down down to GAAP of with quarter prior the the GAAP year's were you, year I'll our XXrd fiscal X year. were This Obviously, a XX% EPS Page begin morning, Net Mike. $X.XX XX% statement year. fourth everyone. quarter weeks XXXX for net past income earnings X the $XXX the On reported Good weeks was XX% quarter. and $X.XX, sales for operating $X and full our quarter roughly operating Reported XX last Thank pandemic. versus a on million million in the statement for Reported fourth the over million, Page week meaningfully billion, sales the a year this million, a the fourth consisted compared million, income was ago. XX% in is year sales affected for the income sales extra $X.XX, of included global just nearly Net down additional for from XX%. of year $XX from week, was in XXXX. This was EPS reported of XX year operating $X and so represented decrease income. contributed XX% in $X.XX and decline income $XXX were by $XXX year. down
underlying summarized to into clear quarter as Page and and treated to comparability contained full the a to on results parts X. ECommerce up momentum XXXX up to strong, U.S. good in to will We've results which non-GAAP in My financial these sales It performance we've expectations fourth comparable believe year of year. our and of eventful fourth what what's greater in several reported some and our XXXX X, the these view quarter. for business. the highlights quarter. unusual which performance challenging our Canada. Page a XX% items are provide on an We items. our remarks and strong enable we was met unusual both in our XX% items an summarized is finish continued Our important On We excludes today basis the overall saw adjusted been results business. speak of obviously adjustments for the were
third December. over and over traffic fourth of sales which quarter A forecasted significantly trend an performance gross store were store part in was Our last than expanded in the driver year; in we the in slight the the was the year. end shape which response working stronger both acceleration great headline our And pandemic. and our of expansion very achieved a in had this capital the our we reflecting year, our improvement in were was liquidity at sheet to margin margin, to balance real Despite lower strong U.S. implemented cash flow earnings, in gross the quarter. in the initiatives due
expected, companies XX% sales Turning cover Asia. our net our an arriving a a million. for XX% to reported been scheduled recent quarter; experiencing impact to million a is across negatively the affected But pandemic, business On some issue from earlier delays late year-over-year some estimated our commitments. segment XXXX of year-over-year. in sales inventory. X by with negatively receipt summary were $XX part of $XXX This Page delays certainly comparable sales of disruptions basis, had in product in In due we have of further sales the declined fall by ongoing about Sales net were the in of the XX-week I'll decisions many for in as net curtail affected challenged in fourth quarter. to the also results product declined to but moment. fourth planned in by of weeks, industrywide detail arrival the lower inventory business. sales the the we also that more and We've
profitability increased increasing and while our sales points as basis Page P&L down to This Turning margin for mentioned, with to quarter; year, I performance. quarterly XX.X%. gross our last represented fourth XXX of sales gross the significantly by adjusted were X versus the margin record our
about improved quarter product. $X into a of of more result had profit by driven income year increased fourth focus the of last spring offering, inventory a gross effective including realization, million, suspended which arriving year, the gross was This in Adjusted seasonal $XXX We margin million price in dollars been excess goods good quarter compensation shifted which and to our first were largely restored last year versus X% provisions, due our $XXX over comparable the progress Royalty decreasing marketing certain reducing year. was ago. million. promotion, and increased late declined strength earlier the which sales and from shipments management, on with despite XXXX rate of product partially inventory. So SG&A timing roughly to
So the of for catch fourth reflected some quarter up expenses. these element
did managing difficult circumstances. very this through great year employees past work Our
As we activity of marketing, our promotional delivered returns. we specifically rationalized savings in good into some which QX, reinvested digital those media,
We XX.X%, senior notes XXXX $X million last $X new XX%, was a last of the tax Below also line, launch $XX enhancing year. strengthen websites efficiency due million quarter. in $XXX comparable of which approximately center supports had margin expense prior will We in our $XXX currency made operating these net was year. quarter of from the and up as in million compared a period investments the investments long-term including foreign quarter to speed million and about recovers investment distribution to strengthen several in our and interest gain app, our new from omni-channel and continued the help Adjusted second was XX% to in believe down and pandemic. million, was eCommerce. fourth effective eCommerce our operating the adjusted mobile improving in our the capabilities, the we issued and capabilities to We the from income business million us rate the the fourth $XXX
line, bottom EPS in XX% the was compared $X.XX XXXX. to On down $X.XX, adjusted
sheet X and with Moving cash to balance some flow Page highlights.
billion sheet credit end at our remained approximately with to million borrowing hand the was us. $X.X available of of Total Quarter-end $XXX very under inventories X% $XXX and up the and all fourth quarter billion million. virtually strong. cash to balance facility capacity on net liquidity were liquidity the $X.X Our of
than to the in our meaningfully curtail year, While a different brand composition at and of largely was ago. core lower inventory year earlier levels proactively our the in stores inventory comparable Carter's to very the of our last inventory wholesale were year total because our decisions for in of
year-end. when earlier inventory pack considering as brand summer which the year-end Total XXXX, exclusive in inventories down year-over-year the were higher Our inventories were at and hold the generally from we as and during half to through selling unfolded. made good the we the the pandemic We inventory first pack of year sell remaining balance this hold and move XXXX. expect progress through year
fourth progress the reducing overall good made our during of also inventory level excess We quarter.
to third receivable debt balance increased rent year, $XXX about due of million. compared prior reflects million increase which $X and $XXX accounts Long-term and from extension May payment This at XXXX $XXX last the terms in outstanding deferrals. full end principally cash past XX% was by to payable flow of reflects our billion, up issuance declined in roughly QX senior wholesale borrowings to the the revolver notes million year. Accounts increased nearly of successful Operating Our sales. lower to repayment the million million, this by quarter. $XXX $XXX
XXXX, Our earnings focus record earnings strong flow Note lower management on we're due higher is despite of of to spending rent repayment enabled and working performance be some terms. while deferred this in capital to this adjustments achieve payment cash to that in expected the year to lower us vendor planning operating and XXXX.
affected earnings us more of of combination productivity marketing, on and the evident profitability than our the first is on early second to demand in in so by our X to Moving effectiveness most on impact between year The of and XXXX inventory Page halves at adjusted of uncertain on the the which overall made difference sales. focus to management sales. we've we lower summary XX. performance year, profit of With summarized minimize choice the our initiatives meaningfully looking enabled strong the sales performance; and our XXXX of course the pandemic, with initiatives full were product while offering, Page and a
higher smaller much were and suspended, were the declined closed to gross part were wholesale were the for by points many first in was customers performance the achieved the as margin our stores second and second realized and half different our inventory. this excess starkly clearing we shipments good gross First on stores margin provisions margin Profitability record pricing of of progress when making a affected our retail adjusted excess half. of XXX inventory. to in gross income the versus their half taking margin half. operating in improving margin quarter due significantly through performance for first Gross in followed In second adjusted while decline half much decline that sales operating second half, with an In of with a between closed. our a basis result expansion the own our first
the Turning to in Page the business. and XX due these U.S. the to retail, good in Profitability business, in with growth quarter. external costs lower for increase in with more in on a declined driven summary to additional the margin the of our spending a compensation improved our improved eCommerce significantly quarter. in total of businesses. U.S. consulting difficult high some business provisions expenses extent corporate The fourth our to it we margin was part sales lesser largely product profitability segment decline and wholesale performance In in was International largest leverage despite by sales and
U.S. in as turning costs Page a declined timing business These improved provisions. traffic and ahead of came the ago better product our by of by provisions. inventory eCommerce some growth margin and in higher by reflecting QX driven XX than margins to segment year. which gains Now, strengthen lower lower to and a result while compensation X%, improved year adjusted realization, Total XXX store the benchmark Total the declined of segment X% expectations performance operating partially quarter. apparel detail investments to retail price industry of points lower basis XX.X%, comparable our versus sales and was Retail meaningfully product offset U.S. fourth follow. were The eCommerce on to with strong our we down compared last sales. sales
competitive Page a recent clearly is our with update The stores ability of network in investments eCommerce our build off. an to nationwide pair Moving our paying to advantage. omni-channel capabilities leading to omni-channel with years on our strong website our initiatives; XX are
a in times. convenience, strong shorter terms shown in in chart saw We flexibility for we and fourth the capabilities omni-channel customers these the better consumer As growth demand to of our here, year-over-year believe provide in experience click quarter.
options better traditional distribution fulfillment provide store-based also Our from fulfillment compared center. generally economics our to
ship-to-store made store. significant accounting pickup time incremental customers our orders stores of in-store purchases in while up About XXXX. traffic XX% our their and the options visits have X.X picking to driven for in million Lastly, store online the
XX marked to fourth the recent quarter during Moving to babies some of COVID. of the our Page first marketing; arrival conceived
While positive declared new in and these families XXXX which the new stress customers, spirit, overwhelmingly generated their baby continued babies there and On to optimism. future as has this real a the response, parties of campaign brand parents. the Campaign audience star share these in negative Optimism part such Jr., in Campaign digital offers. occasion responded happier featured Hamilton. drove to an quarter families parents generation of trusted one PJ born of be purchase babies certainly intent millennial Page to fourth innovate awareness, number introducing virtual new to a XXXX. in its our digital we gains and and well for brand our a called new news, launched and Carter's while experiences of have baby. we marketing brand brand of provided into with the most is XX Leslie with With arrival digital than no These Hello and driven Santa virtual with Odom favorability emotionally visits lean
other the record billion to and the engagement media engagement the impressions a young added apparel major enjoy in highest of a These on As in resulted over significant customers across level all X market. million Mike social online increase customer said, Carter's storytelling XXXX. among we efforts year, new brand's continues media the players X children's in XXXX. Overall,
influencers. celebrate broader diversity colleges apparel partnering Turning Page to more launched legacies a expand and next on diverse focus generation, continue the our alumni black brands an collection and consumers, inspire series the reflects to which wonderful HBCU To our historically we of our of we company's recently inclusion. universities with to reach efforts HBCU of the XX; and to
partnered and contributions Sisters on black Month Uptown with also highlighting to a in York their Black reading our and historical country We series, City History figures New notable Bookstore society.
Moving for our sales $XXX Despite the and the quarter. to with tracking these the were year off-price and positions Carter's the the quarter; were in recap of down we've U.S. Sales fourth channel reduced sales for sales the forecast net inventory largely million late wholesale achieved each product, Page XX ago. arriving to a in $XXX results million business. XX%, our a of in wholesale parts with about of brand compared
good excess rates XXXX. in for own retail at sales With of core longest income Carter's Kohl's, XX part higher greater brand we've over regard which brands the prior sales, for we've historically $XX higher customers. the Page the On a through by inventory-related our recovery year We million our basis demand and Online the declined the to our made in adjusted lower U.S. reflecting and was segment much from customers Adjusted tenured included quarter lower stores clear our in are segment fourth year. channel is were points, we charges was photo strong XX% the of fourth ago. one of XX, year off-price expenses largest to use offset growth past wholesale million and in marketing expense. bad the off-price compensation wholesale $XX a quarter planning compared than that in of margin debt to growth with channel. in inventory wholesale achieved in
advantage, to the of elevates presence Our a customer Kohl's and shopping brand Carter's our competitive continue experience. the which baby shops at provide
product Amazon. had of worked to on growth where One XX, exclusive Child and -- increased way This isle exclusive here online Basics Walmart product Mine ensure to Pages time. through Page We've the are the Page a Walmart Target and strong assortment highlight Baby the the focus slides Target, we've is available some increases sales continued we XX brand up included round. On compelling Carter's the this we've of Our shop. depicted quarter help terrific Walmart Valentine's customers the beautiful beautiful presentation must-have this Walmart. a These brand You stocked and that presentation XX, use year. small on on with Child brand with seen a XXXX. compelling momentum all assets significant drove the our over of holidays we've special brands XX% basics. in to of photography our create special few brands XXXX with shown product at XX, during a one a fourth past We for to product Mine On these front celebrate Celebrating of which a Child an and looking brand Mine as brands of important season sales is significant Day of the into over website. year with as Just that of Little way On collectively at partnered of brand presentation the seen of Walmart in of carried consumers the
store brand page, including latest our categories incremental our for is Zip On products, Joys here Pictured X-Way to play continues for Sleep range to bags. newborns growth swimwear we XXXX, sleep of in such of and and expanded categories product Play added featuring a a robes Amazon the next wear source and Simple In us. key on toddlers. offering & our be good outerwear, as
Page in XX%. stores to international due closed as XX declined with $XXX to the fourth quarter comps Canadian We net were many markets. fourth demand results to was XX% very in sales up eCommerce in Moving saw significant International disruption and our Mexico these strong Canada in pandemic million. segment; the Online for our and nearly our quarter stores
the expenses international our in XXXX. margin in rebound in disruption partners planning operating part continued our business business fourth of adjusted investments, the the costs. compared this eCommerce XX.X% by a offset reflects This for we're and lower lower International sales, mentioned, catch-up of compensation to store a Mike but inventory decline in As due provisions, ago. store XX.X% was year deleverage quarter, to
a On number the strategic in summarized believe advantages XX, of Page on in our and the We some strategic pages, growth has over our on years. the beginning the the thoughts industry the next few targeting positioning company marketplace. we're few of we've next
speak of over You've these about heard the us many years.
trusted have their multiple brands generations established portfolio in the clothed most brand Our contains and children. which
emphasis to returns, and we've business. in of operating business unique and record had a brands, our On here, broadly XX, Clearly, to in next performance we aging-up growth and significant we baby, strong pillars generation. years. to profitability recently possible with future We've growing through in a comprised are wholesale grow including We that our lot mid-single-digit a growth U.S. our including of but multi-channel long vibrant believe Page forecast. believe continue vision. over cash distributes and our model We direct-to-consumer sales and than difficult objective sales We the our mission in financial globally. to our eCommerce, special believe and U.S. growth single-digit the agenda. strategic transformation refreshed continue summarized precision, listed growth growth our can pursue We've is to net segment. continuing leading is win on marketplace with lead in the in overall low It good single-digit in International several high right generate productivity we mid-single-digit faster is now the of multi-year as predict expanding retail, can
growth for target double-digit anticipated believe to the target growth the pay and opportunity debt thereby repurchases income in an in through down significant We provides EPS our augment the cash our of mid-teens. income operating us range. So and operating is generation share growth resumption low
years. in us there will number the number sales a substantial the coming XX, the which summarized Our where shareholders. our believe this alternatives, earnings are to to and I will over coming provides we the won't debt flexibility years, which for read of we but in capital business is news forecasts Page significant M&A generate and returning of evaluating On in cash planned indicates We've you. some down and paying these to good includes reinvest opportunities list, factors of appropriate, pursue which the growth contribute here listed. elements
ways multiple growth our to have business. We drive in meaningful
bit expansion are deliver less growth a XX Page to COVID-XX, XXXX; and we X%. the of interest Turning sales about expected net XXXX. because impact with and costs and all sales for we growing than sales we segments our margin of our to EPS higher in planning outlook XX%, what both consolidated expecting income Adjusted uncertainty the operating have We're about to rate operating will growth will income from in in and believe the business grow growth good income last there expected with is earnings operating senior net growth remains year the assumption of significant year an ongoing States notes XXXX. issued be for of of in while regarding in our we tax We're planning this versus more generated good for higher United a in our overseas.
first and uncertainty served we exists, last other year has expect the the meaningful half XXXX's We comparison more record shipments of including and of of assumptions generation. capital. repay year between free be won't expect rent our conservative for overtime. us and be of timing a which have the and continued spending. as the more cash We're the will this given and cash generation match deferred in changes as significant in planning first various growth and posture reasons, We'd of years XXXX with cautious year normal year the the disruptions to pandemic earnings flow well a operating working sales half of well as We period number the differences initial wholesale to
last approximately first operating expect we $XX will adjusted losses terms compared and the the quarter In We neighborhood income EPS comparable a to profitability to be year in increase with million first $X.XX do expect of ago. sales significantly quarter, of year. will of
status the result sales this in which planned across have later risks, ongoing additional of marketplace, in continue key the of and on product may escalation the Also, potential above seeing we're we monitor have spring these of our terms expense product. various arriving what In in impact the delays of to channels costs may transportation an we year.
your take With these questions. remarks we're ready to
