THIRD QUARTER OVERVIEW
Net sales were $1.186 billion, compared to $1.297 billion in the prior year's third quarter.
Sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category remained strong on a year-to-date basis.
Selling, general and administrative expenses (“SG&A”) were $387.9 million, or 32.7% of sales, compared to $421.5 million, or 32.5% of sales, in the prior year's third quarter.
Notably, SG&A as a percentage of revenue was down on a sequential basis from 34.1% in Q2 of this year, reflecting the Company’s ongoing cost reduction efforts.
Inventory was $1.131 billion at the close of the period, compared to $1.141 billion at the close of the prior year's third quarter.
Cash, cash equivalents and marketable securities were $1.042 billion at the close of the third quarter.
Long-term debt remains limited to a low-interest, unsecured term loan associated with the French government’s response to COVID-19.
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