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Retail-jewelry stores company · FY ends Mar · Revenue $178M · -3.11% margin · -$9M FCF
The business is unprofitable at the operating level (-3.11% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 4.0% YoY. Margins deteriorated 3.8pp alongside, both lines moving the wrong way.
ROIC dropped from 1.03% to -5.84%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$178M
▼ -4.0% YoY
Net Income (TTM)
-$13M
▼ -176.8% YoY
Op. Margin
-3.11%
▼ -3.8pp YoY
ROIC
-5.84%
▼ -6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▼ -38.2% YoY
Op. Cash Flow (TTM)
-$2M
▼ -1024.7% YoY
Net Debt
$75M
Cash & Equiv.
$2M
5Y CAGR: +1.0%
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