The chain has struggled at times, but that’s not what’s behind its decision to close some of its brick-and-mortar locations.
If consumers go through the trouble of visiting a store and don't find what they want, they can simply order the item from their phone while standing in the retailer's shop. That's not the biggest problem as that type of experience can lead to the customer simply skipping the store in the first place.It's not that people aren't shopping in brick-and-mortar stores. Digital sales only accounted for 15.4% of total retail sales in the second quarter.
"In 2022, we permanently closed 48 stores for the full year, principally in malls. We opened 95 new off-mall North American stores in 2022, resulting in net square footage growth of about 5% for the full year," she explained."We are partnering with external advisers to closely evaluate our cost structure and take action to offset what we see as ongoing cost pressures in both gross margin and SG&A as well as to fund our strategic investments," Arlin said.
"By comparison, in 2022, we generated over $600 million of free cash flow after our regular dividend. We estimate that we are starting the year with $700 million more cash than we need to fund our forecasted working capital needs for the year," she said.
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