Oxford Industries (OXM) 3 Sep 202020 Q2 Earnings call transcript

Greetings, and welcome to Oxford Industries Second Quarter 2020 Fiscal Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Ms. Anne Shoemaker, Treasurer of Oxford Industries. Thank you.

begin. may You

good and Thank afternoon. you,

statements Before we that Q&A to of forward-looking participants would statements I session federal made laws. constitute the like certain in on remind and meaning begin, today's securities the within may the call

guarantees today Form cause not and update the results We actual earlier documents first our financial in filed or actual expressed results risk are with from statements. Important our issued condition may the our are implied of in duty statements any forward-looking materially press XX-Q. us in SEC, factors by discussed release to to factors quarter statements. no those and undertake Forward-looking contained XX-Know the differ or forward-looking including that in our and differ could operations

we certain measures. During non-GAAP be this discussing financial call, will

to You Investor your Chairman for and Tom of can financial posted call introduce Scott like to our press are: to Tom which I'd tab issued oxfordinc.com. you and Thank With Chubb, participants. measures now, Relations over Grassmyer, under at of CFO. in GAAP And is find earlier to today's turn CEO; website now And today, reconciliation release the Chubb. like the non-GAAP a today attention. I'd me call our

Good afternoon, us. and thank you for joining

wish under moment a for delight our start, difficult for to times. these our circumstances. during and such I like best like your pause they difficult health thank to just all I safety and for doing incredible you I'd Before would families customers your are my personal to to people also

delight products love. that is own Oxford memorable experiences a and To at they brands Our with make to people happy, customers one. our strategy simple

second the to Lilly order our have our new extraordinary Each investments finding the leaned to accelerated do we've in from every year-over-year into inventory we offers sales excellent sale e-commerce only easy-to-wear more quarter. and June, was from many happy, digital absent sale, which the exactly what a results. Lilly of customer flash A X Pulitzer's we’ve heavily made product standout, over to day second for, the a contributed online in a The we quarter days In at this several Tommy to highlighted website items advanced brands, quarter, execute very the successfully challenges. marketing years Pulitzer XXXX, second the The past digital Bahama, control, allowed and Lilly held offered are Nonetheless, XXX%. Historically, capitalize this this the in Pulitzer was resources year flash the Tide sale million e-commerce in in business apparel. environment, channel in of ensure over an collection was non-comp very sale collection Lilly's strategy. faced year. XX% current additional shifted last success we flash Lilly was summer During the an ways ways strong which grew XX% to day myriad quarter. XX% positively looking spending. by the $XX generated us was added solid effective X to sales in Even the up in e-commerce The sun, shift Lilly to Southern also increase margin. of our capabilities. to

is health and We systems. of our to platforms the optimization upgrades digital enterprise invest management order shopping coronavirus online believe continue. capabilities, to evolve and to by redesigns our crisis engine websites, enhanced brought digital on accelerated shift the search likely continue We including in and

our the more in e-commerce stronger, meaningful mortar and channel In of in strategy crisis. our bricks our business, our very bigger e-commerce mortar this we will locations contrast, consumer to bricks our While challenged traffic, continue revenue of restaurants. stores and a driving out quarter, was component be be decreases through coming understandably and to distribution strategy, a overall and key critical part will believe

and hours addition further. York such were restaurants fronts. restricted advantages headwinds Vegas physical experiencing, operating In Hawaii, modest lifestyle to Despite premium, stores rely only located and Across footprint heavily such capacity, as full small resort for brands, holds fly XXX as true in centers, all even on City resorts we competitive in our of under Las and price the pressured are all limited our us. we locations, important have prestigious New most which temporary towns believe street we and and currently iconic tourists, markets, with

customers acquisition tool our restaurants brands an engage us. our and in stores function beautiful is Our for and immerse them guest and important

time, forward we advantage exciting XXXX, additions traffic making including we of the prune this By in are improves, we time have year. the this look of taking the X, non-brand which judiciously to some store enhancing we also to the the While closed end At opportunity same locations. to approximately first lineup in are underperforming locations, half. when the XX will closed

to We and have at two town half Valley Marlin Point Las in the John's center Jacksonville into the in Tommy locations and Marlin in Fort Fashion bars. Lauderdale Bahama and at existing a Lahaina of Olas converted Maui. In Dania San Diego Marlin St. already on we Boulevard open back opened bar year, on near Fort bars plan Lauderdale

and in will Marlin spot. and the customers the bars to dining and bar optimistic strongly seating new attracting our strategy, we growth the future Marlin and outdoor believe serving strategy. with a day their the Every During concept existing We brand. play casual our role customers been bar concept are have are in pandemic, bright about the

area has with fall. another stores, is begun now in this opening the into owned its foray both retail, Tide, Destin two in which just Florida Southern

blurring far done current While adding bricks it by to encouraging. leveraging is with difficult outstanding that job, Their pickup. are store the Lilly performance channels. appointments between Pulitzer we assisting their and store a curbside result concierge line and customers has associates mortar under our are online assess fully further their for so conditions, talented and also an level of have calls, seen service service locations private with customer the

and been the our revenue have consumer to of prior represented has pruning the significantly the of pandemic Our which COVID been impacted many marketplace strategically the going retailers in crisis. XX% wholesale into and we conditions in XXXX weakness approximately current by channel,

Our in a wholesale sales less the they were were year-ago. second of half what quarter than

part to our of only made As only on strongest year. which our in the reduced we XX% of total stores, meaningfully channel revenue of our up to plan distribution, department focus this exposure last partners

balance the of the and very are channels, expecting quarter, across million sales our company competitive are second Oxford our a long-term increased growth and expense two, the and our this the net returning value credit with track we with brands; In to our earlier. beyond. mentioned is this enviable to levels. details things half but outlined liquidity occupancy in employment We the related our significant ended with enterprise to back and and have cash over turn and addressing haven't is Scott. We look Tom. Across our future strength of lost sheet, and of integrity of during forward of focus managing record all a this costs. the year three, second are to an and channel our teams while Cash right we with of to back our also inventory remember the priorities under resuming continue quite and trend and resilience and in balance sourcing, through merchandising hand, plans good by now preserving to made for what reductions the Scott our is the rest it over extraordinary issues of strong $XXX reductions with and on availability done the advantage XXXX. the the in for liquidity. shape the shareholders at $XX our position safety have as planning customers; We over job XXXX to important for in strong an future the one, that been year million quarter people half the of the in facility. was of our These crisis, you, protecting as: have reductions quarter generating our I we March, our inventory the carefully I'll very sight Thank in at flow brands, this our more sheet. call our of levels people, dealing on as

retail in partially restaurant second As and in our driven our channels, quarter Tom lower e-commerce. the XX% was decrease was by The wholesale an discussed in sales increase year-over-year. by offset sales lower significantly

inventory decreased sales took losses, operating inventory in fixed of $X.XX inventory share. Oxford Pulitzer operating including brands, the XX% was second charges quarter, the than the reduction from Our is groups. across decline. health tailored asset a quarter, our for quarter modestly million X% including Lilly XX% more impairments, adjusted second of levels half incurred are the efforts year. addition with just were gross or It's quarter was last basis second We're and of And the ended of last brands. these appropriate the the quarter, on pleased flash the Managing We $XX taking have and sale. we SG&A ensuring in the despite critical for in loss bankruptcy, or credit million. inventory XX% cost inventory brands $XX the per successful plans to year, our an down important across we lower included significant markdowns And promotional our which across all We the that lease we a to year. component markdowns the margin related with note for that as

essential times. level Tom high of a uncertain preserving As during these is liquidity mentioned,

our taken We liquidity reflecting well actions impact. strength mitigate as sheet, ongoing meet the the to of cash the requirements, as recent have we've pandemic, our entering to the ample COVID-XX balance

we million based unused borrowings, March, credit drew bolster During our of our strong With with flow, proactive million of cash, and quarter facility. second position, cash cash as on of availability XXX $XX to asset down measure ended a the $XX $XXX million cash revolving XXXX, we million.

second face the our in quarter. bricks is mortar of in the by year-over-year to expecting we the year, continue As into uncertainties pandemic. slightly the was decline of we'll to than our be and quarter, we're back and the pronounced traffic move typically In which the challenges created less half quarter the it third year, smallest

been of our sale, pulled have has expected into would the is for the the third In significantly to September which smaller as quarter inventory Pulitzer addition, June. be Lilly spot in been a available was bright the non-competent event flash that some forward

reduced traffic, that of to a of the third revenue year-over-year at sale result quarter expect in continued decline quarter. rate smaller flash second to a similar we the As softness wholesale, a the and at

For comps. with positive the month strong, of August, e-commerce continued

modest with wholesale to improvement. continued and sequential We year-over-year and decreases in brick see mortar

anticipate traffic For don't the and bricks We return in to to break believe wholesale. and to in we fourth quarter, XXXX. and we closer mortar, significant a fiscal profitability expect even, move rebound will

our Our commitment dividend component our an to shareholders. is important of

Our orders time your turn quarterly of declared per Laura? it a questions, over $X.XX share. and for now we'll Thanks dividend for today,

question Our of from Research. [Operator comes line first Instructions] with Lejuez the Paul Citi

may with You your proceed question.

is Kelly Thanks this our for Paul. for on Hi. question. kicking

much Let's more. little are bit down inventory It in sales we less than your into such. year expecting a dig as half of that's be down the back the was X%, to but

then half quarter the of was I spring. and the a that up plan much this third inventory health the could of on wondering by you. talk if just, how and brand? fall, ending about at And talk then of could about year, for how Thank books secondly, just shaping any the back of you for order How risk? markdown inventory, color the do you the that So you the carry might end if

Okay.

slightly On Tommy weekend. inventory typical they conduct this has up Bahama's not event, the which and moved indices actually clearance and did inventory, to is a year-over-year,

So out. it's kind of shifted

Tommy's help bit replenishment like, levels linear below inventory inventory we'd and year mostly inventory. is last that'll back type than close think higher little taken a get I markdowns we'd that's So and appropriate

as life. move And levels they accounts work our the It's bit little is inventory high, replenishing accounts with So goods. the -- wholesale our it are off long down. but cut pipelines a will

good and inventory feel we appropriate So about we have our taken markdown.

Lilly than yes, maybe another than the will year bit will move But be inventory have. levels, a which flash a did properly inventory June bit So -- ideal, little that higher have smaller Then it again they down. last because but but September will we flash, marked down. always

I we decrease, sales more actions significantly inventory us last have minimizing the if others on while -- to input think, little some some relatively So taken bit think the last stay our of to allowed With above have lower And I a year industry. downs, the year. compared than versus in modest

think shape there. good we're So in I

book? order on So just the

And think and comments sales about we're that seeing what then expectations the the quarter going made there. book the we forward, reflect I third the fourth order for

as in December. I shake early that say, that's Beyond out, think you have certainly XXXX, yes, we'll get about little that where it's going to into more to

Okay, great. Thank you.

Our Rick & of next Patel line question comes with from Company. the Needham

You may proceed your question. with

you. Thank Good everyone hope is and well. afternoon,

Thank you, Rick.

e-commerce. Question on

year. believe if the but are change a your shopping? closures for in moving your the beyond curious I thinking acceleration the with you're segment forward? how strategy, this your the should case, forward more represent permanent do bar you even you So other that customers the expect in know And going about way if is are store footprint locations we e-commerce Marlin

had that been good for growth profitable e-commerce, in growth a We've about you even as very, know, pre-COVID, feel time. know, for as we've e-commerce very on you we our channel long and profitable. is bandwagon Rick, us it's great Well, e-commerce very

these So growth but I is do that be because seems word are we that's going. think think permanent the like permanent definitely to I days, nothing there. things shift likely the be direction the to I like seeing don't use long-term. to

to a in as probably you and also the over couple are will out, either Marlin new up think as some that's now a, I cases was at bar. store good it for be 'XX, renewals and or and we future the be go XXXX. e-com a very still we're than I in called right existing there. bars the done in here So We there into Marlin selective coming mortar opportunities our or, of But out right we're exit locations doing of pointed and into bricks And we'll really year. and brand. we're interested this be couple the of significantly will important very we're conversion think in an hard has part many portion in on them that to we're a expect do very is larger We'll continue now something circumstances other would leases. we business doing stores next particularly And and the location that could think a of trim are in us. years, a we've be add locations It about looking to even of what locations. a I as thing

XXXX. And a for question the on outlook

appreciate conservatism how right a I I'm approaching next profitability but with XXXX, to like that will see you just a to impossible So perhaps with a it behind where like see forecast business normal about you for anything a do hockey it's expectations year. assumptions the are curious stick the Just, you're high now, or reach conviction just about year, potential as Do the of curious but bit what next recovery year? new high? for the

market. rather in this the I able that protect the smarter year the But we in is up into stick real it we're there if conservatively into way potentially that to in, it Rick gives it, really and particularly it I some the half going think plan to a is played buy upside against going influence. were it's hockey to back fairly downside of think to sort we're of as that this the way we year consumer and play rebound buy

whole while lot And I so too say early about would way to it's expect us, a 'XX.

that a to again. but will be I will think that than assume growth -- trajectory it's 'XX believe on it'll will reasonable be smaller that and we

trajectory. starting know, a we'll be the take but growth step point, back you on start a So from in

Thank the fall. very best this and all much you

lot, Rick. a Thanks Okay.

Yruma line Markets. of Capital Edward the KeyBanc with next comes Our question from

with You may your question. proceed

guys, thanks trends evening charge away suiting. tailored for I the of Lanier even the the are guess, taking know I there there. on first, from view good term kind of question. term secular and Hey, off longer and and kind maybe brands longer took some acceleration, at you

ways You assortment Tommy destination How as think a Thank very the manage the business in maybe term? environment? medium current Bahama, you. appropriate with the can are for flow And do that there historically. more cash you we pivot the clearly focused, be then to about follow-up for

with challenged very for department they very, big is, you actually I the the and Lanier, Taylor Stein They weeks couple apparel box And to team market customers, would do. a said, Yes. very thanks and had tailored three on. which the of we've terrific Thank couple very brands, the within that Mart they're and very being look, hard much, all worked & last oriented. segment in the respect it hard thing sector got what a is serve, Ed, a largely say of and bankruptcy. and very, that customer at there. That And first and continue they of to base store work their is in they filed they for Lord best

that So prior challenges certainly challenge basically they’ve even and coronavirus. being during product with suits category ongoing of key casualization to the men's got they challenges big country. just sort secular the some clothing, the got tailored as that had their then that in But

that priority some we'll continue I more that you will cash on flow. business for to the flow focus with going cash cash So December, that this tell that. in forward on that for very hard again, maximizing business. about working called now expect will are it managing from the Lanier. But, business really What of time and big with and and forward a number we'd And really we be flow. I'm But with It's remembered glad their is them for quite been years challenges doing you it path we're is that out. what at very, able be

Tommy? on And then

Tommy, And yes. on

work that -- and great environment well. products has really in I a really the lot that are think Tommy the current working of really, really, So

So right walk personally into that type beach. of Shot restaurant, And of be fitting quick are material get out on with people But then And a products a couple were really by not and that them. can ocean that to as up years the right Chip which last know time out performance wicking now, of really appropriate on dry poolside want familiar and, made come the performance even I short, the Short, there though have hybrid what the in the wear in wear and drying may you resorts Ed, example, an is as you restaurant. bar to now. much the that that they you look is product be it'll in

sort introduced from you bottom in Pant, And that's things sort might short great markets than read the when is selling are really been to in, all more hard. that's is And about the wovens of popular next got really those, vaulted best in always really that example long to similar now. year that's it we've continue some product there Bahama I brands be care, great terrific of reaction type on stayed for Another ever called year, the Polo, a Tommy winner. Palm getting performance you products It we're to necessarily really that introduced a much leaning in hasn't strong it's that easy be. winner are a seen backwards some And see that is since. we'll as And really And to wear. year. an athleisure across trends again, absolute that think in believe coming from have just direction. continue one a holiday big of for the easy those We got that wholesale those I a a both big about on has Coast And we're but that marketplace has of last really, we'll which think year others fabric. us. of sleeve women's couple can go to performance providers, sleeve ago. performance that to those wear a and recently what little to IslandZone push and easy our women's and going this you -- right we coming our some I care. performance, of always years. In into about I quickly to are think whole and a, being And We've but are been the capsule athleisure to that translate don't easy come going

really Where really think we're they're working. and checking any hard don't I Tommy got into out. of environment. a leaning And that those So trouble has now it them translating lot products all got at we've now, and we've right into it's

Great. Thanks so guys. much,

Ed. Thanks, Yes.

question Our with from next the comes Anderson of Riley. line Susan B.

your proceed You with question. may

could Hawaii, taking geographies, York the I mentioned my guess, California? Hi, New were question. if Vegas wondering talk And you I good the performance for and was Hawaii, evening. Thanks about pressured. think Florida, you across I

of variety just maybe differences of the those So us color just some could geographies. if kind you give on performances across and

Yes.

hard So -- are I'll kind bit restrictions I come to a stuff really, there. there's that people would and down general on travel in, shut But there now tourists due over things. you give restrictions, right the at if little place It summarize. are of that's look Hawaii, fundamentally to can't markets that say some all it's you

has and fundamentally down. is shut market been that So

a in Hawaii Tommy an a Hawaii, strength challenge it's can't of that be advantage California, the right New them. way in And course, the and then, extra York in side, that's a of in New flip that's competitive state opened we -- they're on been obviously but some down remain Bahama category us carrying Then a great and burden. When markets example and beach think of City. York have that's popular City is Panhandle, situation ban currently all into drive for around they've in you the so-called got believe a Overall, closed is to of have in I drive eight down the tough look is additional we the third on moment That's malls bit those very market, open coast weight we're is where the and a Florida got particular at the now. That's big we Destin that's stores there. and moment. those. Roughly a Southeast at destination at the -- So to which that an you the we the boy, on able for that up look so rental by indoor fall just much at being for market be family us. by hotels. houses, the that load so house right and there. that's nice has want to out people go not the to somewhere down a what for a primarily been want terrific just They in just driven now. suburban and camp And week And to to

better Palm really not time been do. until that's got have bar of and people parts equip we Marlin of year, they doing October they a and where LA They're But nothing one anywhere. would California. flying year, so. Southern other drive Another from or over to this this interesting Normally is Springs that

from now out wanted John's and go Marlin Center, at where you … St for Vedra you the Florida one that never So is Jupiter, kind maybe we're new And seeing shopping that's day. think lot of bar Northeast that if And market. good We really months been that or two results opened snowbirds in a opened bar which Marlin Town got of were I ago is to strong get that's home. another three just went the a Jacksonville, Florida, staying the a there. you really Pana

June. Yes,

off been, to it's and been mean, are the just It's June fun ball I there. they one. the cover watch that knocking Yes,

of are of we're of country parts you drive it's vacation other to thriving really up and some of from kind where shop So places those people really the fleeing destinations sort the have now. who where right set

particularly helpful. think obviously, -- That's thinking have quarter? and may be going would then you're going really maybe get resort how states, your year thinking happen consumers plane. to you guess typically, about about in I the colder on And the this Great. may not not which wanted get vacation line or would I on consumers especially warm, fourth I Northern someplace or now thoughts a

how then at I domestic all do you I back, we your tourism I And guess, guess? it kind guess, changing getting Are product least you So just of thinking sales more fourth out to about are kind back quarter? need to normalized of lineup? come for

I Well, the fourth for a mix bit. merchandise definitely adjusted think good quarter, we

a them the been to shirts, maybe products. backyard. really chairs, polo t-shirts, lot time. well summer brands the the buying shorts, couple our during all more of shifted Tommy Bahama. sweaters, heavily are you some totally I types and for in Beach And selling think type like have stock keep light has the of lot And months, athleisure would in we approach, people to -- Swim now. I products like been expect not normal what's things the doing we've in we’ve abandoned last but haven't been as people of of shifted able a the right think that's that of over

something New they seeing areas it assumption a as lot traveling in lot and to Italy fourth there a normalize it lot accommodate things Again, And of made So and then the the that quarter adjustments can't underscore how in strong are work to were. be a I you're and as will as past much who we've that the is not [indiscernible] things beach England still to not location, then of it's or to would the some beach dissimilar. quite these summers same. a they're that now. in instead people And Destin, like assortment that taking of and are the where at home have of driving staying or been think just people markets trip I on

to I play a people plans avenues assumption there as job that sort our us of are quarter have So not again, I fourth be the traveling -- it. for think And are good this. doing of of we've to think plenty much. there adjusted been And will into

the third promotional lastly, Great. you will through -- still how versus inventory environment across it second That's clear And are of third the guess, in the you that there's pockets quarter to quarter? then brands just I just thinking quarter, need maybe helpful. on about the sounds like

have going sale a his as the years. clearance little Well, but past yet, did out early smaller sale. it been to bunch a a actually third normally ordinarily that's into Tommy, flash will that have smaller in during the stores but name There third into they inventory because the in quarter. of a and online did reasons June, comment, And early Lilly some in Scott, good bit out not quarter, We're that the very it'll of July variety that, out or at they flash a of point I then whole they pretty pushed one does they bit successful significant the second than yet be you'll call quarter. had in part be mentioned in data think, than pulled

a So Lilly planning really be promotional. I a a lot bit Tommy. to in And in little guess, not more overall, more and less then we're

doing be a We are shifting little to highly that bit little things bit, we've things don't around promotional. but some to a so inventories the we differently, manage tried have

so [multiple Thanks That's Great. much. speakers]. luck Good helpful.

Thanks, Susan.

of next question CL Marotta the Our line Steve King. with comes from

You may proceed with your question.

how digitally? marketing keeping to other and trying can't that little them mind Tom, Hawaii customers of engaging for top converting I'm a Can destinations, from considering you and digital Good standpoint. about to you afternoon, the and come in everybody. them talk a bit to assuming go brands you're your customer the you're

Yes.

it customer with strong years in strongest. been quarter think strong really, Lilly this So in but not stores, as I historically a one challenged And at bit they helps have really then results XX% and really were more I that that's because or digital that's a They year-over-year -- saw lot for still growth. the -- the year the so, great has the for this. been a was closed depended e-commerce. vehicle stores, e-commerce And ultimately our been -- and been a traffic that or obviously gradual way year a marketing been you we've challenged of they're, heavily stores arguably fuel been weeks this and a the to of into close good and do Tommy, it's that reopening they're digital this the their it bit only a more a has a with driven closed eight a paid really vehicle for in them. lot in -- big with of merchandise adept that's social at social and guess, acquisition for sell media year worked it's stores lot marketing leaned with quite using than down. primary it's they're job doing while, marketing that's

the them past I that of the So driving that is not in pivoting job in and smaller good they're but brands, between helping and brands, it as way doing I then the they're job primary course, other. Tommy the has method think probably all in towards And Lilly. of that doing and we're is then -- their all been and across all in great techniques a sharing from and learn to in direction, well. think digital And all the somewhere a marketing each

second And some quarter, expense recoup reductions go bit That's thinking permanent? reductions sales, you little but helpful. theoretically, what helpful. in as flex as some could the And guess permanency talk as about the the of is, potentially a of Scott, can expense be you my far I about what's would the question follow-up

in stores quarter, in second were, essence, And shut Yes. May, the also down. the

So a you employees. more lot furloughed had

in be in XX% and we So we'll at lower least QX. think year-over-year SG&A QX

piece more So, of yes, I the permanent it. think that's

and in that, higher a XX% in maybe So QX, about QX than little down range. general that but

That's Thank you. helpful.

of Our Dana next Telsey Telsey from Advisory question with comes the Group. line

with questions. proceed may your You

what around profitable quarter, it potentially the and I business think next profitability for that while of thinking surcharges that sales you As And the how even and now about blend do costs earnings? how hearing last of you that you see for of do of in impact fourth being think And we're see on you've you. talked year? are you year about where the shipping with e-commerce Thank XX% going? year, e-commerce this growth e-commerce and was

I'll part. a the saying I'm 'XX, that's let it in in big been primary very question hard stream year. little look than time. talk my the let is business Okay. going longer that's the big be much some of my is not long profitability in I about in of in to thrilled confident yes. for really doesn't e-commerce you up. me Scott many half all. And good imagination But second you But I'm profile the because We're don't Hopefully the I'll next 'XX, a online, the done how it'll to a to think think it's be it 'XX And 'XX. piece term, a first at I was a I smaller Scott hard years, in impact think to bit is be going it's exactly it'll pie 'XX channel that. be than shipping all. see a for thing. we bigger of to take of handle charges, step quantify part And minute. that how mind, about exactly know and at for our but it

cost. margins bit mean, you lower, picking, freight the I being e-commerce, end do little because the Yes, have up the do cost packing gross a and

end with. So to lower it does up being little start margins bit a

our high be the margins, it in continue ticket to to that, value platform, rates However, very gross average stores, be we're very, profitable And in invest still us. of you have of additional think would with and platform. which you're a in to the you'd you a grow growth getting but get can And opening business to our I units on out going kind this it's way to continue profitable future. growth that retail and kind very of

Is by brands? difference there any

you've and huge you're a it's similar. out, sending got On every average similar gross The And just a dollars margin of lot not pretty the -- gross, box for the tickets there. -- difference. you are pretty

box margin really somebody So at a gross amount. that's if going bucks, than of another dilute move doesn't It's but tipping little a costs an your different bit, you it's gross to got A margin. couple kills we’re with them. work lot dollars ticket mid XXX a of bucks there. in or in If a of XX% you margin, a and XXs at very $XX to it then huge average couple high gross got

remind big quarter line? for How how And us the year? did can much the Lilly flash top was contribute the third it to sale you last

$XX It yes. million, was about

So it sale. huge was a

-- be quarter. nice the in very still we did a sale, million still second So but have $XX we'll

at so We'll sale, be sale. third but still did it a little quarter we meaningful -- bit that the just some a level. won't So million $XX still from have

you. it. Got Thank

gentlemen, we Mr. and end the like back turn reached to for remarks. to call I Tom have Ladies the Chubb of today's session. question-and-answer closing over would

interest of support. safe. And to Stay to again we continued you Okay. your for and forward to December. talking your all thanks Thank in you, Laura, and look you

for you today's Thank joining This us concludes today. conference.

may for have You participation at your day. your this lines disconnect and you time. Thank a great