Sportsman's Warehouse (SPWH) 10 Dec 242025 Q3 Earnings call transcript

Hello, everyone, and welcome to Sportsman's Warehouse Third Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I will pass the call over to the Head of Investor Relations, Riley Timmer. Please go ahead.

Thank you, operator. call Jeff Paul Officer. White, QX Executive our our and Officer; our on today Stone, is Chief Participating Chief Financial will includes contain operations, of statements everyone due Securities those of in results Litigation growth may industry. Actual meaning a now suggested and in of safe risks our of Private expectations I statements language. The recent XXXX, about Act the Form harbor future which of the the our we described regarding from statements demand and products XX-K company's differ uncertainties, such forward-looking the with company's today and results made for Reform SEC. within to most those statements the of number make the materially including remind filings other company's our

to XX.X website also as press reconciliations at we available most the Relations to our of Exhibit non-GAAP measures which furnished section call. Definitions during We non-GAAP financial financial Paul. on will the the provided as our now also supplemental to financial information as today, SEC the call today's release measures measures well sportsmans.com. I turn will of is disclose are included the as GAAP Investor directly comparable to X-K over such in Form

afternoon, Thank you, Riley, and good everyone.

promotions this early we XXXX, our delivering top our stores the improved Last the we process strategically Their we and third holiday. We inventory for commitment our gear out and with in progress being normal refinement hunting most customer strategic with want products teams, our seasonal which instrumental our the inventory. across SKUs. work in I rationalization our proud ad our goals. strategy the seasons, line expanded were First, was to teams merchandising collective drive acknowledge service new transactions. to demand journey strategic efforts of our has two great meaningful a laid This great plan aligned done to for all of quarter, achieve implemented our and increase largest cleanup by stocked to started execute targeted to towards of we and and customers that the performance and included with as wanted Sportsman's us and the Warehouse. I'm enabled ensure started campaigns quarter. When traffic of

to continue value, efforts shopping We marketing further we and our to a customer product align campaigns sell see consumer that these for is refine with and behaviors. will

the electronics category, pleased for While total along and camping XX% and sales last optics, gift year. with X% our our were fishing all which that in includes comped cutlery bar over up third were fishing we down quarter, positive department, quarter, with the

we QX that position NICS that from our the outpaced also his remarks. last inventory importance year-over-year we reduce we note merchandising in as that our we the category. firearms lean right in transform muscle It's looking to three three some they over will a to and year. Strong the time been these This year customers categories In were in as the nonperforming the at greater into of strategically unique saw Sportsman's ongoing for year to this as important part our meet address prepared the lapping stock the where season, We we Warehouse. events worked inventory. comparisons. Jeff to and of a in continue growth, impacted to performance detail adjusted underscores being goods last in are in entire leader continue solidify of develop productivity we customers needs our our and core the of has with provide strategy departments

assist data including us outdoor analytics ready key seasons unique. are key to we our using and vendors, As that seasons, micro for geographically we deepen the being partnership in with are the

were more our we the and promotion-driven pressured sales margins environment quarter. initiatives, consumer which driving current the aggressive on gross Given with shopping, and emphasis this value

a We firearms. more from mix also shift pressure product in to saw

to season a merchandise, customers. we staying end that ensuring each and commitment with with made fresh, our clean relevant our Additionally, highlighting stores newness remain

this cadence, into minimize to a price markdown allows seasonal those reinvest products. inventory it core and significantly requires our us approach While dollars excess

Lastly, we up and more markdowns continue is which we pockets clean margins seasons. the gross of localized as to pattern inventory, different this, quarter. through create in By of move a also the fourth we small steady impacting doing predictable

look line we we margins gross and to our While in on expect top improve persist next pressure margins to year. QX, grow

strategic improvement will the Once tools in investment, continued overall and tools. These part resetting fundamentals in of IT and gross our our and and is inventory rebuilding of objectives key in-stocks, to investments our One effectiveness. productivity. our operational of assist systems these are place, business build-out enhance implementation margin of a

only opportunity of an additional to great customer our to sales part ongoing through reset strategy product continue and great provide better training As gear, improves also outfitters. but we satisfaction, to not displays attachment. store of enhance provides The focus elevated service, experience improve on our

the We see attachment work model to AOV an sales drive continue and our improve media refine done great in the marketing from around being as high to comp in-store and at we overall continue service. E-com-driven sales to positive channel. mix from incremental all-time the through quarter

awareness. on our understand the and part sales, to and impact activities data-driven As acquisition of test, of insights, different marketing through learn continue brand customer we consumer omni-channel strategy,

Looking about we and the move short- place holiday achieve objectives. to season, our in optimistic the strategies remain growth ahead, long-term our and as through potential we

traffic and we introduced great during marketing emphasize holiday to to new to win capture treating as for improve approach continue gifting year. and will look incremental We a the we that marks customers highlights holiday the fresh holidays. season, campaign is a and or value the yourself of our balance To during gear with newness This relevancy campaign season. perfect engaging our this omni-channel for the

upgraded Our in-store a been exciting fully to reflect campaign, experience creating has also shopping the and cohesive experience. integrated

transaction results, us gives the Friday are showing confidence sales implemented Black highest experienced including early and count. Cyber holiday ever This we where that strategies our by we new encouraged are Week, We marketing promise. e-comm our

More customers they for shop. a ever, make are to right However, to shift are we retailers, the promotion wait how and customers than like a other to willing purchase. value in our continue shopping see

to complex environment, we of As navigate and and we'll to the initiatives, continue consumer service traffic-driving prudent inventory continue marketing prioritize season and customer holiday balance the pricing exceptional product management.

for the to As conclude, emphasize levels want I year. cash to total the I inventory management and positive expense of reducing importance flow generate free disciplined

prioritize you. top I'll And is greater turn improved financial the priority in the results that, cash excess we use flow. will as debt strong a review the over our with of Jeff call We to sheet a manage primary paydown for performance. Thank as balance business to of detail. Maintaining our the

million points $XXX.X quarter of and million with X.X%. versus to cover remarks compared outlook of my same-store X.X% fiscal quarter. the in fiscal Thank you, afternoon, $XXX.X decline XXXX. XXX good XXXX, sheet our trends an third the were XXXX and basis Same-store for of Net provide sales improvement fiscal quarter additional results, balance third quarter a of I'll our the of compared everyone. sales quarter improved decreased the a updated third the of second the review sales of XXXX. This quarter for straight to Paul, prior and color financial begin today on XXXX is third

in quarter in As our year last from and gross XX.X% due and spike category customers margins clearance Paul footwear where mix liquidation and carries as year the and the events as was our apparel versus mentioned, margin. driven in third prior value of category ammunition we lapped events quarter higher-than-expected came product in unrest primarily promotional October. more October, well margin by comp The tough the to as of the to demand event-driven as categories. Gross period. lower for Gross well on shift the Israel demand in to a shopping in war firearms basis in quarter, for tragic a firearms buying a social during the XX.X% leading was we comparable the these which This and and below decline products. from and from penetration led expected ammo mix year-over-year and overall

the million our net $X.XX of compared or offset, $X.X per initiatives is the quarter loss outstanding of Net and to comp the XX.X% million quarters. That in prior reduction income apparel the versus our decline year. and per loss year-over-year payroll, lawsuit implemented third loss smaller prior of prior per margin of third net of to first period. the $X.X the sales $XXX penetration the last or the Adjusted for million share $XX.X State period. a two footwear of million million departments, diluted $XXX.X in compared XXXX diluted quarter in in were depreciation third or in percentage share year adjusted or an diluted on negative in compared expectation compared share cost in million our in year. Adjusted SG&A third quarter $X.XX settlement where previous all sales preopening was quarter $X.X we share basis. million XX.X% or year was for of was net evident down last our categories. underperformed a the This to $XX.X of EBITDA per however, by quarter net third These the $X.XX in diluted quarter the million and $X.X the with were we $X.XX California. highest year said as as or expense expenses Additionally, year-over-year of was

ending X.X% quarter effectively increased made core $XXX.X seasons. was of in store our hunting effort in-stock inventory down we end versus the ensure to our quarter, our inventory Turning year's to: newness third quarter to basis, two, add products; third last three, strategic On million liquidity; stores; of one, position quarter million investments holiday compared our the in sales a third selling was sheet and balance to in $XXX.X third the quarter. In and a at per the last solid drive an and inventory support versus and on XXXX.

inventory As seasonal peak third a created as this for the ended we our levels quarter. expected,

will across strategy stores. localized end our we and clean We up are with an fiscal execute that inventory of less holiday we to than confident balance unproductive million on as inventory continue pockets $XXX our XXXX

the we total liquidity, total of quarter $XXX with and balance ended million. a of debt $XXX Regarding liquidity million third

million facilities have $XXX approximately credit available We under for our borrowing.

profits, balance credit sheet below $XXX million management reduce although of not generating as go the year our the excess on the Careful the yet will XXXX. positive the for of year end remains expenses. the cash company manage continue free paydown. to line still expect directly we flow debt cash expect closely and inventory We priority. And to balance full to Any we is outstanding

Turning in our and sales the Paul gross on his underlying pressure our continues to discretionary environment as from is consumer experience margins. the mentioned remarks, impacting persistent weighing now difficult guidance; which to business spending,

consumer margins in to am we thus far value-driving spending, on updated shift pleased promotions While the I team sales. improve expect targeted and with to given executed has to holiday, and weigh in quarter, we line our factored to the campaigns gross into is store how Similar our will which continue this guidance. QX, traffic during top the last use

XXXX of $XX cash million the $XXX of year. assumes guidance; year reiterate, looking below the be the full free adjusted $X.X Now now still our flow be billion $XX positive to million. net updated range adjusted year to of our fiscal be sales million we $X.XX low the end to inventory to at EBITDA range and To in for billion, EBITDA full expect XXXX range to in total

on questions. million, the the relating primarily We $XX will our remarks now million merchandising be to concludes store fleet to consisting call XXXX and now our in $XX back technology for expect investments and to turn expenditures to productivity. That prepared the operator range any over I today. also to maintenance facilitate capital of of

the And with of from it line Matt Instructions] [Operator comes ROTH. Koranda

sort year-over-year. your you're to can Are like bit you a we if that leaned what for well. First, little fourth during of comp during fourth you we're more guiding promotions. line was, we It suggest guess quarter? of could that the tracking more by just quarter-to-date. it, month. third response quarter to like in to the down, sounds you Wondering that a level seeing on quarter was call then X% with implied the cadence X% comps maybe just Maybe color there would just the maybe response what maybe I cover if And as cover saw that the customers' your in quarter?

Yeah, Matt, hey, question. the Jeff. it's for Thanks

of and through effort comps the comps in I would being QX we thing out. look QX, at to some QX. sequential tough had. we first that is is year more liquidation month-over-month broke As then offset war all last footwear that say saw we the were apparel and we for where the of We improvement lapped the promotional Israel-Hamas

trying see that of we where being said we So those trend month with but we walking surprise our it in And into us expectations did outperformed more remarks, promotional, we the as did that prepared with improvement. had performance were October specifically. proactively to the address we

down As that think at the one rolling you the thing the X consider then and terms of you of does need the against last from week X that QX, to and creates I over moving of you're a week week to it look your comps comment what that comp it year, into a is on that a in taking week comparable of because October. January XXrd

low revenue year versus you high revenue last So have a a week very week.

I back just would is say look go in your at that there on there numbers. and So some that nuance

week year. the shift, I think just, Jeff, XXrd last the maybe Remind Yeah. with us calendar

had contributed the quickly, us million, really if could. like the think you said it something just but I math help $XX in you past with

which $XX when into contributed. the inclusive now comp, a looking week a is week, that at million an that you a higher year against week XXrd again, The which last year-over-year timeframe, additional QX a year at of week. was But is Yeah. week, one much what being that's have October is falling a slower revenue you're January an time compared much of in week

I at year. QX -- store in sequential of at say we're So through as would sales we're made, adjustments we the being improvement with that end look comp the those continual looking

top in little we're could historically, bit a terms months, doing Okay. call just No, more talking guys just the of like the what get and then you about value mentioned little that at over this promotion playbook of the promotional around still of on you a of unpack that? then X Maybe and And know clarity that posture of layering maybe you to have everyday that a sort running and a to item approach sports that might we -- last, earlier. gifting around least a just place in on you we're have still highlighted it, more work more the new that's that shooting guys be is is off promos to just little that. bit I XX we about? sort helpful. bit Are drives Maybe here. traffic that attach

as the going ] approach this were arms-ammo say, that against same the is would I Matt, had. Paul. bump [ October, there we we took we

people we've arm we around an to into buy. open had year been November, As around we to less gotten was last December, really didn't it's traffic which promotional didn't lever being able we have to drive as gifting,

I gifting as ensure as December. it take planned that look came and think November able it So at we're able on be looked to to we true get we if at into we and into and spring consideration into to strategically, that to we

and we're component print it's standpoint focused nice mean, into on on would really we've the an just the attach is when our team in be think what around the ROAs So tell about you, from solution and well [ has with exceeded and give really be visibility looks has we at what the we've our versus able just what marketing from expectation to that consumer the promotion, completely as stores. And an fact to no attach and do and in they we really Susan What look a October. like, And would think on job ] come removing team as really looked with reiterate, we've I as and to draw around the directional we've done on to measure from in little has total a attachment print a looked used this rate excited the that's had [ ] people touch the than can on been the different I I AOV be an what different organization, super the ROAs I AOV extremely able other digital. to come to to been like. team that

more approach those to both has in the able in. be and where channels not into focused come extremely play what that like I we things, that be to then a different So on targeted play from digital company a looks digital think, of standpoint could played to

particular on of AOV they're bullish in an attach. So what both doing from those and and

we lapping of Okay. maybe if Is in of Very just that Maybe of item some more the have cost-cutting down the initiatives more for last sort had on savings that cutting? It help SG&A mean helpful. Maybe on from that I of that we're come sort like cost see quarter. sneak basis? fourth drive the sort could to the we're Jeff year. just one to in sounds Does winding that levers on some there on side SG&A SG&A things. lower us where year-over-year understand another line of we round we a of

we Yeah, Paul we talked great to and Matt, exercises order the these have in we've about previous made in into labor. and it our to go great meet guarantee need through calls, store question. as I service commitment, cost-cutting customers, investing start our back to

to exploring still into organization, for be we'll savings, and of the we of component cost always to the had type be will and we're savings going realize organization. those customer-facing savings cost those. investing various So keep in as service organization. There's But the the looking additional components be back-office functions the in more back we

would what kind go state imply I your you models are is steady as for QX and as it. think going So to of forward, about about think SG&A QX

comes question B. line the with of Anna from Glaessgen next Our Riley.

you of know the suggest still expected a risk noted a priority refined year-over-year. noted on which seeing like in Maybe the clearly than I expansion clearance, the in gross little speak clean. seems to you're approach end that it that each nice a to to can that extent and that but the to though even end-of-season It reduced has that softer to you you to season I well? guess came quarter, merchandising margin. it's to I'd start as

Anna, Yeah, Jeff. Good it's question.

in we outperformance. QX, ammo, called and hunt we at firearms forecast, of looked we it expect we little business category, As not initial the the a that out where areas specifically and like bit, in did outperformed our

some our costs if bringing So margins in when a it going that you're a to you merchandise drive had was it drive there seen that of build, look significant past a you in was more at the area, freight but was there would what lower. Also, the is and that build rate outperform significant going have gross during that not to in margin. gross QX, impact to large, -- we than inventory

and sales, the margins approach So looking at to the promotions looking the the and where traffic getting rate, driving for a it the drive just then to less-than-expected the freight mix of QX. for build in led are the was stock the to, targeted result at we into holiday ultimately for stores gross

our it. a of XQ, Got but question, guidance imply similar expansion eyes we seems in margin. as assumes bit little both year-over-year And -- step-up to to a turn then gross in

of have discounting quarter? you build of sit you're that here have today, intense to As at the that to going based end on level inventory confidence not the

market right on topline year. line clean meet the -- we're for and moves, drive confident sales in gave the for to we in year full and hit and very We're need distressed the we aggressive end ability what the to right making we're promotional guidance We're the end profitability. sure of order we Yeah. to being traffic season, our and stores quarter holiday we into bottom inventory guidance the make is consumer and the we expectations to where to a addressing the and our gave execute

confidence we I So a in year-end with hitting of we say that our numbers would went out lot have today.

Is single-digit of would case? private just of I to is believe Great. sales. percent And to sort a then the a your that limited or direct imports label, exposure housekeeping. low which tariffs be

Yeah, you're correct.

any monitoring be I actively think direct those exposure We've we our ways the increase X% looking out and and to reduce finding would to brands -- in it's tariffs exposure there. been our private have it's a under and little tariffs. on

United thing areas of our perspective side, out other and products look that wouldn't supply that branded we are obviously, come than those is I'll business, a different be probably branded one tariffs have moving in higher we into The at that from other call pricing their to mean impacted effect we're States do product the the penetrate from chains. The into measures manufacturers, made the but or at 'XX. retailers, as looking doesn't

something in from brand going that monitor. it's very private little exposure we're there. that you're it's a perspective, to So correct But actively

comes question next with line Justin from Our the Kleber of Baird.

for I based SG&A it can the put your First sure and look margin us imply guide, gross quarter margin to a math gross at to want finer one, make you on point your seems sub-XX%. Jeff, fourth EBITDA the response to XQ that midpoint I just of correct. if on just question have I

a with Yeah, we guidance, that. look we I foresee year anniversarying we not last give of that do had say while would if activity, specific degradation at clearancing the Justin, the didn't an you that

So the we guide year think you gain we results. way clearancing in probably about margin XQ that you margin. during on are that's assume would as giving to you lost the QX Without can you the liquidation that back at look going what specifics, on QX that and and I last

Okay.

-- into your $XX ask that's the I the to the should million base I'll maybe basis, sounds and carve back were an And like SG&A around this in items, you're we question. SG&A guess, If about XQ 'XX? that then saying dollars So on be out right, it quarter. I going thinking new adjusted

in-store. back stated the steady do comment holiday staffing forward. Yeah. much we previous that's have more But to XQ, pretty we as little the a maybe move just bit with that and to

Okay.

color on and be you're working on brand Just doing what of a seems you? the Okay. to expand And spend best this for then, more omni-channel bit Is top what to more drive existing Paul, focused campaign? targeting you can more marketing you just any or on funnel awareness customers? more are

Yeah.

from search exposure the to it's bottom, just bottom for we've able lot be the funnel and an is from think we a and runway about move component think benefits being investments got of of of the Cyber we to the us And as saw I went entire e-com versus as I made standpoint it. truly through it a it Week print of from attack the up the think we an standpoint. clearly to holidays the of

print So I that we into able to affiliates put we now, mean, work to right be would different for But we answer an say that coming funnel. your work have reinvest think in and past as and and a like originally, the active we as been dollars able us. different a different it, even lot would more at bottom it where business programs and channels. We're question of to those what of we've to the social, ones able with majority to in look in exposure of have is about take gives be looked a really couple big of have our opportunity us hard I working part to

next question Craig-Hallum Sigdahl the from Group. Ryan with Our of Capital line comes

hunting. want stay to I want on I focus -- to on

So think of kind to after you good was was guys strategy, bar. area to growth, I layout, that the fishing gift had rightsize etcetera. one commented Hunting store fishing focus inventory see camping,

the that categories the camp both was a growth better surprised in I had guess one some out of and to I But today. little earlier in called see that hunt results peers quarter. wasn't Some

the put and a on strategic where in you you guys performance from a kind quarter are finer in kind of point standpoint can So that category? at of

Jeff start, I'll some there. comments let I'll then add

Yeah.

really for you had that, When it the Israel-Hamas, in category. performance headwind. the big of On we the the specifically quarter, headwind compare a the a ammo was with lapping big

very perspective, outperformed continue QX. a to we're NICS run so we do for We into the the rate pleased QX. in So with and quarter what from firearm performed of

were we knowing pleased walking out headwind the of actually QX hunt of were performance against. the that we with category, up very So the

with very into, reported walked knowing we I pleased know that we So the results, others were different the headwind results. have but

In that I'll strategic cover terms strategy, a we're kind and the reset of of merchandise let on at where Paul from perspective.

think opportunity we be able people the to to really to to there to be us help drive as our went able from to be knowing on And -- allow as able drive inventory think ammo that able I in also extremely consumable back our we has, business a one in us pull promotional firearms in our which from and down an particular, the to levels I took be add to the I stores. has is an particular, thing the to would up Yeah. stores what I being and that. I mean, will that, from non-go-forward people to I standpoint to the be nice think reinvest job that clean is the -- greater was overall October offset firearms, much ammo, into about able done comp weight that think an able into say, to of to team to we to

to we the felt But strong on not organization a NICS lapping piece firearms at the that an ] own standpoint us and as to positive comp. that good we're we inventory it of ammo with allowing it, performance. from look overall, able our a and NICS from So reinvest on the out drive holding an had, as to be calling we the into back really on then overperform [ store. troops to

down guys, X% plus Firearms think a just were clarification was quarter. the but you quick question. for in Jeff, year-over-year NICS I Maybe,

discounts standpoint, of election. traffic amendment you I can those guess -- second and conversion kind etcetera? did guess, focused have a you ahead you what then did And on the I And any of did ran ad a guys you support those reconcile see secondly, two? foot OEM you rebates? So see from

Yeah.

one there. On the clarification NICS perspective, Ryan,

out So units NICS report NICS. is and our unit a outperformed basis

talking consumer So unit the in we're all third and outperformed been We've the -- substantially a a you're that NICS quarter. pressured about seeing environment that that for price on by the trade goes point down we consumer, to year. But that's in. basis, the

clarify to just there. So

categories cycle. the better we have -- maybe say after would side, election that I to the vendor come from are Sorry that in seeing especially deals down the slowed market,

a You're seeing from in firearm performer support is Fish we're deals and us vendor for side. from of the manufacturers. terms more ammo seeing there OEM the good what

our I for with run-up got an spikes the I'll as and this what time were paid We standpoint. the both what election, Second consumer reiterate see liked to. ammo we as think I like any really we that the didn't attention Veterans a absolute need much see as our that Amendment. And in Day type we election. performed us first a with firearms from well business any happy looked as both or of Yeah. and really as run-up activity how mean being we haven't veterans promotional we nonevent we with the to engage amendment in to connecting to with second didn't and from was able

those, both what good would So we felt of I performance with like. say, that looked

the is last [Operator Mark question Our Instructions] with Smith of line Lake from Street.

hold around have drive the you prompt it been need behavior or them if question behavior. for to It transactions. similar? seen of in sounds to is you of First kind to curious just come higher promotional for the end to really seen the higher-end I'm Do consumer customers. at be and up in Has okay? end, me spend really change like you've still kind need low kind of

think a I uptick being going ability something others we future to just able -- have But granular one able look we market, more out say, targeted state much, set much to we to And consumer. now be to more our kind been just have to have to of and overall, approach would have or the state be and seen. I mean standpoint. I already more we to have on we like consumers consumers thing the that in able on opportunity the through with be communicate Mark, our to that as information how digital past, that's the future the that, price what go than get them to regularly. much on a them on target what point go from to is know think we just the from seen is precise they've both to that on reported be be higher-end on to have I we consumers out opportunity able our not that's that opinion, say I I an much would Mark, in

promote Okay. ammo. firearms, it level look unit-to-unit And then product primarily outperform to to wanted a your bit basis. we also drive do of QX you at in if big on sales Maybe little hurting you more on that you a hits to at margin confidence feel category? can dig within it that in without kind unit I in to NICS, you as that do outperform can expense but too NICS much continue or able And back to is category like feel NICS, strategically margin being outperform like

really good question. it's been Mark, firearms. questions. pleased previous the with attachment We've it a Paul rate, the mentioned one on of on specifically

as we with making accretive become. solution at the just a more to we out thing has nature, viewing It's while attachment coming get margin the from selling the So making we good them of firearm not promotional is been get that more rate We've when purchase degradation we're how really firearm. We're offsetting items attached with the goods in all go or for that the transactional high no in selling we've type meaning such firearm not them sure they we're a margin more firearm, where firearm. additional it accretive someone a longer is door. additional ancillary that up become just pick that it in, come and being sure the send standpoint,

is something investment capture think really and be allows and AOV to us that's attach to performance and ultimately dot-com to from the we firearm those grow stores stores customers the and serve the able AOV. a and to able their allow continue is that to the purchases be to outfitters jobs going in a our knowing do think we and advantage and I the to drive this the of that, attach dot-com competitive the to in standpoint the to to majority make just the firearm

standpoint the consumer. pleased firearms the drive an and be the So to able to teams us to the to from be have able total those give to what to solution been with e-comm do to allow able stores

or seems you and you confident through so QX, on get like the you trying if today, towards out along the and applies to us pretty can Do inventory last gave, just clear further to tell to point on maybe it then Okay. you especially inventory more if that there's season getting feel as holiday promotions of like seems guys at your at this us numbers? like being point guidance on you're kind kind looking goal? the guidance year, in your December. far to can that in that in of this down. Maybe later you historically are -- give the guidance able quarter, catch-up XX% feel quarter And at you whether It

question. Mark, Yeah. great

sales, the of the how current In shortened It's season. XXXX versus quarter was modeled. we're model holiday sales terms tracking same

have did we days year. for the holiday We five quarter less this selling last than

are with happy So I progress would say that model. versus our we

left lot exceeding Christmas occur. from are model we're to XX of last Eve days that right We -- two there's a these but sales last still now. weeks, The

ready that So between you're of right There our serve the terms size days. inventory, some get and revenue stores in the the goods that ability for our of work And the days XX confident left we But achieving in-stocks, focused and to we that down to have done selling make and have the right outfitters the quarter. need be Christmas. to big are door. We're customers some your sales now we on the still we're are the the out sure there's targets. last to

Yeah.

the being don't concern January, chasing just in time, at think where on that's and add a December December I'm think we're -- But think they clearance out yourself come not it's to work to in that we're going goods think, and a January want have about you're as out. close -- January we're I proud the we at. And as we be year able just that the that's position what that biggest they the to opportunistic I inventory same in you're to we're we've looked core is to well. done to as our into of we really last get as able position where end as of I as would very, where ensure we got get the I and that been completely that's liquidation team consumer the need the allowed merchandise right putting

well, I want there's So too of a our get from position lift ultimately, in much. us XX don't of as to -- and to in standpoint the Q. we an inventory the Jeff days, of to down skis the allow in that I think think we're end down mode the a by it the get customers in liquidation we -- January inventory we without be us we're front front having to think will But in way the able be big next heavy serve said able in to clearance be need that to to level

is the And last new any around Okay. for just one additional thoughts me stores.

you're things will this as you to will this we this a look at I traditional give format you any opening? think you in new Can see be or a where of more into next store, you guys testing insight store one then said new expect one trying us new year. And maybe timing? and do

in it's terms store Arizona. layout. But We're the what of lot of an layout, a not It have you're in early late opening. completely of drastic the I store what that to It's new will test or lines, learned to area sight of see core the country would into at departmental say square going store box. from Yeah. year is. the look foot different our timing where a last standard will change. over next trying year cleanliness, in timeframe a going terms footprint not QX, that we've XX,XXX of be kind something in we other -- sizes be in Mark, merchandising, QX visual incorporate We'll

state So it's that know know. what we consumer the We a wants.

the presence. have We brand

is set terms of think the So that. in I go-to-market at looking how pretty strategy there we're

our I from there's states and looks our as personal as and test states we like, to really into Yeah. of personal think opportunity what an toughest it's learn of protection fish. that as I a protection mean best for one lean and one well focused probably and on

adding would as protection we store mean another to. our So say is could one test, But learn, be other that look our of some at a heavy, I states in where that and really into it I cases mean we'll fleet. we do lean be and personal it, best-performing and existing this we could of there heavy we'll

back the it remarks. for further Paul I turn As no see questions will in to I queue, closing

and the you, we Deer where will in-person Conference Thank we'll joining host Orlando ICR Thursday, in one-on-one way ROTH By of in call. the today's note, be operator. Valley participating at this and Thank everyone for group mid-January, you Capital in be we meetings. for Conference will

you, for in today's everyone, thank participating conference. And

You may now disconnect.