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PetSmart, Petco, and Tractor Supply 's Petsense all enjoyed the advantage of not only already being established brands at the time, but were able to leverage and combine their brick-and-mortar businesses with their online ones established in the meantime. It seems crazy on the surface. The thing is, the plan is working.
Not only does the $45 billion company enjoy significant operating leverage, but it also enjoys sales leverage with its consumer staples retailer partners. But between 2013 and 2017, it sold the bulk of its U.S. This is no minor detail for a couple of reasons. The sheer size and scale this creates is one such reason.
As a reminder, we implemented several shrink-mitigating tactics in Q1 and Q2, including upgraded store talent, updated equipment, revised policies, increased leverage of exception reporting to quickly identify issues, and a third-party restitution program. Prior to COVID, it was -- you know, 2017, '18, '19 -- between 5% and 6%.
Additionally, we grew our platinum and diamond member base, leveraging unique incentives like exclusive and early access to key events and brand launches, gifting, and personalized offers that drive engagement. And Kecia, on the comp-store sales, is it a mid-single-digit leverage occupancy?
Our Scopes 1 and 2 emissions per hectoliter of production have improved by 46% versus our 2017 baseline. So that speaks for the added flexibility that the leveraging is giving to us. But having said all that, and I repeated more than once that we have other flexibility given where we are in leverage. It's twice as much.
Our priority remains to extend brand reach and engagement, drive product diversification across our portfolio, leverage our powerful omnichannel to reach customers and build our global business. We're leveraging a few key demand drivers as we head into the season: innovation, awareness and conversion. Shifting to our brand reach.
We look forward to leveraging our industry expertise and scale to drive operating efficiency and accelerate growth across platforms with attractive market opportunities and return profiles over time. Our delinquency ratios finished the year slightly above average levels from 2017 to 2019 prior to the pandemic. Moving to reserves.
of EPS that wasn't in our June outlook, was related to general liability claims. Predicting these claims is complex and we again increased our accrual for general liability this quarter after observing higher-than-expected costs to resolve certain claims. was attributable to the general liability adjustment, while the remaining $0.08
The fourth thing we'll do, leverage the supply and demand imbalance to make the ecosystem better. We started our ML and AI efforts in 2017 with the launch of Koa, but today, the opportunities are much bigger. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Our ability to leverage these insights and deliver optimized financing solutions and experiences for our customers and partners even as needs evolve and market conditions shift is what enables Synchrony to consistently deliver the outcomes that matter most for our many stakeholders and increasingly positions us as the partner of choice.
Since joining Chipotle in 2017, I've had the privilege and responsibility of leading our restaurant teams as we have grown from under 2,300 restaurants to over 3,600 restaurants today, employing over 125,000 people. Labor costs for the quarter were 24.9%, about flat to last year as the benefit from sales leverage offset wage inflation.
Economic leverage ticked down slightly to 5.7 This new partnership in conjunction with our existing recapture agreements should allow Annaly to leverage best-in-class industry partners without taking on the operational leverage and earnings cyclicality of an originator. And our leverage was down a touch heading into the quarter.
Our ability to generate significant product volume allows us to leverage the full benefits of the configure-to-order model, creating incremental manufacturing capacity without the need for additional capital expenditures. Much more disruptive, I would say, higher risk, but the good news is we did it in 2017. So, it was eight years ago.
We first partnered with MedReleaf Australia back in 2017. And since that time, we've been an active contributor to its growth by leveraging our pharmaceutical grade cultivation and science driven approach to product innovation. But clearly, we get great advantages out of leveraging that exact same system all around the world.
In the short term, we're leveraging our strengths to capture market share and to optimize our marketing spend. In addition, we're leveraging the benchmarking study to identify and implement structural improvements to improve the business model with a sense of urgency. million and leveraged by 20 basis points to last year at 52.2%
In Q1, our e-commerce channel continued to improve, growing 2% year over year and contributing to overall top-line growth and fixed-cost leverage. As expected, we saw stability and modest leverage within the more fixed portion of our cost of goods, including retail occupancy as we've continued to scale our store base. Very helpful.
But if I look at your claim -- reported claim counts that you give in your statutory data, for other liability, it's down significantly for 2023 accident year. So I don't know if there's a data thing there or not, but reported claim counts at 12 months or 15% down in other liability. It is a severity issue that we're seeing there.
This includes how we've optimized our pricing architecture, made enhancements to our AI inventory buying tool, leveraged our advanced algorithms to reduce underperforming shipments, streamlined our merchandise assortment, and improved our CRM capabilities. Despite the revenue decline, we continue to drive leverage in our business in FY '24.
With little operating leverage, 6 of 7 segments still increased operating margin, resulting in segment operating margin expansion of 110 basis points. Over the past few years, we've made progress on expanding our revenue from CBI from less than 1% in 2017 to approximately 2% today. points, and that's going all the way back to 2017.
We're proud to once again finish the fiscal year above the Rule of 40, which we've achieved every year since going public in 2017. We've demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come. With that, I'll turn it back to Dave for Q&A.
Furthermore, from a risk management perspective, we view these credit investments as a prudent, natural hedge to the inherent rate exposure as we have on the liability side of our balance sheet. To that end, we ended the second quarter with leverage at 5.3 This was the 25th consecutive quarter of leverage at 5.5
We are also leveraging partnerships with franchisees to unlock opportunities in lower-tier cities and strategic locations. Capital allocation for store investments that impact depreciation and then also ran runs the big things we continue to work on marketing leverage from our digital program.
We continue to leverage our diversified portfolio of products and sales platforms, disciplined approach to credit underwriting and management, and innovative digital capabilities to further progress on our strategic objectives and to deliver sustainable risk-adjusted growth and returns over the long term. Moshe Orenbuch -- Analyst Got it.
Prior to the pandemic, our penetration of dress and seasonal went as high as 60% in 2017 compared to roughly 49% today. Conversely, athletic and casual was only 32% of our assortment in 2017 versus 42% today, a key driver in our improving overall performance. The Motley Fool recommends Designer Brands.
The proportion of less than minimum payments in our portfolio remains below the 2017 to 2019 average across all credit segments. Total interest-bearing liabilities cost was $4.78, 44 basis points higher year over year due to higher benchmark rates. And 20 basis points above our historical average from the third quarter of 2017 to 2019.
We're leveraging the success of these innovations and further leaning into our other top-performing SKUs to capture opportunities to expand distribution. Net leverage declined again sequentially, ending the fiscal year at 2.6 Moving to chicken. We're also scaling up our use of data to make better decisions on mix and to improve yield.
This approach is yielding profitable growth and operating leverage. As clients increasingly turn to BlackRock, we believe this will result in sustained market-leading organic growth, differentiated operating leverage and earnings and multiple expansion over time. With that, I'll turn it over to Larry. How is that evolving?
So, in Q2, we continue to work with our customers and focus on leveraging our leading technology as well as optimizing our business through our strategic initiatives, which, of course, includes our cost reduction actions that we have taken. We continue to leverage our technology leadership while prudently managing our business.
Meanwhile, our leverage profile continues to improve as free cash flow grows, allowing us to increase the return of capital to shareholders through the recurring dividend and meaningful share repurchases. Our strong free cash flow and liquidity profile allowed us to reduce leverage while returning capital to shareholders. year on year.
I find few things more satisfying than watching our customers leverage our platforms to thrive and prosper. Analogue October Records has been a customer of ours since founder Craig Crane opened his doors in 2017. As an industry leader, it's crucial that we continue to leverage new technologies to further differentiate our products.
From 2016 through 2020, Maravai acquired companies, including TriLink BioTechnologies and Cygnus Technologies in 2016, Glen Research in 2017. The capability and infrastructure additions that came from pandemic-era investments give us a foundation for exceptional operating leverage going forward. This was Maravai 1.0, Maravai 3.0
With large growth drivers, including the ongoing secular shift to CTV, upgrading measurement with retail data expansion outside North America, a strong identity framework, strengthening of the supply chain, and the ability to drive leverage in our model, we remain optimistic for many years to come. But we did start doing that in 2017.
One of the first brands to leverage FairPrice shopper data on our platform was Coca-Cola, who wanted to reach customers during the festive Lunar New Year season. A lot of this speculation reminds me of the frenzy in 2017 when Safari deprecated cookies or more recently in 2021 when Apple made its IDFA changes. Turning now to expenses.
They came back to ZoomInfo because we were able to help them with all of their key initiatives for go-to-market success, ramping up new account executives, increasing sales efficiency, driving sales and marketing alignment, and actually leveraging AI. Our net leverage ratio is 1.4 times trailing 12 months adjusted EBITDA and 1.3
Because of the large and expanding number of cellular frequency bands available in the world, the RF frontend on mobile phones is becoming an increasingly complex and expensive piece of technology, which leverages advantages that specialized RF SOI substrates can provide. Richard Shannon -- Craig-Hallum Capital Group -- Analyst OK.
Strong operating leverage across our business drove gross margins to exceed the high end of our expectations, resulting in better-than-anticipated earnings per share performance. To summarize, we successfully completed the acquisition of Splunk, drove strong non-GAAP margins, and increased our operating leverage in the quarter.
During that decade, the investor also scooped up Goldman Sachs’ former headquarters at 85 Broad Street in the Financial District, which the company bought for $650 million in 2017. Brotschol said that at about 50 percent loan-to-value, the mortgage was conservatively leveraged. The tower’s $359 million loan matures in June 2027.
As always, we will present a credit quality update along with a view of increased operating leverage based on investments we have made. Needless to say, we are quite pleased to see a 26% increase in operating leverage from the first quarter of last year to Q1 of this year. The rest of this slide shows how we got there. Alex Lau -- J.P.
Con Edison, a C3 customer since 2017, continues to expand its use of the C3.ai ai continues to leverage its extensive commercial supply chain experience in the federal government. The second project supports DLA's energy directorate, leveraging C3.ai's GSK, formerly GlaxoSmithKline, is now using C3.ai
Same-store sales growth of 6% was driven by strong traffic growth of 15% and ticket average decrease of 8% is by design and consistent with our revitalization strategy since 2017. Improvement was mainly from sales leveraging, lower rider costs, more favorable commodity prices, and lower advertising expenses.
We're also expecting continued opex leverage this year, especially within G&A. We expect that, as we grow this year, leveraging that fixed cost is a big deal. Opex leverage, another hallmark. We've had significant adjustability but down leverage. Expect that to be our biggest source of leverage.
These spreads are based on our short-term nominal cost of capital that measures the year-one dilution from utilizing external capital and excess free cash flow on a leverage-neutral basis to fund our investment volume. Our leverage, as measured by net debt to annualized pro forma adjusted EBITDA was a healthy 5.4
billion, leveraging optimization initiatives in certain capital investments. And then my second question is on the recent discussions in China to once again implement supply side reforms for the steel industry back in 2016, 2017, that was a big pain for the industry, which led to a significant curtailment of excess steel capacity.
A great example of leveraging our heritage and outdoor activities is the evolution from barbecue and live fire cooking enthusiasts to the growing influences in the broader world of culinary. In addition, our original fully submersible waterproof hang line, which launched in 2017 continues to perform very well.
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