Fourth Quarter Overview
- Net sales were $2.226 billion, compared to $2.254 billion in the prior year’s fourth quarter.
- Selling, general and administrative (“SG&A”) expenses were $453.4 million, or 20.4% of sales, compared to $538.9 million, or 23.9% of sales, in the prior year’s fourth quarter.
- Net income was $48.2 million, compared to a net loss of $147.5 million for the prior year’s fourth quarter.
- Inventory was $682.9 million at the close of the period, compared to $915.0 million at the close of the prior year’s fourth quarter, reflecting the Company’s ongoing focus on maintaining a healthy inventory position.
- Cash, cash equivalents and marketable securities were $1.391 billion at the close of the quarter.
Full Year Overview
- Generated net sales of $5.927 billion for the fiscal year, compared to $6.011 billion for fiscal year 2021.
- Increased full-year sales in the collectibles category, which is an area in which the Company continues prioritizing long-term growth.
- Completed the majority of implementations and upgrades related to the Company’s infrastructure, systems, shipping capabilities, and online and mobile platforms.
- Initiated cost cutting initiatives and headcount reductions over the course of the year to increase operational efficiency.
- Established an equity incentive program for store leaders and tenured associates to increase their compensation and strengthen alignment of interests with fellow stockholders.
- Set a go-forward strategic direction focused on efficiency, profitability and pragmatic growth.