Oxford Industries (OXM) 11 Sep 242025 Q2 Earnings call transcript

Greetings, and welcome to the Oxford Industries Second Quarter Fiscal 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Brian Smith. Thank you, Brian.

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 they the call

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

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

a You is today, earlier non-GAAP of our oxfordinc.com. of release financial website Investor tab to which press our measures Relations reconciliation at will find in issued posted our under GAAP

introduce With Grassmyer, today's CFO I'd Scott now call and and are like me Tom Chairman CEO; participants. to COO. and Chubb, today

turn for to now your And over call I'd attention. Tom like you to Thank Chubb. the

the the afternoon, of to start of the on I'm thank our you going our Good an fiscal update plan for for us. with XXXX of the balance and joining second for and expectations quarter execution current year.

goals During the targets. second fell short but progress strategic delivering quarter, make of our long-term to we financial continued on on near-term excellent

July the the August trend adjusted of with EPS The pullback range a sentiment consumer. million quarter, into $X.XX from quarter. Sales guidance continued during start primarily continuing and low an were X-month consumer worsened and of our a our sequentially coinciding pullback third in hitting the to with $XXX of for quarter due below the

several inflation years most While of be reasonably up with cumulative economic the may the of catching indicators remain effect strong, consumer. underlying

points over include: marked sensitive. first, may up tend a quarter that factors distracted with the second believe amplified several market we was also led headwinds to have summer. and and by on more may to events focus these consumer noteworthy headline national who that our our business, be Certain and more at the affluent several Simultaneously, global particular XX respect to customers

Florida commercial slowed significant our out promotional of assortment over new business down events. and part, including for the to grew settles exposure exceptional coming the our and which at X/X on missteps as accounts pandemic, Second, timing in. mortar our merchandising of an has but of post-pandemic finally, and and pace some And world misses bricks

reduced our purchase making have has experienced slowdown our business brands remained are very decisions. conversion, consumers we The driven leading has interested been strong, become cautious in but in indicates by while which traffic that when

and positively newness across Looking to where the value. X the marketplace, the respond consumer are continues areas

our outlet response full quarter, During the the of core was new we and the The price stores in and saw with proportion more value promotional quarter, differentiated interest in second at strong sales in events and to year's during fashion consumer styles a responded products, occurring higher quarter. during to also a last quarter than muted. while

that The along profit lower-than-anticipated with greater put pressure proportion of on resulted in versus operating ultimately gross margin, off-price our expectation, sales and margin selling EPS plan. which, below operating our were

the business, us were our of on in the to flows quarter down basis our investing while Inventories a balance continue strong. year-over-year allowed strong remains sheet end Importantly, cash to future off detail pipeline shortly, and Lyons, pay including distribution our which directly investing through shareholders Georgia quarterly project in Scott our dividend. store to return will cash and debt our center

accordingly, more we consumer the our continue to and to expect cautious a we year. year, forecast the of balance reduced the have For see for

term long brand integrity and results achieving reactions forecasted to to for always, for of will protect strength as the the damaging conditions. current market avoiding playbook by our shortsighted be, Our brands

both has collection can initiatives The optimism time, the build create in brands Palms' well will for and help At the and fueling specific channels as collections Palms to collection products, via the launched some and and second for our launch continue success Indigo third Bahama wholesale. us our our excitement denim-friendly is which of reception half. enthusiasm both the such early how denim women grow the of business quarter. range These as forward encompasses our been it men early strong. in going a our styles Indigo as Initial and we Tommy collections in same include direct for new to

and By completely the our it featuring as the appropriate Tommy we guests see a be months, for cooler part enhances our Aldridge brand. Lily Was what is Midwest, to is of the of campaign premium the marketing it. country, that excited original in to we territory collaborating and product in denim and denim the with like Bahama a the ability us, in to weather, Sussan beautiful brand for Nostalgia of playing are the offering A denim on the campaign Also with relevant assortment from Mid-Atlantic this particularly Johnny for western face the brand new Northeast. the cooler learned universe,

integrity again ways. customers for constraint, their value for get our value offer protect but in will a to that our of of brands, lots From opportunities plenty perspective, money of we within the brand-friendly

of others. which our right Some special holiday purchase, feature flash sale and gift this which cards, seasonal is products, now, gift back Pulitzer examples Lilly value and with bounce the happening plans, many marketing include deals

in top on SG&A our with reductions. margin on second In interest operating addition to opportunities focus our keen a focus for half include line initiatives, will our

operations to the will from invested minute. cost of Johnny Was operating a centers Los in high-cost that center significant Scott As distribution example, relocation discuss in an result reductions more Georgia we will Angeles that distribution in in Lyons,

our without growth We will spend to all continue of opportunities prospects. for impairing also future areas across to SG&A look business reduce

to year, recent and for our in challenging consumer navigated market side before, While emerge revised cycles people our successfully the the other have place this we our than ever. right in our disappointed on have stronger connections we and health that are am performance with brands confident teams difficult and this I of economic outlook and of strategies the

will turn attention, for over Scott Scott? the and call Thanks for now I to your additional detail.

Thank you, Tom.

headwinds As marketplace that the promotional Tom increase during several mentioned, consumer notably an lower sentiment and there were negatively across macroeconomic our the the results environment. in financial quarter. affected are teams encourage on challenges resonate full our compelling against our and delivering strategies combat newness headwinds, selling. that executing these these Despite consumers price to products and of focused with Most

fiscal of to comparable in sales quarter the outlets below range $XXX increased as million by up XXXX of by our million. consumers looking and and million quarter benefited sales new and our guidance stores of second and X%, this $XXX price consolidated low to activity, negative net X% the for Notably, were partially $XXX of promotions locations second deals In were fiscal increased in offset XXXX, driven channel single-digit while from sales brick-and-mortar promotional full comps. initial

by were offset XXXX. E-commerce and across struggle, second and business quarter flat partially had sales major quarter channel, compared to wholesale food with quarter X% relatively particularly down first specialty store Our difficult continues the sales year, was the to the which department compared sales increased beverage our challenging brands XXXX to a as of to second stores. the of quarter of second in this

consumers decrease driven in Lilly -- to from brands, XXX higher direct-to-consumer promotions occurring all reduce and a and a basis response through were events indices sales Bahama, promotional saw strong Across partially in promotional our margin gross Emerging of points during X offset our inventory Adjusted by and Brands Johnny group clearance net sales. contracted XX.X%, continued we to to Was. primarily events. our efforts position promotional proportion We Tommy and Pulitzer our price, and able improve need for wholesale this the to our

million $XXX increased compared expenses SG&A year. Adjusted X.X% million last $XXX to to

fiscal of brick-and-mortar brand incurred the quarter from higher expenses year we opened XX the ongoing investments since addition locations new last quarter in second of acquired related the quarter recent and business, fourth primarily and in XXXX. to Rogers of Jack addition of During the our second of the XXXX,

have open we including locations brick-and-mortar fiscal some also half the of on new XX Bar locations, net to second Marlin that approximately costs the We of incurred in year. expect the X

from from Los operations approximately of Additionally, which million incurred with center expenses, to $X associated SG&A the distribution emitted Georgia. adjusted are we Angeles Johnny Was' of relocation

Was expect for additional $X are approximately the operating We year Johnny additional in million $X million move the year the savings. incur to an of related with relocation in the per charges potential costs second save projecting to this of to but half

year. prior SG&A margin million for yielded compared result the of this $XX amidst me, income or challenging reflects -- excuse The yielded The the XX.X% gross operating income million decrease results or the $XX to operating environment in this margin. XX.X% in consumer adjusted of the adjusted operating and investments sales of

Moving beyond operating income.

rate Our was effective tax flat.

interest $X Our compared to levels. million of the debt XXXX, this, from average expense we adjusted resulting lower EPS. all quarter $X.XX was With second of achieved lower

on beginning sheet, our to move now balance inventory. I'll with

from $XX XXXX, second decrease FIFO remaining portfolio. inventories to million also or debt position. to basis. our a year-over-year an our able by outstanding across were the quarter The on During ended resulted fiscal quarter cash and our inventory We're we inventory X% with in XX% the able of $XX decrease continued discipline repay or million

first the our of of million $XX outstanding our $XXX half and XXXX of being fund at standpoint, to $XX pay level allowed XXXX. liquidity dividends, million $XX operations that the million in fiscal capital from to of all while elevated able the was cash fiscal a end repay borrowings From of us expenditures of million flows of

the trend comp June comps continue year, to the finished our range the These comps lower the now previous we date negative sales top quarter, remainder some the compared on the comps forecast prior in comps our that for to our for with to mid-single-digit believe negative. spend X%, negative third We quarter of fiscal similar in on in second of of comp positive and mid-single-digit outlook revised sales to of in of which for our are comps accordingly. second expectations the for assume the the remainder from and Similar the quarter. assumptions figures was 'XX year. mid-single-digit year will the we the time negative saw previous low positive quarter results forecast in We I'll than result XXXX.

For the compared $X.XX sales of decline X% X% net or billion XXXX. to we in between $X.XX to full of and $X.XX year, billion billion a expect to be sales now

range sales Our Group. Bahama the updated low low Was sales in Lilly plan now includes growth Brands to Johnny offset Tommy single-digit by in and Pulitzer, mid-single-digit and sales declines for for XXXX partially Emerging

majority comprises from wholesale sales channels. decrease a the with slight direct-to-consumer channel, increase of offset our a the By in partial

$XX approximately in half fiscal relative of in XXXX to relatively down in the were We we what comps to flat saw expect go compared easier the the against which wholesale half million to the as be sales half. second we first the of year first year

In in our to and our in approximately outlets we from our new as channels, benefit full-price that retail addition beverage expect growth XX in perform locations locations the of during will those well locations and the environment, the year. continue current direct-to-consumer food the

e-commerce will our year. slightly in negative flat sales channel expect for the to be We

could global challenges, They're across including there including cost. the in elections that already risks and the of that trade attacks disrupt and increased Other related freight trends the also shipping discussed. consequences many potential economy could demand. the disrupt have caused have to to upcoming consumer the in the that affect and Sea, the industry we the in headwinds goods Looking and part disruptions macroeconomic supply our the marketplace, November outlook, across to Red by have are the also potential uncertainties

during We gross expected approximately across than compared will proportionally for as our decline XXX events margin year the offset basis now brands benefit activity to the the promotional margin XX lower to prior gross by year will from points more anticipate sales. increased wholesale

anticipate freight half the rates. an increase a second from in slightly also in negative impact We

our the earnings. increased our Our on contains will that best estimate of freight of guidance impact have

negative In Tommy count addition the IT of than Rogers. in higher margin, Marlin net our a store SG&A at gross approximately new investments slightly sales lower rate Jack continued to Bars, grow XX to we addition with and primarily the of due X in expect XXXX, including Bahama the investments and by business, our locations sales to expanding

in acquired the discussed of we as as in and our Additionally, the the brand operating last generate to refocus call, loss approximately expect during an of Rogers $X.X fiscal quarter fourth million we business. Jack XXXX reset XXXX

Resort. million of in from Miramonte time of compared the $X to the expense other anticipate higher and interest $X full primarily and XXXX Bahama million income, lower year We also for a year royalty

Additionally, rate favorable approximately XXXX, XX% expected in XX% to not we which from of that adjusted to reoccur higher expect compared effective are tax certain in items a benefited XXXX.

these items, higher XXXX margin last and from and versus $X.XX tax adjusted year, we the to to EPS royalties be Considering XXXX all decreases EPS businesses higher adjusted decrease levels lower and rate adjusted of offset with operating by income. now a in expect all interest $XX.XX partially and other of $X between and expense being our expect

to In expect in quarter the of third quarter $XXX sales million million of to million sales the XXXX, compared we $XXX of of second $XXX XXXX.

flat million lower a increased in to points sales gross by promotional approximately We XXX royalty continue. trend deleveraging of of to $X margin during to contract expected expense income. XX interest the expect also and events basis other with SG&A

result quarter between third XXXX. this adjusted EPS of to in and $X.XX expect the $X to third in compared quarter We $X.XX

fixed the further for the new our of a year seasonality our in quarter we XXXX and are preopening making on in and sales impacted heavy and is structure third Bars, from the XXXX. of investments stores by perspective smallest Given the the cost will Marlin and be expanding costs business, EPS typically

our first updated other I'd the enhance direct-to-consumer multiyear project expected to million, will have that like XXXX, CapEx remainder including a in capital during refined are approximately projections capabilities to approximately to new cash project our in center to fiscal throughput of incurred fiscal for expenditures be in timing related moderated the discuss year million of compared our Lyons, year, $XX million million projects. half due $XX and to now XXXX briefly for $XX the been $XXX the brands. Lyons, distribution with of to Georgia significant build the to center adjustments flow distribution and Capital Georgia the outlook

in The Lilly technology execution related our count Beaufort Was, store our various expenditures Tommy in and remaining Tide the direct-to-consumer increases capital across increased and to pipeline Company Bahama, of initiatives. Johnny The of Southern Bonnet Marlin Bars Pulitzer, investment systems

elevated after expect XXXX level the Lyons, project. XXXX capital to completion in moderate and this of the moderate We and further expenditure Georgia in beyond

and previously We room to liquidity also well. to have a outlook investments. positive expected very us flow ample cash to as on fund remain giving position are operations be our the mentioned from Cash strong,

under limited quarterly Our and revolver. our dividend need borrow to

much half capital expenditures. Although we do elevated due of to second expect a the modest deposition the for

for Paul? We'll for Thanks time the your turn now today. over call questions.

[Operator Instructions] Our first question is from Ashley Owens with KeyBanc Capital Markets.

for on Madaka Chandana is Ashley. This

update you're for little promotions wholesale bit to thinking just I what maybe into wanted more a half. around events wanted promotional you also see could by So little if about back maybe us brand, on you how thinking now are any dig a they there differently? books? bit color you're in further provide could the hearing order about I from an to just that Maybe dig going into partners, the on

Okay.

differently. we're that say wouldn't I really promotions, the thinking on So about it

to they holiday what very year, is recognize especially during the just always this are thinking going important I that we they're as be think we're period.

to a we're start So bit earlier. going

days, know, you season days this As ]. year year. shopping shorter than shouldn't about is it X was exactly It's the [ last about or X

So it's important we going at to of on the be November. beginning the jump that

a in We're to haven't of mailers. in Bahama have an Tommy that couple going done we We're years. doing a assortment mailer of

We've We've cards. weekend, the on January. So and purchase got we're We've flash through offering our normal a we a of in Thursday, starting Black to great do over that going Lilly have be Weekend, little sales, I with Cyber actually got gift sale going bounce-back a got that with would starting bit Pulitzer will the the believe. change. gift Friday

types really the it's So things. same and

it's our more past. just bit I the focus it intent it maybe think be has than on that those, will a in little been

In to the how I the most what year so. think second to spring our do Scott been to tougher see doing, majors, that remarks, visibility expect bookings, And starting terms in the his half But we quite flat the good. our it's as of last which encouraged the has mentioned first was about prepared we're there. seeing have performance We which with X% wholesale or think, where actually we're with overall about we're is I half year, performance with in wholesale. the down, be we're actually been

Our with next question from is Telsey Dana Group. Telsey Advisory

Lilly, that As you with are distribution did state of the brands in what about other with channels the with outlets the seeing the Tommy and versus different? that's of think consumer you you saw markdowns what the How quarter with thinking categories go how there and promotions the QX? deep of and the worse are environment, how about others the promotional cadence than performed you're QX or for better and and are

Dana. you, Thank Okay.

So May the softened And as as then but the of in quarter, weak mentioned, mentioned through okay June August cadence worse July month. the the of quarter. and it well. a bit, July. we got actually sequentially an was back then lot half especially as was that worse, we was terribly a got not

of In very value-driven terms now. what I consumer for, as it think is is you a looking know, well, market the right

sort We to we're a past, you've the us away premium be portfolio are we going strategy maintaining full of are of really being very seen promotional of paying attention intent that lot price and in from a Dana. on that. brands, of be veering the of and from But not our focused types full on activities

the shopping time our little converting, when interested the interested time promotional events. did prepared in most have the you just was terms was will. then in in a the where was biggest during quarter, they of days. in of were if consumer But in the that number factor a we most proportion may remarks, the greater And had as of more those sales our bit We we -- second mentioned during

were I to steeper quarter. And similar guidance. in a Scott, And say you reiterate that bit would our pattern reasonable the want that during going we that on the see we're a to built the think fourth our I and to second into may it's a discounts bit. little quarter. and And also is expect what elaborate guidance third

Yes.

in in in of down the of and in it's we think promotional we bets to call, those thought between guidance. positive tended And we Thanksgiving bit. expecting where basically kind we to going little mentioned little we we to were than have the just the to earlier we period prudent try but that. And inventory events similar mid-single-digit range. as did type it we've do found Christmas, have comps moderated bit the have do just the second been seeing low And moderated do recently quarter, year, which and to state last As have was the the a And comps we we consumer, what our margin a more gross we period. to to going of be to might we're do erode a fuel shorter

been have have And we've the and of truly the is strong seen been Those get slower. the dress most spectrum, has in more are slower. presentable truly more that's of would the products, I relative in likely the that athleisure-type are attention. I I to end types anything strength then, would innovative, new, end think, say, consumers' the the would of really across general. spectrum, casual products broadly, portfolio the say the where I say more Swim of product, been differentiated year that things Dresses terms the then Dana, categories, truly just And

the and you apart how freight just margins? puts then And on are takes picking about thinking costs,

elevated XX built to basis in to XX in about We due hit freight. points Yes. margin

So it's huge, huge amount. a not

issues mainly rates. We some inflated are watching that's -- the Sea have Red of that and

union seeing And Coast are the product cases. are West the -- to negotiations. bring are it closely in then country We situation watching East diverting we'll some and have the some to across the we with Coast

if some going to everyone. to disruption we East built that's disruptor we something to, that's from But on Coast strike, that. So I be the Obviously, continue have ports go in do a watch. think,

one And thing. last just then

-- Bars, about, in thinking you're patterns, whether or business any or the adjustments initiatives? any marketing you're about shifts or timing Marlin change the in of that store it's whether how any of terms With in openings thinking

ahead. pretty We're steam much Not full really.

On the growth initiatives.

But center SG&A it's mentioned there initiatives, we're to -- something Was' -- is move, money was us as looking look at are as we moving We opportunities we're at, growth to when a which We obviously, we're bit always they and other opportunities at going the but themselves. present save far SG&A. we forward. of Johnny distribution looking reduce

not to Marlin the old recession, school crisis. we maybe believe look, when Dana, to would in stores we center and be distribution not up. that And is worst that Which we It's saw the Lyons. ready at that the we the pandemic opening, include Bars in don't an the we're type that. event of pick -- financial or even business want starts the And this

We channels is that direct-to-consumer we having building X a us and or Bars business e-com as in X, and DC be out. as to wholesale Marlin our retail, years and a channel, believe year wholesale get important our stores and can very both going we do our serve

we want to need long-term to there. manage make projects So that long we're These term. the we that for are sure

is next UBS. from question with Serna Our Mauricio

bit in on promotional events big Lilly of promotions X there Pulitzer. detail very a the you like recall like of But could outside like a in you shift be across bit on really I side? more that I like was little anywhere brands. each more you the where surprised just maybe some activity saw, elaborate And guess if know would that, negative promotional helpful. I on

so case. expected, Lilly, That had inventory prior the I'd the -- than Tommy's just we more is Was. say had did Johnny -- season more the inventory sale we a we bit would had of end sold when price we than this at was Mauricio, through less year, full did more I we more

willing more So events. consumer it just resulted a during -- in to those much buy had and you

different discounts. change major just were on So was inventory of was majorly that degree -- the that sold. It events or the available in it more there we wasn't had

some clearance traded So of sales price we've for sales off-price kind during periods. full typical

Surprised just kind half also of us remind on the second a the comp the I business. And And the year? about little follow-up. you lastly, compares yes, you're a happened to restaurant the in you the elaborate just Could of Understood. think, what up see sales, slowdown bit there? be then more to could that. quick against of like mindful

Yes.

think I restaurants slowdown. the

we is know, you super Florida, just country quarter. Even quite as down. not during the slowed As pandemic. was well, Mauricio, up as then example, of strong where go the which the the more been little go, performing during talked and restaurants really the nonstop reopened. in had And the restaurant They second limited, I had been down go, that they retail had strong sort just much business settled were slowed Florida extremely think of quarter. more until the just of the strong. pandemic was when a bit service as has And big they since of been And about, in it rest like had sort for market. to down it a

that and last As of to we're X% kind year, as comps, of far the in range negative. we're kind QX, X% QX --

second projecting projecting positive comps type were in similar year, half this before where and we're so our we And comps.

biggest change. comp the movement So really guidance that is big is that's the change in

was But or it And we thought we're weeks, course, over given what working we've comp just turn the try to positive of hard, going result. prudent X to to last assumption Mauricio X a to seen that very lower expectation. that be into negative

is Stichter BTIG. question from next with Our Janine

the of So out, you to slowdown. have factors consumer, went start through a that contributed host whole on to might the

which talked rank then think and terms about distraction It talking inflation help lot the more in Maybe after normalization. trend? in us the meaningful in some most the COVID seen the order around that, some line your of a change years love we'd opinion, grew just and and in within Florida. context missteps. you're about you've I merchandising you are top And

with some much post-COVID? And inning the maybe in grew on your Just context there? maybe we're how thoughts on normalization what it

just not of is country, So with Florida, rest the for very the respect I that that years the it previous the the about want underperforming to much it's to what what it's that happened outperformed be is of X rest was outperforming really longer so continuously country was which clear else. everybody no

we're that of going it's for with with the sort is What to run bit more it's the next a going least believe several at running pack probably quarters just the to see going pack. Now I forward, more.

things all would all the we up Florida they a Janine, impact rank Florida of material missteps, with think, in results. less to headline if order and I as pick on Florida had of terms that merchandising think quickly, So the that And pick pick up more of hard where stay that. trying factors, expect kind sort the other X to are. they're about, factors I believe. meaningful will don't then they or nationally, if And talked I distraction, of I to do up I say that, most would the regions

supports type they July, looked brands and from that, that were our over advertising during they where XX cater distraction a material us. data agency XX% year-over-year to headline and There's XXX I to a that that and that consumer up big a some sort on was theory the for the of think, would at, that factor mostly down saw support tend theory

we can material. bit them a of we, more some again, were they others. think missteps, measure that But merchandising little Our than

of business. our a it went from from to it lot And incremental dollars. X/X Florida I of of the running our contribution a then X/X went with it's retail cost and business, mean, thing, outperform -- And us significant the plaque, which

of works, of have things love then lot you some missteps, And your Great. on expect the hear a there? but sounds to improvement Okay. see would we when in I should merchandising like just it to the already sense

as we've get they're year, what completely believe Hopefully, this year, And pronounced just all missteps basis, on be make and of the commercial coming the will then of Undoubtedly, fixable. certainly, and we to lot. merchandise less we It's business. like little next we terms a of quarter they'll from a third a got standpoint, other and Well, we year-over-year a quarter, year. second fourth part really some will. they than for the a in next

that in they're in And driving that then we Palms in we we've cooler Indigo getting things that's Typically, resort floor the out think sort we've our got going the a we're spring to for month and the of they'll to that taste actually One of and January cooler from this hit going of at is have we to us some receptive in positive over we're into have results year, months. been Tommy has a January, should which and an in the in to got already year, that's help be meaningful as will that spring like. give January early this launch just a January. time. they'll be further get And think pre-holiday now the Bahama, plus actually going everything delivery guests left

do our on So the got they bit good wish demand we a try that with are, tools like we we've to little work than is consumer We there. but to second lineup think were for that the stronger to capitalize half.

from is Paul question Lejuez Our with next Citigroup.

before, of at pre-pandemic what relative about the peaks trying each results in quarter, was full just Just brands where Florida you then better in markdowns what which see that line were and each And chain, you the percentage terms and selling where to you see results? of versus that all-time you talk Can sounds it brands to of about did the the of this saw price did to today level where year of can region you year, talk performing a but with are pre-pandemic relative weaker regions like levels? understand by in frame for maybe are full of assortment to the maybe kind price selling you continuum? last are you're seeing, also where

you, first, basis. regional the Paul. respect is And on this Thank to Okay. relative a with question,

the of especially of out the Nowhere that New soft spots Mid-Atlantic, desert some little places relatively the areas were places really everywhere think, great. Texas, were Almost places and quarter. were the the of England, weaker. like of West, a some compared then during some the I was were that Midwest, strong the some the of as was the were bit -- some Northwest, strong Florida, to the weather But cooler relatively

But again, that outlier Florida, worse places. last of of was And positive again, on now like was was side. couple what on level it's the just the it It's nowhere it years, that everywhere I really call not And would more way been other where an -- relative the for places had soft. than It on discount. other looked was strong. it

locations to averages held Yes, of add Marlin one much held that. than the retail Bars The there. the -- better the Marlin side out Bars more to

So that part was encouraging.

Yes, very important.

Yes.

it's this the percentages, we as levels. don't lot clear. is reverting It's And clearance we yielding to is have pre-pandemic. of pre-pandemic been more pretty events discount, operated a were we've of far we're full-price that bit the It's pandemic, it's a but bigger. more need lower this outlier exact been As events. providing inventory It's Since kind low so fuel just the not pandemic. -- to a full-price since sales we're promotional of just say I year some to a from are -- I lower level. And would big our level just promotional the doing we not just closer sales. more and where it's the because again, than back

leave use they and to you them How drive to where are to customer about sales? they prices? a Do action? ticket thinking as to lower to are discount it. discounts that adjusted call need show more prefer Or avoid having the be Got to you

think we it little think, a more. some already in the will seasons, that. lighter points a opportunity AUR adjust inventory that we I product bit of where dramatic, forward. existing we year, to by to want of I buying I we'll same point a I or invest lower And heavily goes will bit upcoming of future into think think bit probably if it of a were an -- I do There's offerings we lower but little don't reprice in and want little style seasons. in we'll to be more have, invest the the this -- probably we some don't we price more little our that price think in bit

Bahama, underinvested dresses the to for and quarter sort of Bahama we an point quarter, $XXX, example second revenue in price opening that. for inventory we second was felt were had that significantly that. of in we Tommy that Tommy some $XX That price the was in think lost during We result is the I as of a issues, of which in one Paul, our dresses point

you'll see And spring, get I next more invest when to us in. we think, heavily so

by mix we some so products, the the existing but not changing prices again, have to points that offering. ability tweak just AUR the price So of much on we're do

over further Thank would this are for comments. time. to back hand questions the you. floor no any like to management There I closing at

for talking hosting in all interest call is Paul, and then. you and hope to to we our our you thanks I much again in Okay. company, until December of well for and to you all forward your very thank look

This concludes today's conference.

Thank lines You you at this may for time. your disconnect your participation.