shared I today end outlook Thank the consumer revisiting to economic you, of XXXX. start to With challenging a want Tandy flashing demand to Dan. position you environment. wanted with red, some weather we at that by we signals the for XXXX
position focused to and/or on with moving to expenses, rent retail profit and lower growth. and CapEx drive and cash We seeking better cash a fleet, stores growing the to locations, meant a continuing both demand. and negative sales long-term cost on of trend declining managing closing sales operating of investments optimize This managing renewals, conservative took
This themselves. what And it's snapshot in did is and business. on do. the what while for were continue said to primarily of did our do, we foundation we focus sales The to the speak growth, was not building invest in we going results we
operating last non-GAAP provide Adjusted was $X.X we'll additional million to a $X.X combined up. up income, million year. But about a margin we're last here down significant expenses, rate metric, year. million minute. over in $X.X with which showing $X X%, operating in that, was a over about delivered insight, up were million, EBITDA, which Sales decline in talk And gross
essentially Inventory to year. flat have $X debt. Turning $X up million over continue -- to million. to the $XX.X And balance we sheet. was million no to Cash was last
down Turning X.X% in closed had continued $X.X to the X points sales 'XX, consumer weak 'XX were demand. basis decline. sales with sales. by XXX or 'XX or driven XXXX, about sales representing in over At million of $XX.X We that million, stores
have do up, our New a XXXX. York in some to new to start. We well. We it's continuing And store off ramp opened July stores sales as in are very Queens, while good of
XXX store market with XXX open in should we lost We Lauderdale, leases store and open any in also to Virginia, Fort Richmond, strong more sales have during store on in a Miami, for Florida, recoup should expected COVID. lease store day; unfavorable signed store April, late This our early May. in where closing closed sometime which us, X an near stores, Margate, from the
store New test has smaller and, new Our model hanging, it's us a new It us. merchandising It's in rents. therefore, of of a York store has visible. for to a footprint is smaller, Queens, leather. lower have of better allows It
and feel can touch You it.
photo see upper right can there. in the the You in
the at with on makers the and are classes center an class Our activities. workshop of area and store, emphasis
and customers new service full variation the the a markets on less locations, by using to stores. competitive advantage, both our also We're model, a model it's And forward. moves new service store merchandising, which self-serve both smaller but footprint going expert and leverage that this retail in for necessitated is our get
other came mix rate. Rate shifts, $XX.X gross in improvement gross down XXXX from to point overhead, profit a freight and X.X% were with and basis warehouse adjustments. product in reduction selling, channel margin XXX and some better dollars improvement full-price million,
million. in with drove in a income year, $X million to combined Better a $X.X margin X.X% operating expenses increase last rate operating decline gross over
at said While declining in sales, this start underway, plan also economics. that. X of even we weren't face of to we profitable store stores taking to the deliver more locations and and our the sales, steps as did growth and year, we're happy in earnings thoughtful with with sales the grow cash had we attractive decline a new we With in clean
We consideration talked years, meaning capital be these be about number last and a guide continue principles funded our investments key the to X, couple for to disciplined what perspective, From us. allocation, of financial capital And for from value impairing prospects a operations. the for for cautious about increasing value shareholder sheet, long-term X, conservative X, on without the all leverage. Number long-term balance focus mechanisms business. with
quality, And proposition: value, we're the focused consistency we operating on from that service. perspective and consumer said an
support building also an X, can remain both and the systems years flexible can many for talent, we Secondly, the operating changing to we're respond that and nimble but allow and market to to that can model, business And processes conditions us that scale quickly. come.
stores, on continue forward and grow on new focus to Looking we to XXXX, targeting sales stores. X X additional going focus an profitability will to retail cash. with a We're to
stores advantage a be to Our low cash It's source positive low costs. relatively continue operating competitive build-out flow. with and of our good
full-service experts inspire continue their engage broad and with teach, our to local communities to model, we're in going leather serve, our to new in invest And competitive crafting. advantage:
more The -- rationale: previously acreage And footage here to seem not a -- we than -- seem our have do we to exploring lot as undeveloped have and Worth we a we're square We sale announced, need. have Fort of have property.
that more is may I-XX, Tandy. a here And than some right more do. Someone else than benefits again, behind have could me, a potentially unique property you it can our power. we lot to value as we get of see significant such which out valuable someone this find lot And
we needs we in we've that price. get property something years. excess has sell this or market buy our cash, right releases recent lease And significantly and modeled fairly if the specifically appreciated potentially scenarios more fits also The where and
would Board be significant cash, move including options the any a And excess disruption deploying has potentially The certainly been to in returning shareholders. consider very to all strong, would any business. interest while some
to accordingly.
And Do questions So question. that question? Isaac and we are I unmute see your a has ask want discussion. moving and and you ahead go to proceeding now
