While it is early, we are pleased with our progress in market thus far with key indicators of success pointing towards a bullish future.
Turning to profitability, we reported gross margin of 28.5%, which is a new record in itself.
Strength in gross margins reflects mixed-rate benefits, tightly managing promotional spend, and strong performance in logistics by our team.
Finally, adjusted EBITDA margin came in at 3% for the quarter, even during a period in which we had planned pronounced growth investment.
Shifting gears from in-quarter results, I'd now like to provide some commentary on how we performed on Black Friday and Cyber Monday of this year. We observed strong customer purchasing intent during this important holiday shopping week.
Traffic and sales exceeded our expectation across all categories, including hard goods, and conversion rates were up year over year.

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