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Retail-home furniture, furnishings & equipment stores company · DE · FY ends Dec · Revenue $337M · -1.73% margin · -$4M FCF
The business is unprofitable at the operating level (-1.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.0% YoY. Margins deteriorated 2.7pp alongside, both lines moving the wrong way.
Free cash flow declined 130% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.06% to -1.94%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$337M
▼ -3.0% YoY
Net Income (TTM)
-$4M
▼ -293.6% YoY
Op. Margin
-1.73%
▼ -2.7pp YoY
ROIC
-1.94%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -130.0% YoY
Op. Cash Flow (TTM)
$6M
▼ -78.6% YoY
Net Debt
$150M
Cash & Equiv.
$10M
5Y CAGR: +0.7%
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