and Thank you, Greg afternoon good everyone.
XXXX, with some additional our financial has the through provide of you me XXXX. and highlights details Greg for outlook initial While let you review taken
are sales sales quarter store a Petsense now fourth XXXX, included As of beginning with performance. comparable our in reminder, the
the the in November store increasing essentially transaction strongest positive quarter and by all categories. all average. had month positive in line X% with temperatures X.X% increase our For geographic as All with X%, assortment. the comp positively our increase quarter. was fourth an major year's cold the of sales X.X% of sales and favorably performance, XX comp decrease. with last to comp versus product strong increased of responded sales being across of Sales growth goods. were had fourth arrived XXXX, Comps to basis months impacted ticket point regions were quarter. average driven comp markets compared mix of were count we primarily chain Petsense sales the prior reported our Comp The store customers across year's
time For drag a in neutral the and not comps. was deflation first on was XX meaningful quarters, essentially
primarily points For increased cost, attributable increase cost, the quarter SG&A primarily driven ONETractor depreciation was fourth incremental sales was increase occupancy from reoccur diesel quarter, promotional a as SG&A of Partially deleverage by and The points XX.X% the and impacting higher related in strong fuel initiatives. week continued year, fourth compensation, quarter. amortization, increase level incentive from improved to an of and XXX higher fourth higher rates, increased was with and margin to of attributable store comparable and were to XXXX in resulting and to from other Also basis mix service. XX percentage year's store store infrastructure cost items XX.X%. Including quarter freight-intensive quarter. transportation our a margin products. did basis our rates higher these products sales during investments activity gross resulting not from to prior commitment of on of sales payroll fixed in The XXrd customer the XX.X% that the in seasonal carrier less the the this sell-through in to technology by increase in offsetting the and coupled gross
our $X.X to the effective forward. rate net of XX.X% lower was per $X.XX non-cash assets due tax tax rate as quarter, write-down approximately a one-time which of our diluted tax higher of Our in was share or deferred a million effective result fourth going
strong is and sheet balance in capital good working our Our is shape.
stores, strength sales our of XXXX, $XXX comp and remaining given $XXX we fourth believe operations XXXX. Tractor the inventory XX% Supply of inventory expenditures For had capability. year-over-year. from being the capital in capability maintenance-related new being the cash areas were year, investments, essentially Exiting million. this our with quarter, million fourth stores store growth-oriented Total infrastructure XX% chain quarter supply such we at digital well-positioned, we is generated approximately of In the the was flat as in and
For shares our of of $XX.X the in XXXX. of Since of shares common repurchase quarter, stock million we stock share our repurchased million fiscal repurchased stock. the about over $X.X million. in we XXXX, XXX,XXX We X.X or repurchased common inception about $XXX our program billion common have our for
repurchase $XXX as million of Our was approximately share remaining authorization year-end.
to now for guidance XXXX. Turning
the to of billion Comp billion, We in store expect of -- X%. anticipated increase be range to is in net range a sales to to growth $X.XX X% of range sales X%. $X.XX X% an to
opening new anticipate Tractor about new locations. we earlier, and mentioned Greg Petsense stores XX XX Supply As
call the first open stores of year. plans approximately our for of the in half to half Our new
Turning now cost. to
As is the supply the has rates chain. and locations inflationary diesel to shortage retail cost fuel along pressures and rising well with facing publicized, wage pressures been of higher retail industry across freight due prices a on drivers
operating cost we anticipate the you our with operating distribution last working the driven our and operational our of transportation for centers; rising ramp-up disciplines cost; first, is higher team stores as investments stores our and new and not investments business on higher rates our team are and these at immune investments cost with to are Upstate New our shared I we to strict the the at by include: diesel in XXXX anticipated initiatives incremental and fuel headwinds, balance to we The York. underlying The the in freight between expenses increases. preopening in items largest pressure well, our making As and grow efficiencies. distribution All-in, and wage some members external centers quarter, for margin. center distribution the expenses
to cost We half the XXXX, forecasting of distribution are predominantly fourth second in the center impact the quarter.
the expectation would with flat be pressure Our that bulk gross is of slightly SG&A. the margin down to on
investments be cost to Given and about our of the range, making in guidance of assumed headwinds, margin, the is combination are at business X.X%. midpoint we operating the
cost strengthen our investments look to are Our outlook ever, as priorities we includes about from our aggressively reviewing the our balance accelerate XX incremental of serve basis points allocation reform. as of we benefits to than better tax we our advantages structure More customers. to competitive
is the million ensuring the to We half. sales year our directed stronger of are in priorities, is a performance anticipate would compared our and $XXX in $X.XX the of sustainable highest $XXX $X.XX strategic diluted comp to first We second on spending committed million as all basis. forecasted to share. to to or Net range earnings store the income per half
below the comp range. guidance the forecasted half sales the the half Given our our XXXX, year for in are above comparisons the year second the or of first with year, be range the of at for to
For one Day the comparable on day comp about of estimate have the the in as for to extra the day operating open will first year. to time. basis contribute the and year. quarter that first New highest quarter and basis the of XX points to Year's this quarter sales extra compression level have store XX for We XXXX, we would were also of We first XX we margin the will about XXXX comp points full profit first lowest of XX the anticipate will
the to Moving below line.
XX% XX.X% rate rate The which to in to expected range XX.X% from Jobs be a impacted the reduce XXXX. Act approximately Act, Tax our to effective Cuts was enacted by Our is in to of tax December effective tax positively XXXX. Tax anticipated and is
a to to spending towards going million. benefits ONETractor range to million labor $XX XX%. $XXX to of also wages approximately to and support X% I be a the increase million Interest our spending the at estimated to of the of our capital is centers, be in investments distribution to will growth. portion expense As mentioned, with and accelerating about expense Depreciation our initiatives. allocated long-term is stores initiatives increasing our $XX XX% $XXX forecasted modestly million in We're to of support
For to target outstanding our anticipated repurchases end be our by the weighted X.X%. high X.X% to share shares to the average of reduce year, are our towards
million of assumed we For weighted in to allocation XXX XXXX. committed strategy. average modeling purposes, have shares shares about We outstanding remain disciplined capital a
new initiatives. Our ONETractor first priority the stores investing support in and remains the opening growth of through to our business long-term
Greg. call lasting the and remarks now creating are our for through concludes repurchases. and shareholders prepared will my committed anticipated also share to back turn to I We quarterly value That dividends consistent
