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we focused very heavily on expanding our mix of opening price points across our businesses
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2022 Q3
28 Nov 22
we used the liquidity that I just mentioned to drive up the mix of recognizable brands in our assortment
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2022 Q3
28 Nov 22
we raised liquidity in faster-moving businesses and focused this open to buy on great opportunistic deals
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2022 Q3
28 Nov 22
By end of September, we have rolled these markdowns through all areas of the store, and we took further aggressive markdowns in October.
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2022 Q3
28 Nov 22
we also went through our existing inventory and went after slower-moving merchandise with more aggressive markdowns
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2022 Q3
28 Nov 22
we had originally planned to raise retail prices and increased merchant margin in the back half of the year. In Q3, we pulled back on this
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2022 Q3
28 Nov 22
Our three-year geometric stack was minus 3% for the third quarter.
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2022 Q3
28 Nov 22
our optimism about 2023 is driven by other factors, specifically, a greater focus on value by other income groups and therefore, more trade down traffic; less of an inventory overhang and therefore, lower promotions, especially in mass retail; an improving expense environment, especially for contracted freight
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2022 Q3
28 Nov 22
I can't say that we have a lot of evidence of that just yet
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2022 Q3
28 Nov 22
with the external promotional environment being what it is, I just think the incentive, the motivation for a trade down is diluted
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2022 Q3
28 Nov 22
we don't yet have any clear evidence of a trade-down customer in our stores
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2022 Q3
28 Nov 22
Comp store sales for the third quarter decreased 17%. This was on top of 16% comparable store sales growth last year.
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2022 Q3
28 Nov 22
Product sourcing costs delevered by about 130 basis points. About half of that was from supply chain and half was from continuing to invest in our merchandising team.
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2022 Q2
29 Aug 22
about 450 basis points were driven by freight and supply chain deleverage.
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2022 Q2
29 Aug 22
Adjusted SG&A was $518 million versus $150 million in 2021, increasing 120 basis points as a percentage of sales, which was driven primarily by deleverage on occupancy expense.
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2022 Q2
29 Aug 22
About half the decline in merchandise margin was driven by higher markdowns and about half from a true-up to our shortage reserve.
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2022 Q2
29 Aug 22
This was driven by a 110 basis point increase in freight expense combined with 210 basis points lower merchandise margin.
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2022 Q2
29 Aug 22
The gross margin rate was 38.9%, a decrease of 320 basis points versus 2021 2nd quarter rate, of 42.2%.
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2022 Q2
29 Aug 22
if inflation slows and if gas prices continue to decline, those things could help. And then if promotional activity elsewhere slows down, we may start to see that trade down shopper in our stores.
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2022 Q2
29 Aug 22
this slowing economy may also drive heightened consumer focus on value, driving trade down shoppers to our stores.
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2022 Q2
29 Aug 22