Michael. you everyone. I'm soon. be look Thanks of forward and pleased all Good here meeting to morning to I
Our say the have active to been to all least. growth our prioritizing investing for first pandemic six weeks else. XXXX CFO plans us as liquidity forced from COVID-XX pivot to above
have Our our strong business years. cash balance self-fund allowed us for flow to sheet and many
show in continue However, debt us to accessed the uncertain up for cash future. given to April invest markets the to our enable operating position, environment, we
our as talent, plan anticipated. and including cash and of believed people, has fleet. such of to we Have our I'm a what tracking first also inventory positive play competitive initiatives period and short did say preservation expected laser-focused dedication and the really to advantage, our on view. have improvement proud out my Through We team not we savings quarter have and cost that in been challenging March has early hard accomplished work results. long profit the review Needless to while optimization validated working store a the were on of situation a of time. near-term
larger performance controlled. the XX% demand revenue into led quarter. X% on base However, Eagle results reinforcing quarter with material XX% closures, the that revenue high-quality store Aerie's first of abrupt center a year. on closure and revenue extraordinary. health. year-over-year last to which sales of last year, effect to second to due impact promotions with revenue will and backlog American March brand was to the to Total Reported distribution XX% its had store earnings. stores Consolidated XX also Michael to increased decreased Aerie's well shift significant declined brand margins were adverse year, discussed, declined last Aerie's due decline
For we quarter the a total Aerie AE closed, by sales as after increase progressed. and demand increased including Digital last to significant saw was increased XX% stores year. acceleration up AEO, digital XX% in measured XX%. an as ordered demand
of increased impact products DC With shipped quarter the revenue revenue first delivered. recognize the We backlog, for reported X%. are that both digital and digital
orders So into the these quarter. delays first pushed with second revenue quarter associated
we primarily significantly, and goods. markdowns reduction in summer Our AE's store as aggressively spring revenue as through cleared gross profit and declined the reflecting well promotions as
pressure BOW, We buying, we also $XX level revenue. million a provisions. took the of the inventory normal rate recognized Due the Within to of sales decline rent experienced occupancy, for quarter. as we and to warehousing expense
not declined SG&A However, lower we store starting April. as a to primarily April the in of early majority pay rent. compensation expense of due result field our XX%, did cash furloughs and
and are continue premiums We benefits medical associates. offer paying to effected insurance health for
SG&A. mid versus primarily quarter. in controllable reduced expense impact plan, became We $XXX operating apparent in million also reductions aggressively expenses once We've COVID our of the executed
we in adjusted revenue $X.XX in a an loss and of the better forward expect than per quarter. first We the SG&A share reported Going alignment quarter. between
a adjusted was $XX compared EBITDA income to loss million of last million $XXX Our year. of
than significant to clearly and was became based restructuring the the in We top years other expectations protect majority impact first remaining has corporate million to quarterly the results since our of on their impairment million stores, extent $X due impaired charges of as and business from times XXX less included lease terms. remainder loss COVID-XX. the restructuring The $XXX COVID-XX And to two extraordinary XXXX. this have the impairment priority on these was of on Excluded apparent, costs, in our impairments there strengthen reflected financial stores quarter. is of been assets lower $XXX are finally, liquidity. in Since items. The impact approximately the million certain and of
we furloughs, of dividend suspended In the addition to payment share repurchases receipts. expense first and and We until inventory deferred reductions XXXX. our cut quarter
point, dividend for year. In a do rest at this addition, and quarter suspended cash of second this anticipate declaring our not the we dividend
initiatives, down This million expect $XXX meaningfully capital the from for of prioritize the plan to and value. million short-term We centric and investments in which supply expect debt. in year year. investments long-term have reduced our significant chain last $XXX and key year to customer total cash million, and near We $XXX spending will create entered $XXX with we no spend CapEx capabilities million and now
first the million COVID-XX Keep ability the $XXX use the store savings should that period had we our quarter-to-date. During quarter, closures. million period. and to and exceeded the line in the convertible offering, in the that impact to our We - be more had quarter. actions note response benefit liquidity. Revenue in in we significantly raised will significantly cash Furthermore, reduce timing our cash stores mind in limited We we starting $XXX typically on from million the a of of also ending of drew a quarter demand less burn credit, abrupt in is cash with meant quarter. second nature first cost the second reopened costs in quarter expectations decline anticipate first therefore than our from from $XXX has our
teams cash are focused For we are year, and the incentivizing on our preservation accordingly.
driven primarily quarter-end Eagle. in declined reductions inventory Our by X%, American
spring is to expect performance. across improved We and opportunity to back profit a through and summer and an Inventory are school to continuing margin enter clear optimization goods major both clean and for AE's priority brands.
the in our For better first also coming planned and all future to COVID. we quarter advantage speed we each footprint intend greater investments will out with brands take assortments, our In to than of supply optimal past. clearly and strategy, narrow the likelihood our Across of to for we We reassess store chase intend with sales counts plan more to into of chain base brands, materially the have focused remain choice physical but X,XXX ended and and central our significant reductions cost AE, demand. with fixed SKUs. inventory wholly-owned count go-to-market our in be lower stores. Stores align
We quarter, years end our leases our average three end this have mall XXXX, in execute portfolio the our of quarters remaining tenure on change. to almost At by C the expire of was significant lease first our of including half and of the four locations. lease flexibility under
In expect we this renew. flexibility addition leases position decide strengthen to we to closures, our to negotiating enabling for
some providing stores today share and not forward remain pandemic directional our half of almost as Uncertainty the I can are we continues Although closed. guidance, around of comments.
These to second sales and Additionally, we continue year. margins clear through inventory. pressure will factors to quarter relative last
However are while digital momentum strong, reopening our business in stores continues. also
As a quarter. result, line bottom we to significant expect compared first improvement and the top
well both crisis and is to the business positioned Our during conditions win normalize. as
fortified near-term retail our enables strategic disrupted recently to a advantage Our in and us net safety balance business, provides landscape. sheet invest in
strong across relevant. allow and remain and chain brands us And our experience to channels. provide Our highly facing customer best-in-class capabilities supply
as and and natural see a have at Finally, reset as the Michael opportunity Jay we reignite time in flow this profit to through. discussed, point organization
amplifying are strategies based new and post the reality. on and goals We COVID expected accelerating
As form, we value priorities, investment and strategic financial multi-year long-term a share creation a roadmap plan targets, takes will community. with the
can for to year. in that, With hear it on questions. up more You open will this the topic later expect we
