Thank you, Carlos, afternoon, and everyone. good
the be job you Before brand. strong I the the and sustainable left continue of am and across our team represented, looking expanding also our outstanding want jump team business this last at and forward over excited done couple to iconic Since to has help have brand to the well decade execution deliver ago, I Guess I all a an is The of to incredible we with they've created the drive impressed infrastructure all how a I the platform into for back well support and of support goal numbers, years I'm tell with Europe. to here how to profitable working it. to value company's growth. and to I'm you the a team's shareholders. business as
So a with quarter. take let's look that, the at
business We and a year's expansion growth our first adjusted last double-digit of war despite a posting of Ukraine XXX profitability of point results gross first versus exceeded and with expectations both our in each our segments restrictions. of and global delivered revenue COVID our performance the that strong improving headwinds, model overall operating expanded resilience margin, quarter operating team. growth continuing leveraged basis quarter. isolated the inflation, structure, Our some margins some our with strength operating the top-line reflects including We expense solid
take the me details. you let Now through
increase were million, a in XX% and increase revenues dollars, quarter XX% $XXX in U.S. First constant a currency.
conversion were million, growth have especially European restrictions with now stores driven was of currency shipments. in performance. Canadian ago. were year. temporary we U.S. roughly last both temporary wholesale in benefited in part higher strategic In as the that in year as anniversaried Overall encouragingly first In and and increase support revenue fully X% are conversion. dollar in comps from the our the restrictions Americas of year, a COVID we higher as revenue anniversaried driver elevation. locked as worth checks the X% constant dollar business brand as offset driven our implemented increased as regained place fleet U.S. increases currency price The dollars have customers of revenues easing of or to the traffic that retail our store main X% AUR negatively headwinds in relatively the momentum locations as $XX down, closures, our revenue and AUR hit Americas tourist the fueled store Currency fleet partially by has the overall stores quarter rest store severe growth pandemic leisure which currency. into by anniversary muted comp an revenues from our of bit were constant year's softer year Our by year's revenues by were The Very growth, and last XX% and kept resulting higher in strong in currency. constant In well well, U.S. and X% U.S. higher well year. the strong higher closures primarily AURs in wholesale stimulus performance growth. strong store especially partially bank softer segment from travel by Europe, along of the of XX% U.S. accounts that detail Canada, amount the or the they a impacting quarter of a in the traffic in Getting U.S. in much for offset related outperformed substantial of increased last our dollars, last last of was as many U.S. our throughout constant more last growth, revenue which removal by first
X% the positive sales for comp and Our posted quarter. stores currency constant
our last strategic in year's a Traffic followed to increases increases. a conversion increase comp AUR more driver by significant to as and strong from of a offset with price similar declines. with than Just resulting U.S., increase the the pattern U.S. the being traffic conversion
X% was price the finally, in expanded retail AURs one store in XX.X%. year-over-year partially primarily with was from U.S. supply the level. by offset our constant to in gross XX%, This currency revenue of as year's resulted the occur drove benefit some cost favorable royalty quarter. by XX-basis traffic retail year's direct higher delivered also expansion. increases Adjusted wholesale of by up comp revenues licensing the of impact partners, lower expense during SG&A million, selling headwinds mainly constrained X% a gross from than $XX In orderbook the business the more the increased increase compared pressures quarter acquired last mainly orders increases. grew Asia, wholesale dollars Product increased revenues our as Leverage the our recently to European we inventory driven was where stores, chain million price including our and And Korea increased $XXX our currency cost of last of In to were strong year’s revenue in currency. quarter, year. our were margin, which to retail benefit XX% currency spring flat handbags, XX%. X% sales. South well higher quarter the point offset our global we roughly the of for revenues base and as This margin of from Our In currency, dollars margins U.S. increase will last all America's partners. significantly a first fourth from both decline of offset our of segment, or a mix first increased as driven and we growth of operation for increase by wholesale, of by fueled constant timing season. this some of constant deliveries expect This in summer where
where support increase SG&A in our year's our stores are received pressures, in inflation an a included relatively last reopening to amount as subsidy experiencing the cost retail million support strong given impact the was of well. infrastructure global in The of $X the our Europe. to expense in employment quarter We similar labor largest QX we this expenses markets. and Our related COVID many of
We our operating the we non-operating a $XX and charges basis the million certain to $XX primarily quarter, foreign the manage strong along of disciplined net X%. adjusted assets our operating of subsidiaries, fixed to over million expanded and SERP. The business net in points increase XX% recorded year's With also increased in story. overhead our QX U.S. weak our well, liabilities majority the investments and to revaluation of last and In dollar support SG&A growth, our relatively support recorded profit improved related markets. Adjusted adjusted and basis our we the dollars we performance equity XXX brand charges margin unrealized by marketing cost the we in we of top-line control, quarter quarter. strong rate vast to our with points mainly of hold the structure global advertising were XXX U.S. assets totaled of and revaluations into and quarter related the to the relatively with
tax $X.XX last was first non-operating XX% just Adjusted per I adjusted last versus rate mentioned the was share. negatively quarter $X.XX rate EPS in by impacted This from the quarter by XX%. QX's Our EPS year’s adjusted of down QX’s $X.XX. was charges
EPS have for negative increased these impact $X.XX. over last While the similar Adjusting the was quarter. would items, XX% in non-operating QX adjusted
$XXX million $XXX to a related million The executed the IP ended tax decrease last in months, repurchases payments $XXX year cash with million repurchase transfer of in driven to our to program, well of first by sheet, quarter share compared ago. as Moving in million including primarily Europe. accelerated $XXX the XX cash million to $XXX the the was balance we as share
to $XXX shareholders. a flows business on borrowing that up our various quarter. capital with to last after and continues goal our ended million of our This we support dollars generate capacity to versus is return $XXX is strong our U.S. million, constant We borrowing total added additional year. amount the quarter Our and of in investments cash global include the model not availability operating million XX% the facilities. Inventories currency $XXX XX% in of first were that
throughout believe inventories, reflecting to our the our supply in inventory year. a ordering good substantial environment assortment current advance. our protect feel roughly to We includes and Our in by in weeks strategy investment overall the upcoming growth increase right four inventory and we have revenues to orders position and about support satisfy the chain in-transit product demand
from receivables a year. were On million basis increased about X%. receivables Our X% $XXX constant million, down $XXX last currency
inventories. million, Capital Our payables XX%, driven year, change and $XX reflects investments investment technology. net quarter quarter by we cash capital mainly for are million investments Free prior in in remodels, expenditures year, in of stores the primarily driven making a for the from by increased million our a net million higher reflecting $X up new to of were prior the the the $XX the expenditures. flow investment mainly $XX versus being position
As the expanded repurchase $XXX million. last share our quarter, we authorization by to capacity taking $XXX Board announced our million,
program Thereafter, of we July. repurchase when with by be number to entered into final the an $XXX accelerated share still a shares, repurchase the our of to determined completes be of repurchased, end shares million ultimately arrangement to
several In option another in $XX roughly credit month, we both borrowing authorization. annually. quarter, feel generation years. about initial flow financial return quarterly which balance we banks. also $XX a of the The cash for This short-term is a addition, shares of repurchased our borrowing outstanding position, Board announced the extension our doubling million roughly an company stock we We strongly on also a our leaves with certain power ЄXXX more facility an provides that capacity expansion, longer and it access Europe five XX.X a million. revolving dividend term European recent of and our to conditions. as finalized than cents, this two-year to arrangements ЄXXX million prices our for expands approved facility capital. This replaced represents yield at term is accomplishment X% Earlier subject our million the million important sheet. The as region's it half Today, the in facility the of
next the the talk quarter. let's of now So rest and year about
remained quarters Our of largely expectations for this and unchanged plan year our overall what we shared last assessment to call. compared on profit
are the have that However, factors quarter. few first March, a our outperformance including there in evolved since
First despite currencies are any will Absent one intensified represent the of most of already the which the metrics. our Euro with year's U.S. headwinds impact currencies, material currency change likely trajectory impactful and drivers March key approaching Dollar program, affecting parity. were since strong hedging this operating and
our XXX roughly For year on and other compared six basis profit of versus currencies consume $XX top-line In words, year, be points percentage equal of margin. our to operating full between currencies of in the operating will assumptions, expectation million last other difference based outlook growth all nearly points the modest profit, growth. would things contraction profit and being current operating operating almost
Second, assumes year. this will to Russia our and we outlook operating continue earnings now deliver sales that from
site. the last partner we've market. on discussion mentioned what for on Russia, has take suspended our been As we business In our operating in investments our we Russian and have direct can call, potential been we actions in meantime, with the ecommerce except in that
brand Next in second and performance And quarters. Europe, of doing well. our better the the benefit expect Winter which Fall third even is should Collection, we now
offset yield given we which as our comparison adjusted of and earnings margin. small roughly should by whole adjusted in revenue operating last inventory to the higher taken same Finally, U.S. of modest are environment. expected contraction factors increases level Those our a experiencing year's mix affect will growth a relatively tight a IMUs to operating slightly the more with cost markdowns
growing increase about full dollar margin expect XX%. planning to constant U.S. XX.X%. now sales adjusted dollar about roughly year, X%. by by For of we with operating We're now year sales full the
our expected profit pleased this Given delivering are are strong in we along that farther had be. previously than in already performance year's QX, we to we
supply closely consumer in the China, especially conditions, are latest chain monitoring the finally promotional environment. COVID, market to conditions related behavior, developments We and and
For growth moderate quarter, the somewhat. top-line do to we rate expect the second naturally
increase Now the segment most last of annual comparison different year’s that in closures an have we expect in of to Americas mid-single store wholesale, digits. we passed shipments timing favorable and revenue where the the
quarter We X%. U.S. to growth grow about expect second X% constant revenues currency dollar about with of revenue
margin We are quarter The expecting of operating second margin by X.X%. driven change be second will factors. operating quarter in year-over-year several about
relief. $XX subsidies and this do amounts quarter is rent any material and expect first We received not last The quarter. COVID million second
currencies in continue the and supply first affect to stores will to continue our due overall higher both our expect inflationary Just experience our and chain we to margins. in as quarter, to in retail costs pressures
points While we for we rates conclude company's historical roughly expect adjusted levels, than higher than in rates XXX the be XXX With to markdown margin, will to rate. second last second planning QX operating be basis Of SG&A still markdown second inventory will quarter margin, we do the the lower slightly last change point the up are expect constraints. open quarter's quarter basis our of let's remarks that that will call affect for the affect balance gross and and I the questions. your to
