Store Optimization and Closure Success
Completed the closure of 145 underperforming stores, which will have limited impact on total sales but is expected to deliver meaningful improvement to profitability.
Positive Comparable Store Sales Growth
Achieved mid-single-digit comparable store sales growth for the first quarter and two consecutive quarters of positive comps for the first time in a couple of years.
Inventory Reduction
Reduced inventory levels across the system by approximately $10 million, primarily due to reducing store count.
Strong Financial Position
Net bank debt at $64 million with availability under the credit facility of approximately $398 million and cash and equivalents of approximately $8 million.
Encouraging Preliminary July Sales
Preliminary fiscal July comp store sales were up 2%, marking the sixth consecutive month of consistent comp store sales growth.