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middle-income customer that has become more cost-conscious and is feeling greater pressure on their budgets.
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2022 Q2
4 Sep 22
dampened consumer spending
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2022 Q2
4 Sep 22
We are pulling back on receipts, and we are managing expenses diligently.
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2022 Q2
4 Sep 22
We are being aggressive on clearing excess inventory.
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2022 Q2
4 Sep 22
taking action to adjust our plans and adapt to a softer demand outlook. We've increased promotions.
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2022 Q2
4 Sep 22
we are being more promotional. I do think things will normalize.
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2022 Q2
4 Sep 22
on the Footwear side, we're seeing outperformance in casual and, call it, athleisure brands like Vans.
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2022 Q2
4 Sep 22
We're seeing pressure in older kids in some categories, I'd say like denim.
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2022 Q2
4 Sep 22
we are seeing like in Home sort of broad-based challenges as it relates to that middle-income customer, as you pointed out
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2022 Q2
4 Sep 22
two categories that underperformed, Home and Children's
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2022 Q2
4 Sep 22
Q4, I would say it's going to be more about cost and promotions.
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2022 Q2
4 Sep 22
Q3 will be pressured off of cost, freight
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2022 Q2
4 Sep 22
holiday is always outsized from a promotional environment
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2022 Q2
4 Sep 22
we expected cost inflation to start impacting us really Q3 and then into Q4.
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2022 Q2
4 Sep 22
We do expect promotions to remain heightened through the Q3 and especially into Q4.
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2022 Q2
4 Sep 22
Yes. I would say that freight and promotions were probably the biggest two pieces in Q2, freight being a big portion and then obviously, in July, becoming much more promotional to ensure that we were delivering value.
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Transcript
2022 Q2
4 Sep 22