“Altogether, our expectations translate to a second quarter GAAP and adjusted EPS range of $1.30 to $1.70.”

In context

“e that many of the same trends that emerged in Q1 will continue in the second quarter, including a meaningful tailwind from freight and transportation costs, and a significant headwind resulting from inventory shrink. Similarly, on the SG&A expense line, we'll continue to face broad-based inflationary pressures and expect to benefit from efficiency efforts and cost discipline across our team. However, if our second quarter comp sales end up declining in the low single digits, which is where they are trending currently, we'll see greater SG&A rate pressure related to cost deleverage than we experienced in Q1. In light of all of these expectations, we believe our Q2 operating margin rate will be much higher than the very low rate we earned a year ago, but lower than the 5.2% we saw in Q1. Altogether, our expectations translate to a second quarter GAAP and adjusted EPS range of $1.30 to $1.70. As we look beyond Q2, we continue to believe that we entered this year with the appropriate level of caution planning conservatively in light of a tough macro environment and rapidly changing consumer trends. While we're facing some clear headwinds in the short term, we also have multiple actions underway to mitigate them, including ongoing efficiency work and cost saving efforts that we expect to flow into the P&L in the second half of the year. While we feel good about these efforts, we also remain cautious on the overall environment in light of the macro industry pressures we've outlined today. Taking this all into account, we are maintaining the full year guidance we provided at our Financial Community Meeting in February. Namely, we're planning for full year comparable sales in a”