begin that and by today. for first Fabrizio, quarter, share Thank the followed we prepared are outlook you, I'll our by financial to reviewing results everyone. hello, the
mentioned, net Fabrizio X% our quarter lower declined As end sales at expectations. organic our the of first
per timing which Our due $X.XX, exceeded to of expenses. adjusted the outlook share quarter, certain was the initial earnings our primarily for
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experienced net pressured we sales as at consumers retail. addition, from Kong SAR, sales reduced traffic foot spending as by traveling well a lower Hong decline where were in In
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digits due in Asia retail lower the double market decreased travel conversion further resulting China, sales global to replenishment and Our This reflected in retail worsened net deceleration in travel rates. retail. orders sentiment consumer lower
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last compared Our due on we gross to aligned our in basis margin shipments better with largely to last obsolescence inventory year. a points charges year, expanded XXX our hand throughout reduction as
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million million in through expenditures stockholders cash $XXX capital and We $XXX in invested dividends. returned we to
per as dividend our quarterly dividend morning, share, a a our dividend press ratio quarterly reduction given payout previous appropriate in we a our per declared our reduce outlook. read release you $X.XX of $X.XX we from share this of As more earnings to
to turning now And outlook. our
second for Fabrizio quarter the As the withdraw outlook taken we we outlook in providing near-term are decision full provided and an have only year August today. mentioned, the to
in this We market not the the Asia in action and travel is the given China in changes. right current forecasting made including and believe of and the the recovery of retail decision it upcoming have leadership context stabilization environment, timing lightly and difficulty
business. me expand bit incremental some of the these on a Let pressures on
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continued As anticipate quarter, near-term now our adding these areas net our in overall a of we for sales result, declines EPS. second and business pressure to the
normalization growth period the residual at stabilization and expected will the created prestige uncertainty Second, sentiment results. is on near-term impacts in our with pandemic, some continued along inflationary of the market consumer other second markets previous of further post occur to which beauty quarter level has pressure about
maximize savings the our we more mentioned incremental we importantly, anticipated for evaluate remain and to its and pursue acknowledge decisive continuously sales additional As initiatives, take net given the the realizing benefits new plan on opportunities need from initiatives. earlier, pressure focused benefits, growth action PRGP identify to
Korean is material rates the to pound, sales and reported XX for for and for Using a the for expected October for yuan $X,XXX quarter. EPS have of Chinese the X.XXX to won translation the not impact X.XXX X.XXX spot the euro second currency
to in quarter in Travel largely second ongoing to due decrease challenges Retail. the China prior our organic and Asia We net X% for X% compared period, to Mainland now year expect the sales to
by as low rates SAR. in well as consumers trailing discussed conversion persistent have Hong Kong We
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expect versus XX% period of This prior a for through. our undoubtedly XX% manage between quarter has now adjusted We to challenging of for EPS and $X.XX been to to teams second $X.XX decrease a year. us all
some to taken by spots are have However, Fabrizio that see we we previously. bright we encouraged measures from mentioned, as proactive are starting
There be have is more in continue team to leadership our clearly to we forward. new our drive to teams, confidence done, progress including and
this the sincere over my and have As express years gratitude your been employees, our resilience will to and to steadfast these work, to dedicated our for I earnings passion incredible close certainly success brands want I in call, future. be hard our vital commitment,
with our you support. past valued And To we immensely your together. the company, am I accomplished for proud of investors, the thank XX-plus have many years continued things on reflecting that my
have instrumental confidence navigate this and we been long-term resulting our had intense and and of PRGP impact performance. initial as volatility has on growth patience through period in Your actions the our it strategy
to result through to prepared take prolonged and of to remarks. the consistent more by return PRGP ability to supported I am concludes sales our of manage that and the to the continue and the employees strong profitable optimistic you, and and period company's actions progressively this sustainable recovery.
Thank decisive stronger growth volatility appropriate in our
So happy take to at we'll questions your time. be this
