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Retail-retail stores, nec company · DE · FY ends Oct · Revenue $1.22B · -15.39% margin · $3M FCF
The business is unprofitable at the operating level (-13.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.4% YoY. Margins deteriorated 18.0pp alongside, both lines moving the wrong way.
Free cash flow declined 128% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.50% to -13.01%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.22B
▼ -6.4% YoY
Net Income (TTM)
-$277M
▼ -913.6% YoY
Op. Margin
-15.39%
▼ -18.0pp YoY
ROIC
-14.81%
▼ -17.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -127.7% YoY
Op. Cash Flow (TTM)
$27M
▼ -91.8% YoY
Net Debt
$974M
Cash & Equiv.
$17M
5Y CAGR: +2.3%
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