Reports Q4 revenue $206.0M vs. $259.7M last year. Comparable store sales decreased 21.8%, with general merchandise categories down 26.7%, contributing a decrease of 1,620 basis points to comparable store sales. CEO Satish Malhotra commented, “We ended FY23 with continued pressure on our general merchandise assortment while experiencing relative strength in our premium Custom Space offering. I am grateful to our team members across the organization for their role in exercising strong cost discipline resulting in positive free cash flow for the fiscal year, and in delivering superior customer service reflected by our retail net promoter score of 80 for Q4. Looking ahead, while we anticipate continued challenges within our general merchandise offerings, we continue to lean into Custom Spaces through enhancing our assortment, strengthening our in-home design service and building awareness through impactful marketing campaigns that highlight our complete offerings . We plan to push forward on all of our market share driving initiatives to ensure we are poised to capitalize on the significant opportunities for the business and the brand when the backdrop normalizes.”
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