Net Earnings Increase
Despite a challenging quarter, net earnings increased by 12.9% compared to last year, driven by improved gross profit rates and lower expenses.
Gross Profit Growth
Gross profit increased by 1.4% for the quarter with the gross profit rate up 64 basis points compared to the third quarter last year.
Operational Excellence via Next 100 Program
The Next 100 program has contributed to operational improvements, including merchandise assortment refinement and private label expansion, resulting in cost efficiencies.
Lower Expenses
Expenses decreased by 1% for the quarter, largely due to reduced share-based compensation costs and decreased vessel repair costs.