"We are off to a strong start in 2022, reporting a solid quarter against the tough comparisons of fiscal stimulus and historically-low promotions from last year," Richard Johnson, chairman and chief executive officer, said in a statement. "Our progress in broadening and enriching our assortment continues, as we continue to meet our customers' demand for choice.  These efforts helped drive our strong results in the first quarter, and we believe will allow us to more fully participate in the robust growth of our category going forward."

"As we elevate brands across our portfolio, continue to use our real estate flexibility to optimise our footprint, and evolve our omni-channel capabilities, we are excited about our improving ability to expand our customer base and fuel our consumer's desire for self-expression,” Johnson continued.

As of April 30, 2022, the company's merchandise inventories were $1.4 billion, 37 per cent higher than at the end of the first quarter last year putting us in a strong position to fulfill demand going forward. At quarter-end, the company's cash and cash equivalents totalled $551 million, while debt on its balance sheet was $456 million.

The company's total cash position, net of debt, was $95 million, as compared with $1.9 billion last year. During the first quarter of 2022, the company repurchased 2.7 million shares for $89 million and paid a quarterly dividend of $0.40 per share, for a total of $38 million.

"Following our solid results from the first quarter, our strong inventory position going into the remainder of the year, and our strengthening vendor relationships, based on our current visibility, we now expect to achieve the upper end of our revenue and earnings guidance for the full year.  Our balance sheet and real estate flexibility remain strategic assets for us as we continue to navigate this dynamic industry and serve the sport and sneaker community,” Andrew Page, executive vice president and chief financial officer, said.

Fibre2Fashion News Desk (RR)