Sees Q3 revenue $4.7B-$4.82B, consensus $4.91B. Sees Q3 gross margin rate 40.3%-40.5%. Sees Q3 inventory up mid-single digits. Says quarter played out softer than expected. Says changes made in Q2 showing up in Q3. Says expects to close 55 stores this year. Says will not execute a deal unless it is accretive. Says adjusted back half marketing. Says reducing organizational complexity. Comments and guidance taken from Q2 earnings conference call.
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