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and the early receipt of seasonal goods
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2023 Q3
6 Dec 22
this increase primarily reflects the impact of product cost inflation, a greater mix of higher-value products, particularly in the home and seasonal categories
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2023 Q3
6 Dec 22
Merchandise inventories were $7.1 billion at the end of the third quarter, an increase of 34.8% overall and 28.4% on a per store basis.
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2023 Q3
6 Dec 22
SG&A as a percentage of sales was 22.7%, a decrease of 23 basis points. This decrease was driven by expenses that were lower as a percentage of sales, the most significant of which were retail labor, incentive compensation, hurricane-related disaster expenses and occupancy costs.
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2023 Q3
6 Dec 22
we anticipate LIFO will continue to pressure Q4 as well
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2023 Q3
6 Dec 22
product cost inflation was greater than anticipated, resulting in a LIFO provision of approximately $148 million during the quarter
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2023 Q3
6 Dec 22
For Q3, gross profit as a percentage of sales was 30.5%, a decrease of 27 basis points. This decrease was primarily attributable to a higher LIFO provision, a greater proportion of sales coming from the consumable category as well as increases in distribution costs, markdowns, inventory shrink and damages partially offset by higher inventory markups
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2023 Q3
6 Dec 22
these issues have resulted in a gross margin headwind in the back half of this year
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2023 Q3
6 Dec 22
Costs associated with inefficiencies in moving freight within our distribution centers and higher transportation costs
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2023 Q3
6 Dec 22
costs included retention fees
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2023 Q3
6 Dec 22
The resulting constraints from these factors led to more than $40 million and additional supply chain costs in Q3 compared to what we had previously expected.
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2023 Q3
6 Dec 22
seasonal goods came in earlier than anticipated
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2023 Q3
6 Dec 22
we experienced unexpected delays in opening additional temporary storage facilities, primarily due to external challenges such as permitting
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2023 Q3
6 Dec 22
second consecutive quarter of increasing customer traffic
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2023 Q3
6 Dec 22
average units per basket were down
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2023 Q3
6 Dec 22
Our Q3 comp sales were primarily driven by an increase in average transaction amount, largely driven by inflation.
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2023 Q3
6 Dec 22
Q4 sales are off to a strong start as well
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2023 Q3
6 Dec 22
the comp sales momentum we saw building in Q2 continued into all 3 months of Q3, with September being our strongest month of performance
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2023 Q3
6 Dec 22
we remain committed to offering products at the $1 price point, and we're pleased with the strong comp sales performance of these products during Q3, as they collectively outperformed the chain average
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2023 Q3
6 Dec 22
seeing an increase in customers with annual household incomes up to $100,000
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2023 Q3
6 Dec 22