123 annotations
Page 4 of 7
the off-price buying environment right now is very attractive. There are a lot of great deals. And ordinarily, I would agree that, that should drive merchant margin upside but I think that, that's unlikely to happen in Q4.
(No comment added)
Transcript
2022 Q3
29 Nov 22
at year-end, I would anticipate that we would have much higher store inventory levels than last year. Last year, our store inventories were just too lean going into the spring. And again, you'll remember that, that together with receipt delays really undermined our sales trend in February and March.
(No comment added)
Transcript
2022 Q3
29 Nov 22
Our store inventory is obviously what's available for sale to customers in our stores, reserve inventory is obviously goods that we've packed away for later release.
(No comment added)
Transcript
2022 Q3
29 Nov 22
our long-term target is 2,000 stores, that has not changed. Also, as we've announced previously, we expect to open between 500 and 600 net new stores over the next five years
(No comment added)
Transcript
2022 Q3
29 Nov 22
I believe that we can get back to our 2019 margins within the next few years
(No comment added)
Transcript
2022 Q3
29 Nov 22
If you look at the deleverage in our operating margin this year versus 2019, it comes from two sources; expense deleverage on lower sales and higher freight and supply chain costs.
(No comment added)
Transcript
2022 Q3
29 Nov 22
2022 has shown that we are more exposed to the prevailing macro headwinds than many other retailers.
(No comment added)
Transcript
2022 Q3
28 Nov 22
updated adjusted EPS outlook for fiscal 2022 of $3.77 to $4.07
(No comment added)
Transcript
2022 Q3
28 Nov 22
For the full year fiscal 2022, this implies a one-year comp range of negative 15% to negative 14%. Based on this range, our adjusted EBIT margin is expected to decline by 400 to 370 basis points.
(No comment added)
Transcript
2022 Q3
28 Nov 22
we are maintaining our outlook for the fourth quarter, which is based on a negative 4% to negative 1% three-year geometric comp stack. This translates to a one-year comp decline of 9% to 6%. This range should lead to a Q4 adjusted EBIT margin of flat to up 70 basis points versus 2021 and to fourth quarter adjusted EPS of $2.45 and to $2.75.
(No comment added)
Transcript
2022 Q3
28 Nov 22
we should end the year with 927 stores, this translates to 87 net new store openings this year
(No comment added)
Transcript
2022 Q3
28 Nov 22
At the end of the quarter, our in-store inventories were 8% above 2021 on a comp store basis, and our reserve inventory was 31% of our total inventory versus 30% last year.
(No comment added)
Transcript
2022 Q3
28 Nov 22
Adjusted diluted earnings per share were $0.43 versus $1.36 in the third quarter of 2021.
(No comment added)
Transcript
2022 Q3
28 Nov 22
All of this resulted in diluted earnings per share of $0.26 versus $0.20 in Q3 of 2021.
(No comment added)
Transcript
2022 Q3
28 Nov 22
360 basis points is driven by supply chain and freight, with the balance driven by the deleverage on the lower comp sales
(No comment added)
Transcript
2022 Q3
28 Nov 22
Relative to our Q3 2019 adjusted EBIT margin, 2022 third quarter adjusted EBIT margin declined by 520 basis points.
(No comment added)
Transcript
2022 Q3
28 Nov 22
this margin decline is what we would have expected given our Q3 EBIT margin guidance for a decline of 260 to 360 basis points
(No comment added)
Transcript
2022 Q3
28 Nov 22
Adjusted EBIT margin for the quarter was 2.7%, 340 basis points lower than the third quarter of 2021.
(No comment added)
Transcript
2022 Q3
28 Nov 22
supply chain costs were higher than expected, primarily due to a pull forward of Q4 receipts and the higher mix of true closeout merchandise, which is more labor-intensive to process
(No comment added)
Transcript
2022 Q3
28 Nov 22
Product sourcing costs were $178 million compared to $173 million in the third quarter of 2021, increasing 120 basis points as a percentage of sales. This deleverage was driven by buying and supply chain costs.
(No comment added)
Transcript
2022 Q3
28 Nov 22