everyone. across very metrics, good pleased the all Trends performance. you, continued we improve first Thank and in are quarter afternoon, with Roger, and our to
are As Roger more stores infection back are decreasing, into continues, mentioned, the our rollout are our coming we more as customers optimistic becoming vaccine rates frequently. and
remainder results were show the depressed unless we is recorded under campaigns especially consumer during today's marketing and yielding targeted excludes Please the adjustments reference categories seasonal. financial Our will that of beginning to demand of during including certain are in stronger COVID, otherwise. GAAP call, specified results that signs recovery note,
reconciliation to reference our GAAP release. items, adjusted a please For of complete press
execute We priorities to seeing build quarter. are last year, we against outlined continuing near-term our are success each and
First quarter was we exemplary, expectations our as across the exceeded board.
best profitability this COVID, we and quarter, are gross we pleased to margin saw to comp This and were rate we quarter. start performance able the return since of that our
to our results. Turning
million, For quarterly in COVID-XX in which that quarter, increased consolidation. was best the began. sales since revenue $XXX.X sales the performance first $XX.X eliminated to XX.X% is included This intersegment million
up decline. year's the total XX.X% versus During first comps quarter, last were XX.X%
seen to which first since last US comps historically of in best first a up COVID-XX, by pivot the the continued have driven comps footwear, our XX.X% category year. were are onset during we athleisure For Similarly, were versus the quarter down were retail, and XX.X% underpenetrated. quarter we
the traffic XXXX still throughout store levels, While below sequential we in saw improvement quarter.
us Further quarter in was our site. found move. pivot repeatedly this demonstrate be our results US details on towards right first heard and footwear our have Retail talk our You our and athleisure business, about kids clearly the Relations infographic can Investor in
over which comps up our Athleisure, quarter, strength the last casual, comps in During now up increase in Similarly, penetration first to athletic compared the COVID-XX. category, to XX% versus XX% sales was we kids impact represents year. and year. year. year last our XX% athleisure the includes despite same XX% category's the saw XX%, the prior and strong, of continues athletic demonstrating of The this were up period versus
a comps and to down working gatherings seasonal more were of while a inventory home During a XX%, continued dress impact social traveling, the the quarter, result was as our from trend Due up and positioning. XX%. continuing lack of of COVID-XX of conservative
category accounting dress XXXX the significantly XX% depressed to reminder, same period. sales this across XX% the a during in the compared first quarter As only remains for time, our in of
and normalize business that and year excited recovery, to of look forward throughout the the are segment seasonal We showing is continuing to the beyond. signs
XX% retail, We saw in transition US have and to We preferences sales e-commerce XX% up spending online, with seen customers digital exception. continue no for the to of quarter a their performance last above XXXX during in our was stores strong demand first demanded this well were majority the XX% the year quarter quarter. closed, of XX%. total of but when Digital quarter demand versus level our first represented
store restrictions to the XX% the store to impacted store Turning capacity strong stores, our continue performance, as in compared growth of approximately Ontario, Total Despite lockdown comps the On end the digital during XXXX. results especially Canada. negatively by XX% sales during quarter. comps XXXX. of were XXX% saw represented quarter impacted which level, in our as were of of be to first a stores we that to up COVID-XX soft
has exclusively dress our and a product to in position. which produces Camuto difficult and turn been almost seasonal Group, Let's
the dress our given demand seasonal back decline over sharp in production months, We have been and last the products. XX for cutting
at As mentioned, quarter. Camuto we Roger XX% planned production down for the
the quickly consumer in ended the US much the a business. to year-over-year. better-than-anticipated with the up to our we own our demand production to of X% benefit key following and quarter, early quarter on we production, competitive throughout quarter, However, retail able production were channels, Retail advantage Ultimately, our turn increased
this But to exiting to expecting a swing, remember quarter, significantly. last when cutting production against up are When unprofitable in were us second to cancellations were first over the number and our XX% in the XX% XXXX, were we that be we forward, year. is smaller, compare we production is down Looking which of full largely production quarter we period due brands.
in from We production seasonal first including in will million to in the the demand. versus second period the Camuto driven sales our million million approximately a sales quarter by Total quarter, segments, first year, plan continue to million build net which the primarily were $XX.X DSW sales down recovery totaled compared to year, through sales half $XX.X year. of same last Camuto, Retail $XX.X footwear last year. $XX.X the to $XX.X last to Wholesale were XX.X% million including versus
million as Our Gross a two versus million with product. seasonal best improved athletic in loss $XXX.X coupled our the consolidated quarterly profit inventory, the prior increased which, we sell-through performance margin saw selling particularly years. quarter this kids and pleased gross $XXX.X initial of over the gross given full our strong quarter story price therefore, required We with was expectations in fewer of better of million margin were in than year. markdowns, to $XX.X the first
Similarly, to of the the to improved from versus was higher first expense to since the inventory customer. and and given lower we digital rates XX.X% the both XX.X% rate year, to quarter demonstrating year that occupancy, first better COVID. the last of similar couple were position year-over-year last We flat points particularly year basis offset deleverage of Camuto's year XXXX, XXXX made were In sales shipping occupancy lines US material of first when liquidations loss we pivots XXX freight and and basis gross margin last actually of our increased quarter At we first last basis well in the and to product the quarter over and first Our last XX.X% rate the basis margin negative in a down operations. taken margin since of improvement. gross our year's our improvement work sell-through also year merchandise and above royalty versus on X.X%. XX.X%, the margin improved consolidated seeing and sales And was given QX, delivered saw markdowns up we've margin on of XXXX. chain. XXXX quarter XX.X% versus the Canada's substantially shift supply occupancy was gross you the year, we've above year, was improvement Gross due leverage and prior saw demand deleverage. strength improvement point to last done to still onset XXX due from but with last inventory cost quarter to reserves, Retail to provided in our negative we continued return reduction fixed assortment by in points demand gross the improved shipping are XXXX, first The year-over-year. the versus leverage costs. US, partially quarter X.X% fixed provides points our that X.X% in segment, versus XXX on for Canadian margins due The store occupancy a margins, XXXX. XXXX year-over-year was expense XX versus fixed leveraging the success
points XXX to improved much higher inventory positions, due margin basis reserves. cleaner gross royalty, inventory release of resulting excluding in However,
well Our of that investing regardless in tried-and-true excellent environment. We've inventory our popular macro levels brands the perform are been shape. in
exceptionally At increase XX% we strategy a XXXX, our a unit our below the inventory discuss lower have was year, unit and sales customer. last of our markdown X% briefly first on the want to a last XX%. inventory inventory XX%. inventory the year to of spring inventory as I of was result down our XX% at for in well, our compared had and Compared from the managing total inventory was On end the which the basis, our of of in up been taking We levels reserves to basis, quarter, cues total quarter on the COVID. material down summer. start to placed was
continuing product are we demand Given we flexible to and to their continue and the on at in a for broader this the channels apparel been and in anticipating spending social chasing the in through as they the our saw follow begin footwear nimble quarter, first seasonal in have we to increase occasions own Camuto footwear, remain market. and We improvement increase and reengage customer events. and
our versus compared X.X% operating last Moving In million $XXX.X X.X% SG&A XXXX. up quarter, to year was expenses. to first adjusted the and to down
XX.X%. XX.X%, Given our base, quarter the XX.X% well first significantly for the lower XXXX's quarter slightly last level year's above below of ratio level sales was SG&A and first of
productive, we the did promotional strategic highest program in our avoided the digital our into member of Roger which, was new number some company quarter, the repurpose sign-ups markdown as marketing, mentioned, to decision dollars delivering During loyalty history. make our highly to of
fund versus As these will compared the during and first this million to gain able last prior a period $XXX.X long Designer in compared continue we to type XXXX. for Depreciation as the the $XX.X are first amortization but totaled receive Adjusted last first million loss the lower first I in same markdowns, year, had the $X.X and million million quarter quarter quarter $XX.X foreseeable the million operating for $X.X approach of the million gain Brands in the to We we year. continue expect quarter future. in a interest of was million profit of $XX.X $XX.X of with in this investments to expense year. below productivity of
to on Moving taxes.
of receivable This return, of reflecting XX.X% to strategies. last contributed adjustments million tax recording to versus XXXX the which increase impacted from the the the in The tax our end tax the tax income was estimated be be that And continue anticipate of quarter's of balance in should XXXX. fiscal following rate $XXX.X to end million is back at rate first not diluted the at the XX.X in than levels. quarter, the adjusted to XXXX benefit expenses receiving taxable in we year. fiscal to the was implemented recorded shares million compared our year. last $XXX.X fact, income QX actual weighted Our years including It by rates tax during notably of net results taken million rate this X.X% of for may when quarter the Total discrete XX in given effective expected largely treatment higher half on prior certain tax change quarter benefits, noted the year. against average were
For a the the valuation net million by of $XX or year. impacted diluted versus a primarily per diluted last release quarter, share part gain reported share, the our $X tax $X.XX we allowance of to loss per net tax of changes million $XXX.X loss or deferred of assets with
remain this per liquidity great million and share deal million. quarter balance the We pleased last last $XXX.X sheet, on with $XXX on $XX.X uncertain credit revolving flexibility bringing ending quarter. year, our for of just debt of draw the liquidity EPS $X.XX of Excluding the spent million $XXX.X under cash Last versus given the total year. $XXX million million quarter conditions. with our our to a diluted had ended year $XXX We facility, million to with and our was versus and available time release, focusing volatile increasing adjusted we position our
XXX stores. two with US ending quarter During stores, we closed in opened and a the and two of the closed opened XXX store In stores. new one stores in new five Canada, the stores, quarter, US total resulting we
view store closure As in stores four for quarter, identified to discussed over the upon approximately US next infrastructure are our including would currently natural that expirations, stores last that approximately we evaluating primarily and close XXXX. XX sense existing years, eligible their make XX have closely we as lease
this and number store based level However, current time performance on projections. landlord negotiations change may versus over actual post-COVID
In continue the for in We we're and DSW prior come COVID. and to additional store plan even open renewal. the to stores XXXX to fleet in that Canada, we see Similar leases we in close three to as Canada US open our stores US, well XXXX. committed in three planning contractually are in currently as six to evaluate to XXXX stores stores to up could continue close
it environment, is we uncertain provide believe too Given still guidance for XXXX. the to
However, we on some of commentary the business. wanted provide to direction our broad
DSW recovery expect quarter US. will been continued we that given the continue to and but production will increased DSW-exclusive We has lastly, second see as licensed brands. at owned the in increasing the Camuto products, improvement, and Camuto seasonal be each And Canada the slower government show brands especially demand at improvement. quarter will see shutdowns, than our for
We that the half in normalize and is to should we recovering, start our confident second are business of the year.
planning We returns. inventory are still but increase make and demand production the necessary to our investments inventory conservatively, we prepared are as
seasonal business, trend questions. business. First will to a we that, the in continue coupled that, open that recovery profitability, quarter Operator? for believe kids and and call driven going strength our marked our With return we will forward by the in with athleisure our
