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Retail-miscellaneous shopping goods stores company · DE · FY ends Feb · Revenue $1.22B · -2.95% margin · $13M FCF
The business is unprofitable at the operating level (-3.09% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 1.0%, essentially flat. Margins also contracted 1.6pp. This is a business that needs a catalyst.
Free cash flow declined 55% versus the prior year, cash generation momentum has weakened. ROIC dropped from -2.33% to -4.99%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.22B
▲ +1.0% YoY
Net Income (TTM)
-$51M
▼ -51.4% YoY
Op. Margin
-2.95%
▼ -1.6pp YoY
ROIC
-4.89%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▼ -54.7% YoY
Op. Cash Flow (TTM)
$36M
▼ -8.3% YoY
Net Debt
$375M
Cash & Equiv.
$2M
5Y CAGR: -3.6%
5Y CAGR: -47.3%
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