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Sales overview

Q · sales_v18
14 widgets·Owner: FP&A Team·Modified Apr 26
Net Revenue
$1.84B
+8.4% YoY
Comp Sales
+4.2%
+120 bps vs plan
Transactions
42.1M
+3.1% YoY
Avg Basket
$43.71
+5.1% YoY
Digital Mix
28.6%
+340 bps YoY
Loyalty Members
14.3M
+18% YoY
Trend · Daily

Net revenue vs plan, 90-day window

Composition

Channel mix

Categories

Revenue by department

Top performers

Stores ranked by Q1 revenue

StoreCityRegionRevenueComp %Conv %
#1042 Manhattan FlagshipNew York, NYNE$28.4M+8.1%34.2%
#1218 LA WestfieldLos Angeles, CAW$24.6M+1.2%28.6%
#1004 Chicago River NorthChicago, ILMW$22.8M+5.4%31.4%
#1421 Miami AventuraMiami, FLSE$21.2M+7.8%32.8%
#1156 Dallas NorthParkDallas, TXSW$19.8M+4.6%30.1%
#1162 Houston GalleriaHouston, TXSW$19.2M+0.8%27.4%
#1308 Atlanta BuckheadAtlanta, GASE$18.4M+6.1%29.8%
#1089 Boston Back BayBoston, MANE$17.6M+4.2%31.2%
#1212 Seattle DowntownSeattle, WAW$16.8M-1.4%26.8%
#1199 Phoenix ScottsdalePhoenix, AZSW$16.2M+3.6%28.4%
Geography

Regional performance

RegionStoresRevenueCompTrend
Northeast98$486M+5.8%Strong
Southeast112$524M+6.2%Strong
Midwest94$398M+3.1%On plan
Southwest62$268M+1.4%Soft
West46$164M-2.1%Declining
Marketing

Promotional ROI

CampaignLiftMarginROIStatus
Winter Clearance+22%-3.2 pts3.1xClosed
Loyalty 2X Points+14%-0.4 pts5.8xActive
Easter Promo+9%-1.8 pts2.4xClosed
BOGO Apparel+31%-6.1 pts1.6xReview
Free Shipping Wk+18%-2.4 pts2.9xClosed
Gross Margin
38.2%
+60 bps YoY
Operating Inc
$162M
+11.3% YoY
Net Income
$108M
+9.1% YoY
EBITDA Margin
11.4%
+40 bps YoY
Free Cash Flow
$94M
+$22M YoY
Net Debt / EBITDA
1.1x
-0.2x YoY
Profit and Loss · Q1 2026

P&L statement, actual vs budget vs prior year

Line Item ($M)Q1 26 ActQ1 26 BudVar $Var %Q1 25YoY %
Revenue
Gross Sales1,912.41,860.0+52.4+2.8%1,768.2+8.2%
Returns and Allowances(72.1)(72.0)(0.1)(0.1%)(68.9)(4.6%)
Net Revenue1,840.31,788.0+52.3+2.9%1,699.3+8.3%
Cost of Goods Sold(1,137.3)(1,113.4)(23.9)(2.1%)(1,058.4)(7.5%)
Gross Profit703.0674.6+28.4+4.2%640.9+9.7%
Gross Margin %38.2%37.7%+50 bps37.7%+50 bps
Operating Expenses
Store Labor(218.4)(214.0)(4.4)(2.1%)(206.1)(6.0%)
Rent and Occupancy(112.6)(112.0)(0.6)(0.5%)(108.4)(3.9%)
Marketing and Advertising(48.2)(46.0)(2.2)(4.8%)(43.1)(11.8%)
Logistics and Distribution(72.4)(70.5)(1.9)(2.7%)(68.2)(6.2%)
Technology and Digital(31.8)(30.0)(1.8)(6.0%)(26.4)(20.5%)
Corporate G&A(58.1)(58.5)+0.4+0.7%(55.9)(3.9%)
Total Operating Expenses(541.5)(531.0)(10.5)(2.0%)(508.1)(6.6%)
Operating Income (EBIT)161.5143.6+17.9+12.5%132.8+21.6%
Operating Margin %8.8%8.0%+80 bps7.8%+100 bps
Depreciation and Amortization(48.6)(48.0)(0.6)(1.3%)(46.2)(5.2%)
EBITDA210.1191.6+18.5+9.7%179.0+17.4%
Interest Expense(18.4)(18.5)+0.1+0.5%(17.6)(4.5%)
Other Income2.11.5+0.6+40.0%1.8+16.7%
Pre-Tax Income145.2126.6+18.6+14.7%117.0+24.1%
Income Tax (24%)(36.8)(31.6)(5.2)(16.5%)(28.0)(31.4%)
Net Income108.495.0+13.4+14.1%89.0+21.8%
Net Margin %5.9%5.3%+60 bps5.2%+70 bps
Trend · Quarterly

Revenue and EBITDA, last 8 quarters

Bridge

Operating margin walk, Q1 25 to Q1 26

Composition

OpEx mix

Cash · Q1 2026

Cash flow summary and capital structure

Operating Cash Flow$148.2M
Capital Expenditures($54.6M)
Free Cash Flow$93.6M
Debt Service($28.0M)
Dividends Paid($22.4M)
Share Buybacks($35.0M)
Net Change in Cash$8.2M
Cash and Equivalents (EoQ)$412.8M
Total Debt$1,240.0M
Forecast · FY 2026

Full-year forecast vs guidance range

MetricFY26 GuidanceFY26 Forecastvs High EndConfidence
Net Revenue$7.55B to $7.75B$7.78BAboveHigh
Comp Sales+2.0% to +3.5%+3.8%AboveHigh
Gross Margin37.5% to 38.0%38.1%AboveMedium
Operating Margin8.0% to 8.5%8.6%AboveMedium
Diluted EPS$3.85 to $4.05$4.12AboveMedium
CapEx$240M to $260M$252MIn rangeHigh
Net New Stores14 to 1816In rangeHigh
Stores
412
+8 net YTD
Sales / Sq Ft
$486
+4.8% YoY
Labor Productivity
$214/h
+3.2% YoY
Shrink Rate
1.8%
+10 bps YoY
On-Time Delivery
96.4%
+90 bps YoY
NPS
+52
+4 pts YoY
Footprint

Store density and sales productivity

Labor

Weekly labor hours, actual vs plan

Logistics

Distribution center utilization

LocationCapacityQ1 OutUtilStatus
DC-001 Chicago, IL (HQ)8.4M7.2M85.7%Healthy
DC-002 Dallas, TX6.8M6.1M89.7%Near cap
DC-003 Atlanta, GA7.2M6.4M88.9%Near cap
DC-004 Allentown, PA5.4M4.2M77.8%Healthy
DC-005 Reno, NV4.6M3.8M82.6%Healthy
DC-006 Memphis, TN4.0M1.4M35.0%Ramping
Experience

NPS by channel

In-store
+58
Digital
+46
Curbside Pickup
+64
Delivery
+42
Customer Service
+54
Returns
+32
Incidents · Q1 2026

Operational issues and resolution status

IssueStoresImpactOwnerStatus
POS system outage (Feb 14)62$2.4MIT InfraResolved
Cold chain failure (SE)14$1.8MLogisticsResolved
Staffing shortage (West)38$3.2MHR OpsActive
Carrier delays (CA winter)22$1.1MLogisticsResolved
Apparel shrink elevation87$4.6MLoss PrevActive
HR Snapshot

Headcount and workforce KPIs

Total Headcount48,200
Store Associates39,400
DC and Logistics5,800
Corporate3,000
Annualized Turnover42%
Open Positions1,840
Avg Hourly Wage$18.40
Training Hours / FTE22
Safety Incident Rate2.1 / 100 FTE
Total Inventory
$1.62B
+6.8% YoY
Turns
7.1x
+0.3 vs PY
Days on Hand
51.4
-2.2 days YoY
Stockout
2.4%
-40 bps YoY
Sell-Through
82.6%
+180 bps YoY
Markdown
11.2%
-60 bps YoY
Health · By category

Inventory split by health bucket

Aging

Stock by days on hand

Velocity

Top SKUs by weekly turn

SKUCategoryWk SalesCover
SKU-410921 Premium Coffee 12ozGrocery142,4004.8 wks
SKU-318422 House Brand DetergentHBA98,2005.2 wks
SKU-204188 Basic Crew Sock 6pkApparel76,8004.1 wks
SKU-512011 Wireless Earbuds StdElectronics42,1002.3 wks
SKU-318599 Cleaning Wipes 75ctHBA89,4004.8 wks
SKU-204402 Spring Tee CottonApparel64,2002.9 wks
Risk · Excess inventory

Slow movers requiring action

GroupStockDOHAction
Winter Outerwear$18.4M128Markdown 40%
Holiday Decor$8.2M216Liquidate
Smart Home Hub G2$6.8M142Bundle
Specialty Tea$3.1M98Reorder pause
Fitness Equipment$11.2M112Markdown 25%
Outdoor Furniture$14.6M94Hold
Availability

Stockout trend by category, weekly

Supply

Vendor performance, top 8 by spend

VendorSpendOTIFGrade
Acme Foods Co$184M98.2%A
Global Apparel Mfg$142M94.1%A
HouseHold Brands$118M96.8%A
TechWare Distribution$96M88.4%B
FreshHarvest Produce$88M99.1%A
HomeGoods Trading$72M91.2%B
Beauty Brands Inc$64M95.4%A
Sportswear Direct$48M82.1%C
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