18 annotations
So traffic is -- it's been positive for us.
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2023 Q1
18 May 23
For the second quarter, we are forecasting low to mid-single-digit sales decline, a continuation of trends in the first quarter.
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2023 Q1
18 May 23
we expect merchandise margin rate to expand by approximately 100 basis points in the second half of the year versus the prior year, resulting in roughly flat merchandise margin rate for the full year
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2023 Q1
18 May 23
F
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2023 Q1
18 May 23
or the full year, we are reaffirming our top line outlook for flat sales to mid-single-digit sales decline.
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2023 Q1
18 May 23
moderate improvement in the back half of the year as we anniversary softer sales trends experienced in the back half of 2022
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2023 Q1
18 May 23
sales softened in mid-March, amidst a weaker macro backdrop
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2023 Q1
18 May 23
bringing them back in April
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2023 Q1
18 May 23
we saw February strong, I think, in March, a bit of a falloff
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2023 Q1
18 May 23
Sales improved in late April
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2023 Q1
18 May 23
we added select promotions to drive traffic, we balance AURs by increasing prices in other areas
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2023 Q1
18 May 23
Our mix-adjusted AUR was flat
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2023 Q1
18 May 23
we are starting to see some modest deflation in Q2 that will increase as we look at the back half
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2023 Q1
18 May 23
It seems like inflation is working behind us, occupancy deleverage, maybe gets a little better with the ramping fulfillment and doesn't sound like promotions should get worse.
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2023 Q1
18 May 23
Our forecast includes modest cost deflation benefits in the second quarter, offset by investments in our product formulations and packaging innovation.
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2023 Q1
18 May 23
We still expect merchandise margin to improve sequentially as we move through the year, supported by modest cost deflation benefits in Q2 and increasing deflation benefits in the second half of the year partially offset by investments in formulation and packaging upgrades to reinforce our position as a market leader.
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2023 Q1
18 May 23
Inflationary pressures totaled approximately $13 million in the first quarter, with the greatest pressure coming from raw materials.
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2023 Q1
18 May 23
Gross profit was also pressured by a decline in the merchandise margin rate, primarily driven by continued inflationary pressure in raw materials and investments in product formulations and packaging innovation.
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2023 Q1
18 May 23
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