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Retail-apparel & accessory stores company · FY ends Feb · Revenue $565M · -1.80% margin · $17M FCF
The business is unprofitable at the operating level (-1.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.8% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $108M represents 6.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$565M
▼ -9.8% YoY
Net Income (TTM)
-$16M
▲ +62.5% YoY
Op. Margin
-1.80%
▲ +4.1pp YoY
ROIC
-2.90%
▲ +6.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$17M
▲ +165.6% YoY
Op. Cash Flow (TTM)
$24M
▲ +242.9% YoY
Net Debt
$108M
Cash & Equiv.
$16M
5Y CAGR: -2.4%
5Y CAGR: -15.7%
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