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an After and expected on than guided very well turning clearly Before I two-year with January, discuss in range sales of in started below in that XXXX. plus-X% effect declining X.X% have driven to On and with in depth a was challenges. increased sales XXXX. the traffic, two-year than in review entirely QX basis the greater holiday numbers, points January. driven our during comps how represented and quarter do to to X.X% approximately This our by spike we a quarter by favorability quickly fourth our want stores. more comparable new inventory ended some of ended our from inclement omicron’s deceleration weather XXXX X% QX comps, versus two-year sales on anticipated, relocated XXX basis, how our fourth net performing performance XXXX sequential Total increased while
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of some overcome drop-off in in our domestic inventory to hurt we half a offset supply expansion to of were upholstery the shortages category. partially with back across On but The buys trend in as furniture internally prior during are we driven sales, benefited our the and we in again in half. the because with note, year. of Broyhill disappointed have we with are momentum. While basket a going able on provides underscores where partners, actualized, and in growth We AUR quarter worked sluggishness with see for in these we comments the Sales how furniture. pressures the by past and mattresses each January from the opportunistic this did Vietnam chain and our are availability inventory a chain best fall now by supply proof work position in year driven positive and the we shutdowns done upholstery quarter
we continued the in end were In positioned chain disruptions, the supply to despite for quarter inventory fact, able start of XXXX. well
seasonal, the traction. January, subsiding better to the delays. we November strong and holiday in inventory we are but QX. a softer weather through of in-stock through winter a variant improving we In move progressively had we given some similar With and Again, levels, omicron and December a be regaining position as expect
adjusted ranges. earnings guidance Our below per initial for our quarter share of both the was updated and $X.XX
As adverse per our results in of we share cycle approximately earnings shortly, will January our $X.XX a drove we began annual the shrink physical quarter as of end discuss our at the reduction inventories.
margin We start in slowish in more more are the we which XXXX. end tax January, going issue with start towards strategies tailwind difficult to and February fix despite have some with should trends pleased we refund XXXX this improving to season. the issues made to place have provide of weather After forward a the
my will financial commentary the Februarys, and given As the sales especially now on left past better each to the day. I year on quarter, inventory This in the mentioned earlier, our our improved to availability is levels. beginning important we every as I get partners have we continues worked this entering prepared prepared performance. chain That supply with product of global remarks, with ensure Bruce’s completes table continue two and of
that year and adverse fourth across associates quarter reiterate While I to company affected by and both issues, and second transitory month, best that our namely will EPS. important still the the driven sales would XXXX adjusted rates our company’s measured results who guidance We by traffic to it it challenging ended with was from is weather happen. history, shrink thank physical omicron January a like in made latest by our in the inventories. missed that
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November by buoyed two-year were followed December Our and comps by with at X.X%, at down period the holiday X%. January X%, XX%
compared adjusted was $X.XX. in XXXX. of XXXX fourth net net $XX of Adjusted QX EPS the Our million in for income and million $XX.X quarter to income $XX.X quarter was million diluted
well EPS points As points down below approximately a cycle part epidemic. in margin is year’s for XXX XX completed rate, rate crime guidance We the of XXX from physical by reminder, points those our quarter. our The in gross our we underperforming a retail diluted extrapolate margin rate the shrink driven across begin last industry-wide to headwinds. was inventories have the our year, of $X.XX reported year. in the documented attributable XXXX, basis shrink last basis and the XX.X%, the quarter we Versus of by of end This guidance beginning to showed shrink significant gross and rate chain. basis and inventory for freight quarter, January, drove which erosion approximately the results month spike early results annual enough at typically
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year last quarter, square footage compared fourth nine of on cash and million year. $XX capital We million. were the Depreciation and million. ended stores million million with expense stores fourth total basis, the credit facility. cash equivalents quarter $XX the quarter and million, in $XX a $XX revolving with our We was expenditures During the $X million were On period new of Capital opened we closed and $XXX up last to to quarter expenditures $X fourth for full ended million X,XXX same the borrowed QX XX.X stores. year. selling XX
and sale distribution we investment program. during repurchase share and $XX end long through $XXX in million $XXX and to leaseback in cash centers from In our dividend total, our cash QX shareholders we reduction at As of million had repurchases year-over-year debt. our share towards million of a of term XXXX and inventory. The returned approximately reminder, and quarterly proceeds deployment of our the of XXXX our equivalents increased reflects cash the levels
average the quarter, million of cost million share $XX.XX. shares we $XX.X During for an repurchased X.X at per
under and On but sales XX.X% basis, basis Versus basis We have total to were million non-comparable on sales X.X% growth down outstanding comparable just two-year $XXX of year basis impacts. of December XXXX up which we of $X.XXX remaining real relocated was comparable XXXX, on basis, had we stores. similar new a $XXX authorization. driven million full under XXXX our XXX a two-year a On recently basis have from down a XXX XXXX. points points growth by with to X% estate billion,
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impact $X.XX quarter include any for earnings the the $X.XX share in per of first future QX per adjusted $X.XX XXXX guidance, fiscal per of to range guidance of compared for $X.XX to share diluted does earnings and report of of of in the not to quarter diluted earnings XXXX. XXXX share share the activity. repurchase This earnings the first expects to company Turning
growth-related compared of the of expense. decrease new last margin expense variable investments. comparable results. full which to expense wage high expenses of year as the inflationary XX% lower reflects and by we to is sales comp expense freight shrink which quarter January gross rate XXXX of primarily new last due reflects Excluding of points XXX estimate relocated increase sales incremental of and and rate impacts, stimulus, impact million in versus driven first shares points a operating and the points dollars to a decline rate comparable of by sales of a in due and QX, QX to approximately which both gross be first repurchases, year digit XXXX, store XX impact and a expectations, year drag prior net growth result expenses, related share quarter last inflationary and of targeting the increase to margin quarter gross and approximately double The chain company is potential above to partially on compared we first impact full points additional XX XX.X first drag the inventory the impacts approximately will from a a decrease our comparable of diluted year. to is the QX. year basis with laps outlook in approximately five of versus regard compensation of rate in for basis. basis comp roughly a sales increase see to of as outlook to the the supply accrual With physical This modestly of count lower In costs, the dollars provide flat equity margin The in the reflects are further to quarter The and expenses, share offset bonus guidance the primarily equates company the slight prior year, a in expect low deleveraging stores.
and the than usual guidance. year resulting inflation, disruption greater not is formal uncertainty full point supply company this providing from Given chain at
in the mid-XX component we end QX and support may a XXXX, percentage fluctuate reflects summer as in get inventory rebuilding quarter furniture in positions close garden range including This again We improve to up items. significant which to and to key in-transit strong expect and our to in-stock progress lawn sales inventories end.
store million of between will $XXX including We capital relocations. expect openings million, which expenditures be and XXXX XX be to $XXX XX under around
of confidence in stores count prepared and Project XXXX. term stores On uncertainty, Bruce’s net our margin to long the comp we XXXX. single have To impacts comments, Our and total XXX two capital about grow by it basis, Refresh stimulus digit includes by we realistic will count great growth. projection that supply XX store is years that expect growth past low reiterate and We believe be term in challenges consistent approximately augmented in sales we store of clear a and once opportunity. are the despite near a chain sustained
All outstanding rate model improvement, enable margin this our returns. strong leverage to providing and of us overall deliver will
back committed moderator our over Thank these deliver. now questions. we begin answer confident results call We are achieving so we and to you. to the I’ll turn to that can can your
