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Men's & boys' furnishgs, work clothg, & allied garments company · GA · FY ends Jan · Revenue $1.48B · -2.12% margin · $11M FCF
The business is unprofitable at the operating level (-2.12% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.6% YoY. Margins deteriorated 10.0pp alongside, both lines moving the wrong way.
Free cash flow declined 81% versus the prior year, cash generation momentum has weakened. ROIC dropped from 9.69% to -2.30%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.48B
▼ -2.6% YoY
Net Income (TTM)
-$28M
▼ -130.0% YoY
Op. Margin
-2.12%
▼ -10.0pp YoY
ROIC
-2.30%
▼ -12.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$11M
▼ -81.1% YoY
Op. Cash Flow (TTM)
$120M
▼ -38.3% YoY
Net Debt
$555M
Cash & Equiv.
$8M
5Y CAGR: +14.6%
5Y CAGR: -27.1%
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