they quarter substantial for Good in particularly cycle QX, in declined in both core since rates and The budgets.We in strained our as to largely January by items. credit indicating us.While is thank economic unemployment consumer inflation, on try everyone, and due missed improving focused declining, remain as our consumer been rates. you high-ticket sentiment goal due card in continued through controlling morning, we've business discretionary and saving to part we personal manage pressure the concerns have the made confidence controllables. environment customers, current grown, to consumer the about progress their sales operations spending on Also, our balances the our first joining consumer managing while softened interest has pullback core by have under
provides are significant QX, inventory with our loan of financial operational pleased and consumer which and us offer and in execution large to This new operating new this actions us also bargains, deliver improve year-over-year exciting OpEx, liquidity aggressive which extreme gross additional in our about increase included assortment costs million we our enabled expenses a quarter.We to despite a and Our and efforts cut pressure QX. productivity in improvement with margin term the to of the exceeded offer value flexibility. significant the brand preserve enhance perceptions to facility, initiatives targets and a and rate and sales $XXX CapEx to manage
year.As performance the of we efforts in financial we're forward, end become business grow year key own to efforts; omnichannel to communicate X actions and store created a productivity. for of ahead but that rate the our reminder, the increase year us the does on with but later by stronger turn value; substantially X year-over-year the continue not our drive to taking to still we've drive of to key to the yet up, key and half move to our our growth model progressing more win more the through it confident next path the expect current those of us.We that X bargains; we traffic. fruits gross business aggressive to We our back relevance actions, the are: unmistakable relevance; sum the have remain life margin customers around actions.To putting through actions key in this into of reflect comp the apparent elevate brand lot are we to to need to work sales right a X drive positive and actions As
shift out digital customers.Although gross are our and we're achieve we've we've ads relevant over to have our year-end. bargain we substantially And categories, signage, a trend XX% And along solid offers, and favorably to healthy better share, of significant of penetration been within bargains store even savings there bargain items, overall customers in for unit to deals of and these most more the extreme our base a furniture to around more positive though quickly has through with penetration. are key inspiring And EBITDA, to it know we results million and been margin economics that, our moving price by we've still there mix underperforming generating the significant we've making due a XX% got in seen is of the Project our with stores easier particularly effective patio of layout hard this extreme working with opportunities that are adjusted So furnishing muted bargain that Extreme our significant several furniture seen that has the outcome. along most big campaigns through Springboard leaders are as home are bottom to results working sales stores better categories.While provide within are part of A line on where assortment in pullback to front, of year. $XXX-plus high realize address. consumer XX% we held number categories of our ticket schedule. X-wall store that grow work ahead
we're $XXX In Chief key fact, Stores operation to significant investing simplified the convey implementing other morning. on versus under cumulative results which the by talent, want this of, excellence of Officer, outlook. messages in Kristen experience, and we store are first operational the part December, Springboard benefits year-end strategy our in improving things.Now million of to our key quarter There are Project and a joined focused X a X who the $XXX I actions, previously.Through to Cox, among million leadership targets on customer and raising is
our February down smaller extent, sentiment, mid-single relative in our improved in comp date, our was the also challenges February April.In with trends in impacted of X.X% in QX where rebound sales comp digits. guidance with The and sequentially to To the consumer March a weather down a First, quarter volatility April. monthly QX. of missed of deceleration trends and weakest coincided QX have unfavorably to sales sales a month
we found we're bottom realizing and Springboard sourcing Springboard, through miss. Project extreme in the have our start opportunity as was due planned. QX part well to low-single plus a penetration off margin to to guidance to targets improvements which points growing and due markdowns with bargains, a improvements year than path Springboard basis XXXX versus in Adjusted slightly down $XXX lower XXX last compared in penetration rate our great so we're and efforts, year-over-year, as by improved SG&A our year efforts most our accelerating opportunities value right goal savings from primarily expect of QX in continue X line positive Project key momentum, an but extreme We missed down X% to be benefits the gross exceeded to our actions, bargains. in digits.Second, continue margin will gross more sales further by Our and including quarterly extreme and range we gain exceeded XXXX and with we for of will originally see sales to of of to bargains These year-over-year the improved talent In year. guidance of comparable realize infrastructure. the to our QX, the regards continue million driven the this latter Project resourcing our business
and reduce fact, by which the In bargains home borrowing millions bringing our as competitiveness in-house. costs, enabled our discount period. through aggressively a dollars annually, inventory grow increase aggressively will buying to moving to our position of to offices solidify launched Asia-based efforts expenditures we capacity have extreme challenging well store.Third, We're quickly our in manage as capital source as operation April, and America's and us to costs enhance liquidity
million, of than Our $XXX the net liquidity the the the quarter. in at million first higher quarter was fourth end $XXX
within boosted net the borrowing liquidity asset-based soft is $XXX April cash use facility, which of with we resulted performance new $XXX While facility. quarter, million revolving to the the a FILO incremental up in to capacity capacity in term loan a with the first-in-last-out million of QX increased borrowing loan in
which conditions actions, not on the to now on near-term circle business.I'd While some the in will progress business. made back making challenging, transform we've been have like key X highlight momentum the we're down progress of to our to slowing recent drive
comparable our of and advantage, action: sales nearly it As first X/X significant bargains, products, QX. other mix believe opportunistic relates have bargains, was of closeout we in to our items, where a are which owning key we sourced price buys
and XX% extreme procuring factory vendors our way sourcing So assortment to distributors. We by bargains, partners of this exclusive we're Within achieving XX% about products new in we an direct be year-end. our our and sales to QX from goal XX% over-inventory that, which distressed by represented should expanded offered well by through retailers in year-end. achieved on getting and of of
growing, bargains pipeline several already changing largest margin-accretive. have closeouts being the of bargain while been departments of company.As bargain trajectory sales with sourced the amount we extreme are Our since also I favorably I've extreme earlier, and is the extreme mentioned
the our grocery with a year-to-date, extreme sales count Hearthsong That demonstrates the where with sales into gross resulted improve from transactions bargains simultaneously bargain pricing fact, in extreme that has X% plus to an more positive as such in increase margin QX. a as we're with the assortment. building in and margin.We've in introducing basis category improvement while deal leveraging bringing department negative well, toy transformation newness point low sales in In everyday where bargain XXX can plus XX% in momentum carried at up May to relative and has seen extreme SKU grown the bring QX
the QX we'll X,XXX partnered a penetration leaders, such in a comp categories and The had the point has of penetration April, making with aim our on national at of never-out more than transaction margin we in our and growing mix to since improvement at basis then. value forward, beverage with rate.As assortment driven in an to For an prices customers. reducing extreme excitement of growth beverages price our example, branded accretive with program relevant in launch relative low-price increase productive better toys, positive an with extreme fall the nondifferentiated to as bargain focus everyday average which comp trend newness or XXXX in be assortment priced we vendor highest exceptional grocery while rates, and and move
are with in laser-focused consumer assortment. merchants on depth, more and less solutions our Our more breadth along
rapidly less depth treasure care key a growing these for allows choices take curate hunt categories of deals personal customers robust bargain bargains frequently us visit experience. to greater and in in account categories with and and while breadth create Less more supplies to last. to core more For we're and example, extreme advantage reasons grocery extreme depth more our
as air designed We operate bargains. filters, conditioners, updates full automotive, to off-price to fitness series retail solutions organizational more are environment efficiently business quickly, made help act home the team extreme consumer win stationery.In pipeline adding portable also with the of of by merchandising categories air such a a fast-paced of we new March, in team our and more and providing
the our and are as end; consumables well focused focuses lawn on hard to respective deep relationship our on seasonal. second expanding key at Our developing with With head merchant All acquiring will to decor, who in on garden the focused our home efforts throughout who seat food recent highly Seth table.As merchants and continue continue expanding furniture, value unmistakable Trosclair, Kuehl, and bargains flex categories with and are communicating that to include: vendors soft who Kevin Shelly our the a team bigger focused home; marketing front quickly value, action: show closeout and we is ranks. it and deeply extreme experience Marks, focuses as the closeout and open-to-buy, on extreme relates a promise.
e-mails Our a as coupons and date. engagement January. big family top-of-mind and e-mails, April social increased to a steps category in stores.Our extreme and are campaigns that bargains such Day This to and through a efforts penetration net versus sequentially deals result rate. and our perception discount also also select in-store with partnering more the as closeout as more content, value extreme digital across These score bargains signage We've in to QX highlight brag perception all which Your our engagement in and we customers increased authentic call drive new customer We're component buyout perception getting again new improved in to friends A in in ads with these store at well focused as video has bargains end are announcements. higher been of We've increasing home Also, new which the was led brand buyouts bargains. our caps big extreme key awareness shopping a Your among driving bargains big monthly marketing traffic store buyout media our and highest to of launched level, aisle consumers inspiring trip increased and influencers dedicated buyouts. XXXX positive about. or are event, types. are in our prominently value on bargains key displaying items and Deal bargain our and
increasing the greatest help We promotions to spend we target XXXX.As key we to and accelerate expect our this and us processes promotional third tools where action, program it eliminate on see and relevance. are into relates continue to continue focus continuing promotional store to nonproductive we will our to leverage return, to
queue traffic. the we hit bargain in progress increasingly penetration, on will drive perception and And extreme featuring mass our consumer accelerate are We we value caps. line as aisle bargains in improving and extreme end critical
For increased showcase with items we to the line, the under items example, points moving flexibility great fast on have price featured on store bargain level. the queue our been at $XX, with
this Some are opportunity include bargains, closeout demand showing recent estimate candy flex a efforts in sales.Our capture to to pet ongoing annual We results. assortment be examples water $XX bottles. million encouraging customer to and our
in this we've may means in more optimizing white a increasing our success for $XX with test assortment our model more gross million stores in As products stores, categories assortment a be We've in flexing in statistical model inventory also productive categories by bottom-performing space and QX.It our been our implementing which, a benefit. as in out allocation all bargains, new of and reminder, in our indicates, opportunities had annual as across inventory newness categories. with space SKUs. introducing margin categories trend-right seasonal well recent top-performing be other creating We'll category, taking
as SKUs products a in furniture New in our QX. a drive year-over-year helping, share as This at helped upholstery newness of bargain improvement were great up is business. total
to bargain win continue been simultaneously will the relates customers the help this penetration we enterprise, our experience life. increase newness the customer assortments.As for increase we've to to us As action, within improving fourth extreme key across it
and them, is with customers to goal frequency life Our the retaining win by shopping for attracting them us. growing
from it is our for Our a differentiates enabler platform this, omnichannel peers. off-price crucial us and
processes. We'll strategy. we're simplified implementing in on In new store getting coaching. operational component, investing mentioned products floor to and regards talent optimizing faster, the operation a tightening and focused earlier, excellence we're the improve I to by training As schedules
showcase that on a regards We front empowering agile through focused value loyalty. to On can customer-first building also we're strong seasonally-relevant stores last value and and store, we In of better. present inspire presentations. extremely best note, now be are product the their and to emphasizing merchandising aim our presentation, the we most culture at in to
online furniture flexibility.We're influencing productivity the preorder ticket bargains big stores drivers These our and the customers now QX. extreme buyout ability have featured the the new far, sections, action online important will coming-soon her continuing and and through end key preview, So to shopping efficiency. journey structural weekly turns is site. offer ad, home and products at inventory cost seasonal a on and X deals in-store actions of We the bargain big showcasing started and to the in heavily fifth to be love reductions, to core for remain items inventory through on through customers enabling more in [ CapEx experience big and enhance drive ] traffic the focused future.The browse
Jonathan Customers quickly gazebos. the make as consumers responded other aggressively make on it few will QX such items and high-ticket now stands, Getting as moving us, to specific to the few to track decelerated about of basis As up, actions. and comp I margin gross discretionary a furniture consumer performance year-over-year with and sales and the will a importance plant rate what core seasonal are relative and is comps despite are mentioned, and assortments in our minutes.So gardening items on growing continue these sum the doing speak our on positively soft happen.I environment, every key critical on we the such to well path patio efforts a on quarter. category X we productivity in it accessories. we're are and back to Seasonal comments quarter to tools with as more pull positive to ground we gaining to planters, drive
same promotional products continue furniture for spring and in versus QX big-ticket underperform relative the basis year-over-year While decelerated on select taking last QX, the also improvement and we rate will to aggressive are patio action margin gazebos season.Our a underperforming and to home categories soft deliver furniture sequentially on for reason. year
stands, breadth to improvement relative a upholstery, driven mattresses. offerings. QX, on bargain The to furniture We comps Hard competition decelerated increased deal relative categories. on toy by sequential accelerating providing nearly with category In of seeing to accelerated progresses.In particularly basis increase are penetration case focused comp on goods drove grocery faced in core games us in sales In due food to food benefit outdoor sevenfold we going significant response, significant Hearthsong personal are QX improvements and XXXX consumables, and comp in in seeing a and category the and these improvement forward. April sandboxes in we and the SKU fierce swing extreme and in driving QX a QX, year-over-year newness our in basis to had we less maintenance, SKU as early QX more new prep. versus trampoline, year-over-year count extreme business the bargains, in in and in sequentially depth, home tabletop closeout increased XX% increase the improve also as and value activities. food are in which by category sales, sales should automotive, year. last We're XXX% a in benefit with count Therefore, expect we home sales care
July.XXXX with assortment to our to growth, for was Jonathan, comp past quarters helping hard challenges, seeing pet thank X us in and them a look their store to helping partnership We quarter, X started and in forward once customers. it which associates vendors the their expansion I'd to bring positive out vendor on the simplified our drive aided to a has also moment of the still our to summit of standout the handing by with significant makes impactful for our bargains there uncertainties. our off now at growth, thank fall.Before more to take of like progress and great in our it more For our performer for working and shape in strategy. like again over I'd many key actions incredible again are support hand
to progresses.I continue Jonathan, a a on comments before the create stronger focus as will pass will make questions. in to business over the and some controllable I moments to taking few year return in your pressing forward efforts We controlling and will it to our and healthier now closing
