walk fiscal through Good insight Thank fourth this And our quarter afternoon, approaching you, and share more XXXX. then everyone. results I’d detail. full-year I’ll to take how time we’re some you George. into in like to XXXX
have advantageous with focused gaming on we fiscal the shared George you, goals, advanced transformation progress we strong the plan, business XXXX strengthening the capitalizing underlying position and our As our saw industry. as on in toward
flow, significant return specifically management deploying XXXX and primary balance long-term debt, including shareholders. our through to One these sheet initiatives and was objectives payables increasing value capital liabilities, to in primarily reducing our cash optimizing and of inventory
is and of posed the a near-term our console cycle. also the financial result, Additionally, end management we inventory margins. strengthened with the sheet flexibility contributing year balance the focus The ended the to intense to improved successfully on gross challenges by navigate
updated performance. basis. delivered Turning with We both line fiscal adjusted of to results, an our quarter in update line top fourth on expectations and XXXX January profitability and ahead our our
period. primarily from to the sales store our basis decline The year sales total at XX.X%, XXX decreased billion XX.X% to points $X.X overall and billion the decline results, attributed in prior headwinds. comp sales attributed with a quarter closed to stores of was exchange remaining Looking foreign fourth $X.X company
stores. sales accessories, store categories: software is traffic results stages to putting declines and on by fact the console comp three pressure saw Our and were late the hardware that the of the collectibles. we’re across in driven We cycle, primarily which all
This detail. chain primarily As you – likely the adjusted we noted change from our we was was things. release, category two have reporting press by are way driven our
reorganized pre-owned from to we merchandising and business related including the our the new First, category of sales. have end-to-end through specifically, management, organization better products lifecycle align
a gaming we verticals. feel of the vertical better secondly, appropriate and this is other products more across and video – more console align business view product And with expansion our will of
provides Finally, integrated we digital reflection video and feel games are primarily both consume this gamers how a very of a they physical consuming structure more us manner. with as accurate today, in software
For hardware Friday originally anticipated the the we decline than and the But would the Black industry. in sales more dynamics quarter, mentioned anticipated. in tough, earlier be was we after had this as we given year, the software period fourth accelerated
in full-year year our comp high-end range, down sales early the to anticipated towards range we that time of the we the at down finished and of However, be the update holiday sales XX% of to in XX%, XX.X%. January,
decreased Fortnite Hardware to sales next-generation and accessory accessory as reflecting of in well XXXX, significant XXXX. launches in XX.X%, being anticipated as against the quarter fourth related up console sales
As a note, was a and the Nintendo and to percentage XX%. both key in customers, of to total were accessory see Switch and an resonate sales within platform positive, as sales, lower continue merchandising we presentation with hardware the offset Of stores our sales. this console
decreased sales of XX.X%. XX.X%, total were and sales percent as a Software
the than than current console titles of launches into more and titles. this Modern were console nine holiday new much period fiscal Call number the prior however, of weaker on Duty: bright Nintendo Two major early the in out with XXXX. later years, the of was announcement the final title Switch of moving launches, XXXX spots quarter, Warfare Given and for
million, $XXX to traffic in X% stores. decreased by sales driven Collectible domestic declines
in This to merchandising sales, collectibles shift XX.X% percent increased a inventory gross Consolidated the basis higher-margin XXX as total improved to quarter. points management, a of driven efficacy margins categories, were promotions. by and tactics to led As greater was both pricing related XX.X%. which well in increase to as mix
million, expenses in with improvement one-time charges were expenses our and Reboot associated or SG&A and our structure to to fourth quarter business. our efforts million, reflecting rationalize a initiative, This is $XXX.X of expense management severance the $XX.X million Now objectives. reduction turning cost roughly versus adjusted profit directly for related overall After decline last roughly of $XX XX% other the ongoing year. adjusting to transformation, our our
income in income, million other operating of the loss the Adjusted prior quarter. $XXX.X million year. excluding to transformation, charges was an fourth $XXX.X million severance of quarter, delivered of adjusted compared to We operating compared in prior income and fourth $XX.X operating million, $XXX.X operating in the year
of we across tax which The was quarter, allowance related the and fourth quarter earnings our approximately million. items, including tax discrete for operate. the $XX.X jurisdictions mix tax non-cash impacted valuation of on $XX by effective rate in and adjustments million the impact as in XX.X% Our the tax reported deferred certain the was assets primarily to quarter
Excluding XX.X%. tax rate one-time was for quarter effective our the adjusted items,
diluted a $X.XX $X.XX quarter. compared Adjusted excluding a charges income net improvement million, diluted On profit and per $XXX.X share net year in severance per Reboot goodwill loss reported associated to prior per income our share. share, a or income, was the initiative, million, million, or net our was net with million, per $XX one-time or of $X.XX adjusted transformation, basis, $XX.X of of or compared other to impairment, fourth $XXX.X $X.XX share, loss
decline headwinds. decline of XXXX. consolidated primarily the comp to decreased stores remainder exchange to foreign sales Total closed turning and sales The with our Now store sales to XX% results. XX.X% full-year attributed company in attributed was
decline our X% collectibles In category a performance in saw XX% terms the decline sales, increase a business. we accessories, and of for XX% year, in and hardware in software
the each. and some within are continued Despite in decline software hardware highlights categories, there
saw perform software for growth the we well pre-owned of the the in year Nintendo Switch. full-year and new in the back-half continue previously we software platform and to hardware discussed, As Switch throughout and the
XXX increased collectibles higher-margin driven and as of implemented basis primarily in Gross but fiscal to to back-half initiatives shift by was margins points which earlier, merchandising primarily I the to This such were increase in spoke XX.X% the the mix XXXX. year. accessories, to categories, also
roughly – efforts ongoing charges, the XXXX. to business. for billion, million After of transformation, $XX other structure were largely one-time, million, SG&A related X% versus adjusting This cost adjusted in $X.XXX reduction our roughly and our a reflecting decline expenses overall largely is $XXX rationalize severance of our or to
an year. operating an $XXX reported $XXX.X basis, delivered operating and year. of compared an the an On transformation, other million prior million, operating severance the excluding loss as Adjusted income in million, million to to charges we of $XX.X compared $XXX.X income, operating prior of in loss was
a we rate the approximately operate. was throughout non-cash was Our adjustments valuation in projected which million. as year, across goodwill lower rate the on including was earnings million jurisdictions the $XX.X effective impact tax impact the $XX tax mix negative impairment, tax The year and a of tax in certain deferred items X.X%. earnings year the reported to of allowance the due discrete our and The assets for the of
XX.X%. rate items, year one-time the our for Excluding adjusted tax effective was
and As overall being results results. a as and when reported the expense of low, tax income the impact taxable quarterly reminder, This U.S. be the relatively looking tax to result effective volatile. can expense in was at our and rate a unique resulting full-year GAAP XXXX, rate normalized our
or year. basis, per the income, reported including to Adjusted of net per fiscal share, transformation, a in was per share impairment, million, income or million, million, or $X.XX in one-time goodwill per $XXX.X net On $XXX.X charges an share $XXX compared $X.XX XXXX. net loss $X.XX net of to $X.XX other diluted adjusted compared a share, million, $XX.X severance was diluted loss prior and or
to a We continue product base, our fiscal fiscal net stores, store dedensify – of entire our maximizing efforts and in openings. XXX on closed inclusive optimizing of in store XXX productivity continue to of fleet we our global XXXX, focus closings the will total focused XXXX and on fleet. XX In
and had balance and total under quarter, including net availability of the Now a in in turning end $XXX.X million fourth $XXX $XXX.X of fiscal cash of to sheet. we line million credit. liquidity the cash the At revolving million,
fourth balance the XXXX. at end down the of $XXX from of of ended $X $XXX million, were the quarter payable billion end XX% end the quarter accounts to of decline We at at the Our XX% million, of quarter debt XXXX. total a down fiscal million, with the million of $XXX $XXX versus the or
$X.XX the ended quarter year, of million, prior We a in to fourth the inventory $XXX.X XX.X%. total with of compared reduction billion
significant in on is area reducing of levels. and improve mean turns inventory business us improvement is focus But flow capital it efficiency inventory and said, inventory cash our have of focused doesn’t importantly, generation to a increasing model. strong simply we the more materially improving working As for our on the
In our of terms tough of we our to cash equating depressed per to model environment, quarter the even our $X.XX the share. price repurchases, million of took continue shares a of strength shareholders generate business the and fourth share X.X price $XX.X sales advantage share at flows, of a capital during allocation, in and approximately balance weighted million ability to through given to returned average sheet
total, in million or pursuing shares, commitment dividend, in the and approximately to shareholders. XX.X our shareholders year enhance repurchases initiatives repurchased to outstanding of ability first for via this into is shares return conviction $XXX share fiscal million our we’re and This coming the we their For quarter a profitability. our our nearly to to prudently returned clear capital reflection strategic the of year. XX% we year, XXXX fiscal total, and In the
capital approximately under quarter, at end just to current of under capital had of outlook, our the the we of total $XX million. our million authorization. million between repurchase million bringing In the the low-end $XX we fourth remaining of $XX $XX which quarter, fiscal million As was expenditure full-year expenditures, the had and $XXX fourth
evaluate will capital optimize allocations we to capital management while returns in shareholders for a of continue importance optimal that our balance the and investments of the a prudent return sheet. forward, stakeholders, collectively strong Going to to that maintaining debt levels, include a all balancing business all
the some business base outlook I’ll XXXX. to on now our commentary in shift for fiscal
X the already XXXX, mentioned, continue of sales impact the first of Sony anticipate business of launch from cyclicality gen George to to and quarters Microsoft. until we the through the As three console fiscal consoles
pandemic business. In local all significant to we also orders, has light, temporary we that for the understand, complexity of As several and our state clearly guidelines adhering Disease the not Centers of to of the added guests, Control safety COVID-XX closure mandate but customers and are which only for the stores.
we the our of customer our notable traffic. where products our this of closed at majority As with are through door. contactless delivery to of Zealand, for still demand call delivery increased we to fulfilling week, locations have the continue process, in and It’s Australia exception the we a operate New U.S. closed our stores global curbside
our world dynamic few navigate the our period for Everyday most challenge COVID-XX. Saturday. by very stores led has increased brings products information of and for on across new having weeks, the a the positive demand brought monthly for March Despite the new this environment European sales X% we comparable closed last as to a results through
closures global densify transformation saw XXXX continuing than more we net anticipate Notwithstanding clarity. work store a As and entirely store progress we we earnings with retailers, focused In we’re on fleet such be and deliver XXX in consistent until – any our work closures equal to basis. or to to XXXX global we sales will have the suspending for this, and continue guidance goals. XXXX, to on further specific our on most fiscal to consistent are our
a not that our to want store very of are part specific business related trends. these and to are plan we and recent dedensification Importantly, closures emphasize proactive they
that growth, closures EBITDA growth we positively not Following yielding stores. realized. our is to transfer expect and sales these light, both impact several years for profit to inorganic as And sales and of both organic heretofore this in we process nearby synergies
Finland, of our expect Norway to markets continue had underperforming to wind and in operations continue than earlier some late we exit business, evaluate to we Sweden aspects we’ll down As originally and July Denmark, expected. these
be full-year just is expect impact rate the run annualized $XX million. exit We positive to once EBITDA over complete a contribution of the
continuing result improvement, by our strengthen key and experienced software on generation necessary and the and to efficient, an intensely streamlined, slate. that we further capitalize flow-through profit poised to as make organization will all architecture, expense to that on We’re increases nine significant focused led robust overall XXXX, the late in hardware changes financial a expected in is sales levers including profit
balance of business. Equally of by in end important is as cash XXXX of our excess supported the our strong, million, is be further $XXX and recent February liquidity sheet that March in the was and our total expectations fiscal at positive will trend ahead
may I take will over operator turn questions and the the to any now we’ll have. you call that
