Improvement in Direct Business Segment
Revenues in the direct business segment were $49.7 million, 5.3% below prior year compared to a decline of 16.2% in the second quarter, showing sequential improvement.
Progress in Inventory Management
Third quarter inventory decreased year over year by 24.3% to $82.9 million compared to $109.6 million at the end of third quarter last year.
Successful Product Launches
Initial orders of the original 100 bag sold through across the majority of SKUs, attracting a younger customer base with more than twice the penetration of Gen Z customers.
Outlet 2.0 Initiative Success
Qualitative feedback from Outlet 2.0 pilot stores has been positive, with improved customer experience and profitability per customer.