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Retail-retail stores, nec company · E9 · FY ends Mar · Revenue $65M · -12.65% margin · -$10M FCF
The business is unprofitable at the operating level (-12.65% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 34.2% YoY. Margins deteriorated 4.2pp alongside, both lines moving the wrong way.
ROIC dropped from -14.23% to -19.48%, capital efficiency is deteriorating. Negative free cash flow of -$10M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$65M
▼ -34.2% YoY
Net Income (TTM)
-$7M
▲ +15.4% YoY
Op. Margin
-12.65%
▼ -4.2pp YoY
ROIC
-19.48%
▼ -5.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▼ -168.8% YoY
Op. Cash Flow (TTM)
-$9M
▼ -161.4% YoY
Net Debt
$7M
Cash & Equiv.
$6M
3Y CAGR: -29.8%
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