the three months ended April 30, 2023 was $35.4 million, or $1.47 per diluted share, compared to net income for the three months ended April 30, 2022 of $6.2 million, or $0.25 per diluted share. On a non-GAAP basis, adjusted net loss for the three months ended April 30, 2023 was $36.6 million, or $1.52 per diluted share, which excludes charges and credits related to the sale of a property partially offset by the impairment of assets associated with the decision to end the store-within-a-store test with Belk, Inc. There were no non-GAAP adjustments for the three months ended April 30, 2022.

Retail Segment First Quarter Results

Retail revenues were $224.0 million for the three months ended April 30, 2023 compared to $272.5 million for the three month

s ended April 30, 2022, a decrease of $48.5 million or 17.8%. The decrease in retail revenue was primarily driven by a decrease in same store sales of 20.1%. The decrease in same store sales was primarily driven by lower discretionary spending for home-related products following several periods of excess consumer liquidity resulting in the acceleration of sales. The

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