. issues what's aren't to you trying online you're defect, was So, I'm there of just leading bump It customers so you've to speak?

Mark Tritton

Yes, a question, Seth. great I think it's

I of inferences there. couple think a

you're I right. think

affected that's onetime and during in the saw think short the was moment, and term. we that definitely our 'XX I customer 'XX customer digitally count in a COVID searching

we're transference to very that And think that, the overall and inside the was we second have of to and to I and penetration customer that, our retain store closures. had able but customers different, is that. of rate, some expected face we

really right? of back on I no loyalty that some doubt consolidation investing So, like marketing stabilization But XXXX future, base those trip a our our and part that proper is and customers, that what during we're our were period. both cadence were and in in program went COVID getting we're and moment, is things early with in think we seeing now current outreach solution. into that closed, there's the others opened of

of out new and and customers XX them that that stickier have we million recovering we're multi-generations. plans across make more and to So, fortify build

Gustavo Arnal

being basket. shopping point Mark's omni, larger to both it and And are shopping customer stickier, and a of larger the now was a online when frequency in-store. store-only customers higher is of proportion And our ticket of with a much than

and So that's where the is focused – loyalty program on.

Susie Kim

Operator, hearing I speak I still you. for can issues think we're you. having

available all have calls. We're call. following for is today that think today's time I we the

follow any Thank for listening today. you please with us. up feel much to If have questions, free you so

Operator

participating, for for gentlemen, you today's by Thank may Speakers, stand and disconnect. this you your and now Ladies concludes debrief. conference.

20230930-DK-Butterfly-1 (BBBYQ) 13 Apr 222021 Q4 Earnings call transcript