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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): December 3, 2024
Citi Trends, Inc.
(Exact name of
registrant as specified in its charter)
| Delaware |
|
000-41886 |
|
52-2150697 |
| (State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
| 104 Coleman Boulevard, Savannah, Georgia |
|
31408 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (912) 236-1561
Former
name or former address, if changed since last report: Not applicable
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ¨ |
Pre- commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common stock, $0.01 par value |
CTRN |
Nasdaq Stock Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
On December 3, 2024, the Company issued a press
release reporting its financial results for the third quarter ended November 2, 2024 (the “Press Release”). A copy of the
Press Release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1, the contents of
which are incorporated herein solely for purposes of this Item 2.02 disclosure by this reference.
The
information contained in this Item 2.02, including the Press Release attached to this Current Report, is being furnished and shall not
be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of such section. The information in this Item 2.02, including the Press Release,
shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be expressly set forth by specific reference in any such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
| Date: December 3, 2024 |
By: |
/s/ Heather Plutino |
| |
Name: |
Heather Plutino |
| |
Title: |
Chief Financial Officer |
Exhibit 99.1
CITI TRENDS ANNOUNCES THIRD QUARTER FISCAL 2024
RESULTS
Total sales of $179.1 million; Comparable
store sales growth of 5.7%
Gross margin of 39.8%, expansion of 160 basis
points from Q3 2023
Strong financial position with liquidity
of approximately $114 million and no debt
Strong start to Holiday Season
Company raises Outlook for second half of
Fiscal 2024
SAVANNAH, GA (December 3, 2024) — Citi Trends, Inc.
(NASDAQ: CTRN), a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American
and multicultural families in the United States, today reported results for the third quarter ended November 2, 2024.
Financial Highlights – Third Quarter 2024
| · | Total sales of $179.1 million decreased 0.3% vs. Q3 2023; comparable store
sales, calculated on a shifted 13-week to 13-week basis, increased 5.7% compared to Q3 2023 driven by increases in traffic, basket and
conversion, reflecting improved product and better allocation methods |
| · | Gross margin of 39.8% vs. 38.2% in Q3 2023, an increase of 160 basis points
due to markup expansion and a 40 basis point improvement in shrink results from the impact of mitigation efforts |
| · | SG&A of $74.7 million, $74.6 million as adjusted* vs. $69.7 million,
or $70.8 million as adjusted* in Q3 2023; approximately $1.6 million of the increase was due to one-time strategic costs in support of
turnaround efforts, including a customer and market insight study and consulting to accelerate improved shrink and to support operational
process improvements across the organization |
| · | Net loss of $(7.2) million, or adjusted net loss* of $(6.5) million, vs.
net loss of $(3.9) million, or $(4.6) million as adjusted* in Q3 2023 |
| · | Adjusted EBITDA* loss of ($3.3) million compared to adjusted EBITDA* loss
of ($2.3) million in Q3 2023 |
| · | Closed 4 stores to end the quarter with 593 locations; 23% of the fleet in
CTx remodeled format |
| · | Cash of $38.9 million at quarter-end, with no debt and no borrowings under
a $75 million credit facility |
| · | Quarter-end total dollar inventory decreased 1.7% compared to Q3 2023 |
Chief Executive Officer Comments
Ken Seipel, Chief Executive Officer, commented, "Our third quarter
performance of mid-single digit comparable store sales growth and a 160 basis point improvement in gross margin are early indicators that
our customers are responding to our strategy adjustments. Comparable store sales increases grew sequentially each month in the quarter
driven by increased transaction counts, with continuing momentum Q4 to-date. These results reflect the early impact of our initiatives
to strengthen Citi Trends’ good, better, best product offering, adding extreme value branded deals to the treasure hunt and to improve
operational disciplines, including product allocation to ensure the right product is in the right stores.
During the quarter, we incurred strategic costs, which I consider as
one-time in nature, to drive long-term growth including an extensive customer and market research study which will help us refine our
product assortment and serve as a basis for the Company’s long range plan, costs to research and accelerate improved shrink results
and the development of best practices to improve operational efficiency across the organization. These work streams and their related
expenses are expected to be completed in the fourth quarter and are instrumental in our goal to significantly increase shareholder value.”
“I am excited to be appointed to the role of permanent CEO. Since
assuming the interim CEO role six months ago, my confidence in the Company’s potential has only deepened. Citi Trends is a unique
and exciting growth opportunity. We have nearly 600 locations serving a largely underserved core African American customer in their neighborhoods.
Our brand familiarity, customer loyalty and neighborhood locations are difficult to duplicate, giving us a defensible moat against competition.
The challenges we face are largely within our control, and we are taking decisive action to address them. A strong balance sheet with
ample liquidity and no debt will allow us to execute the foundational work necessary for future growth and profit acceleration. While
we are still early in our transformation journey, I am energized by our team's swift pivot to execute upon our new initiatives and
the encouraging results of Q3 along with the strong early results of the holiday period. This momentum reinforces my belief in the Company’s
potential to deliver much improved near-term and long-term results," Seipel concluded.
Capital Return Program Update
In the third quarter of fiscal 2024, the Company did not repurchase
any shares of its common stock. At the end of Q3 2024, $50.0 million remained available under the Company’s share repurchase program.
The Company expects to resume share repurchase activity in the fourth
quarter of fiscal 2024.
Second Half 2024 Outlook
The Company is updating its outlook for the second half of fiscal 2024
as follows:
| · | Expecting second half comparable store sales to be up low to mid-single digits
compared to the second half of fiscal 2023 vs. prior outlook of flat to up low single digits; total sales expected to be flat to down
low-single digits due to the 53rd week last year and store closures |
| · | Second half gross margin is expected to be approximately 39%, consistent
with prior outlook |
| · | Second half EBITDA* is expected to be in the range of $1.5 million to $4
million, above our prior outlook of $0.5 million to $2.5 million |
| · | The Company expects to end fiscal 2024 with approximately 590 stores, consistent
with prior outlook |
| · | Year-end cash balance is expected to be in the range of $60 million to $65
million, within prior outlook |
| · | Capital expenditures for the full year are expected to be in the range of
$14 million to $18 million on pull-forward of certain investments to drive performance improvement |
While the Company does not provide quarterly guidance, given the significant
changes in the Company’s business model along with the dynamic nature of its growth and where it is in its fiscal year, it is offering
the following comments about the fourth quarter of fiscal 2024:
| · | Q4 comparable store sales are expected to be up low to mid-single digits
with total sales down mid-single digits due to the 53rd week last year and store closures |
| · | Q4 gross margin is expected to be in the range of 39% to 40% |
| · | SG&A is expected to be approximately $76 million including the finalization
of strategic expenses plus store payroll to support holiday sales |
| · | Q4 EBITDA* is expected to be in the range of $5 million to $7 million |
Financial Highlights – 39 weeks ended November 2,
2024
| · | Total sales of $541.9 million increased 1.7% vs. 2023; comparable store sales,
calculated on a shifted 39-week to 39-week basis, increased 2.3% compared to 2023 |
| · | Gross margin of 36.6% vs. 37.7%, or 37.8% as adjusted* in 2023 |
| · | Net loss of $(29.0) million, or adjusted net loss* of $(25.2) million, vs.
net loss of $(15.5) million, or $(15.0) million as adjusted* in 2023 |
| · | Adjusted EBITDA* loss of ($21.3) million vs. adjusted EBITDA* loss of ($8.5)
million in 2023 |
Investor Conference Call and Webcast
Citi Trends will host a conference call
today at 9:00 a.m. ET. The live broadcast of Citi Trends' conference call will be available online at the Company's website, cititrends.com,
under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and
will be available for replay for one year.
The live conference call can also be accessed by dialing (877)
407-0779. A replay of the conference call will be available until December 10,2024, by dialing (844) 512-2921 and entering the
passcode, 13748381.
During the conference call, the Company may discuss and answer questions
concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions,
as well as other matters discussed during the call, may contain or constitute information that has not been disclosed previously.
*Non-GAAP Financial Measures
The historical non-GAAP financial measures discussed herein are reconciled
to their corresponding GAAP measures at the end of this press release. The Company is unable to provide a full reconciliation of the forward-looking
non-GAAP financial measure used in 2024 guidance without unreasonable effort because it is not possible to predict certain of its adjustment
items with a reasonable degree of certainty. This information is dependent upon future events and may be outside of the Company’
control and its unavailability could have a significant impact on its financial results.
About Citi Trends
Citi Trends, Inc. is a leading
specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and multicultural
families in the United States. The Company operates 592 stores located in 33 states. For more information, visit cititrends.com
or your local store.
Forward-Looking Statements
All statements other than historical facts contained in this news
release, including statements regarding the Company’s future financial results and position, business policy and plans, objectives
and expectations of management for future operations and capital allocation expectations, are forward-looking statements that are subject
to material risks and uncertainties. The words "believe," "may," "could," "plans," "estimate,"
“expects,” "continue," "anticipate," "intend," "expect," “upcoming,” “trend”
and similar expressions, as they relate to the Company, are intended to identify forward-looking statements, although not all forward-looking
statements contain such language. Statements with respect to earnings, sales or new store guidance are forward-looking statements. Investors
are cautioned that any such forward-looking statements are subject to the finalization of the Company’s quarter-end financial and
accounting procedures, are not guarantees of future performance or results, and are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking
statements as a result of various factors which are discussed in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q, respectively,
and any amendments thereto, filed with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited
to, uncertainties relating to general economic conditions, including inflation, energy and fuel costs, unemployment levels, and any deterioration
whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory);
or other factors; changes in market interest rates and market levels of wages; impacts of natural disasters such as hurricanes; uncertainty
and economic impact of pandemics, epidemics or other public health emergencies such as the ongoing COVID-19 pandemic; transportation and
distribution delays or interruptions; changes in freight rates; the Company’s ability to attract and retain workers; the Company’s
ability to negotiate effectively the cost and purchase of merchandise inventory risks due to shifts in market demand; the Company’s
ability to gauge fashion trends and changing consumer preferences; consumer confidence and changes in consumer spending patterns; competition
within the industry; competition in our markets; the duration and extent of any economic stimulus programs; changes in product mix; interruptions
in suppliers’ businesses; the impact of the cyber disruption we identified on January 14, 2023, including legal, reputational,
financial and contractual risks resulting from the disruption, and other risks related to cybersecurity, data privacy and intellectual
property; temporary changes in demand due to weather patterns; seasonality of the Company’s business; changes in market interest
rates and market level wages; the results of pending or threatened litigation; delays associated with building, remodeling, opening and
operating new stores; and delays associated with building, and opening or expanding new or existing distribution centers. Any forward-looking
statements by the Company, with respect to guidance, the repurchase of shares pursuant to a share repurchase program, or otherwise, are
intended to speak only as of the date such statements are made. Except as required by applicable law, including the securities laws
of the United States and the rules and regulations of the Securities and Exchange Commission, the Company does not undertake to publicly
update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new
information, future events or otherwise.
Contact:
Tom
Filandro
ICR, Inc.
CitiTrendsIR@icrinc.com
CITI TRENDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
| | |
Third Quarter | |
| | |
2024 | | |
2023 | | |
2022 | |
| Net sales | |
$ | 179,066 | | |
$ | 179,520 | | |
$ | 192,323 | |
| | |
| | | |
| | | |
| | |
| Cost of sales (exclusive of depreciation shown separately below) | |
| (107,833 | ) | |
| (110,942 | ) | |
| (115,741 | ) |
| Selling, general and administrative expenses | |
| (74,730 | ) | |
| (69,654 | ) | |
| (69,092 | ) |
| Depreciation | |
| (4,755 | ) | |
| (4,749 | ) | |
| (5,076 | ) |
| Asset impairment | |
| (574 | ) | |
| (178 | ) | |
| — | |
| Gain on sale-leaseback | |
| - | | |
| - | | |
| 29,168 | |
| (Loss) Income from operations | |
| (8,826 | ) | |
| (6,003 | ) | |
| 31,582 | |
| Interest income | |
| 482 | | |
| 894 | | |
| 202 | |
| Interest expense | |
| (79 | ) | |
| (76 | ) | |
| (76 | ) |
| (Loss) income before income taxes | |
| (8,423 | ) | |
| (5,185 | ) | |
| 31,708 | |
| Income tax benefit (expense) | |
| 1,271 | | |
| 1,322 | | |
| (7,120 | ) |
| Net (loss) income | |
$ | (7,152 | ) | |
$ | (3,863 | ) | |
$ | 24,588 | |
| | |
| | | |
| | | |
| | |
| Basic net (loss) income per common share | |
$ | (0.86 | ) | |
$ | (0.47 | ) | |
$ | 3.02 | |
| Diluted net (loss) income per common share | |
$ | (0.86 | ) | |
$ | (0.47 | ) | |
$ | 3.02 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of shares outstanding | |
| | | |
| | | |
| | |
| Basic | |
| 8,356 | | |
| 8,238 | | |
| 8,145 | |
| Diluted | |
| 8,356 | | |
| 8,238 | | |
| 8,145 | |
| | |
Thirty-Nine Weeks Ended | |
| | |
November 2, 2024 | | |
October 28, 2023 | | |
October 29, 2022 | |
| Net sales | |
$ | 541,907 | | |
$ | 532,762 | | |
$ | 585,550 | |
| | |
| | | |
| | | |
| | |
| Cost of sales (exclusive of depreciation shown separately below) | |
| (343,710 | ) | |
| (331,827 | ) | |
| (357,341 | ) |
| Selling, general and administrative expenses | |
| (222,721 | ) | |
| (210,004 | ) | |
| (208,599 | ) |
| Depreciation | |
| (14,331 | ) | |
| (14,138 | ) | |
| (15,793 | ) |
| Asset impairment | |
| (1,835 | ) | |
| (178 | ) | |
| — | |
| Gain on sale-leasebacks | |
| — | | |
| — | | |
| 64,088 | |
| (Loss) income from operations | |
| (40,690 | ) | |
| (23,385 | ) | |
| 67,905 | |
| Interest income | |
| 1,942 | | |
| 2,804 | | |
| 204 | |
| Interest expense | |
| (238 | ) | |
| (228 | ) | |
| (230 | ) |
| (Loss) income before income taxes | |
| (38,986 | ) | |
| (20,809 | ) | |
| 67,879 | |
| Income tax benefit (expense) | |
| 9,995 | | |
| 5,279 | | |
| (15,624 | ) |
| Net (loss) income | |
$ | (28,991 | ) | |
$ | (15,530 | ) | |
$ | 52,255 | |
| | |
| | | |
| | | |
| | |
| Basic net (loss) income per common share | |
$ | (3.49 | ) | |
$ | (1.89 | ) | |
$ | 6.34 | |
| Diluted net (loss) income per common share | |
$ | (3.49 | ) | |
$ | (1.89 | ) | |
$ | 6.34 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of shares outstanding | |
| | | |
| | | |
| | |
| Basic | |
| 8,315 | | |
| 8,215 | | |
| 8,237 | |
| Diluted | |
| 8,315 | | |
| 8,215 | | |
| 8,237 | |
CITI TRENDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
| | |
November 2, 2024 | | |
October 28, 2023 | |
| | |
(unaudited) | | |
(unaudited) | |
| Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 38,872 | | |
$ | 59,726 | |
| Inventory | |
| 127,514 | | |
| 129,727 | |
| Prepaid and other current assets | |
| 13,145 | | |
| 11,266 | |
| Income Tax Receivable | |
| 3,581 | | |
| 3,306 | |
| Property and equipment, net | |
| 48,878 | | |
| 56,658 | |
| Operating lease right of use assets | |
| 218,899 | | |
| 239,282 | |
| Deferred tax assets | |
| 15,301 | | |
| 7,197 | |
| Other noncurrent assets | |
| 886 | | |
| 1,050 | |
| Total assets | |
$ | 467,076 | | |
$ | 508,212 | |
| | |
| | | |
| | |
| Liabilities and Stockholders' Equity: | |
| | | |
| | |
| Accounts payable | |
$ | 82,791 | | |
$ | 83,393 | |
| Accrued liabilities | |
| 25,837 | | |
| 24,985 | |
| Current operating lease liabilities | |
| 49,390 | | |
| 46,511 | |
| Other current liabilities | |
| 1,548 | | |
| 1,269 | |
| Noncurrent operating lease liabilities | |
| 175,767 | | |
| 196,856 | |
| Other noncurrent liabilities | |
| 1,473 | | |
| 2,132 | |
| Total liabilities | |
| 336,806 | | |
| 355,146 | |
| | |
| | | |
| | |
| Total stockholders' equity | |
| 130,270 | | |
| 153,066 | |
| Total liabilities and stockholders' equity | |
$ | 467,076 | | |
$ | 508,212 | |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
(in thousands, except per share data)
The Company makes reference in this release to adjusted operating (loss) income, adjusted gross margin, adjusted net (loss) income, adjusted EBITDA and adjusted SG&A. The Company believes these supplemental measures reflect operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior and future periods, and as such, may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP).
| | |
Third Quarter | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Operating (Loss) Income | |
| | | |
| | |
| Operating loss | |
$ | (8,826 | ) | |
$ | (6,003 | ) |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 574 | | |
| 178 | |
| CEO transition expenses | |
| 121 | | |
| — | |
| Other non-recurring expenses | |
| 44 | | |
| — | |
| Adjusted operating loss | |
$ | (8,087 | ) | |
$ | (7,013 | ) |
| | |
Third Quarter | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Net (Loss) Income | |
| | | |
| | |
| Net loss | |
$ | (7,152 | ) | |
$ | (3,863 | ) |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 574 | | |
| 178 | |
| CEO transition expenses | |
| 121 | | |
| | |
| Other non-recurring expenses | |
| 44 | | |
| — | |
| Tax effect | |
| (111 | ) | |
| 258 | |
| Adjusted net loss | |
$ | (6,524 | ) | |
$ | (4,615 | ) |
| | |
Third Quarter | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted EBITDA | |
| | | |
| | |
| Net loss | |
$ | (7,152 | ) | |
$ | (3,863 | ) |
| Interest income | |
| (482 | ) | |
| (894 | ) |
| Interest expense | |
| 79 | | |
| 76 | |
| Income tax benefit | |
| (1,271 | ) | |
| (1,322 | ) |
| Depreciation | |
| 4,755 | | |
| 4,749 | |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 574 | | |
| 178 | |
| CEO transition expenses | |
| 121 | | |
| — | |
| Other non-recurring expenses | |
| 44 | | |
| — | |
| Adjusted EBITDA | |
$ | (3,332 | ) | |
$ | (2,264 | ) |
| | |
Third Quarter | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Gross Margin | |
| | | |
| | |
| Net sales | |
$ | 179,066 | | |
$ | 179,520 | |
| Cost of sales | |
| (107,833 | ) | |
| (110,942 | ) |
| Gross profit | |
$ | 71,233 | | |
$ | 68,578 | |
| Gross margin | |
| 39.8 | % | |
| 38.2 | % |
| Non-recurring expenses | |
$ | - | | |
$ | - | |
| Adjusted gross profit | |
$ | 71,233 | | |
$ | 68,578 | |
| Adjusted gross margin | |
| 39.8 | % | |
| 38.2 | % |
| | |
Third Quarter | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of SG&A to Adjusted SG&A | |
| | | |
| | |
| SG&A | |
$ | (74,730 | ) | |
$ | (69,654 | ) |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| CEO transition expenses | |
| 121 | | |
| — | |
| Other non-recurring expenses | |
| 44 | | |
| — | |
| Adjusted SG&A | |
$ | (74,565 | ) | |
$ | (70,842 | ) |
| | |
Thirty-Nine Weeks Ended | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Operating (Loss) Income | |
| | | |
| | |
| Operating (loss) income | |
$ | (40,690 | ) | |
$ | (23,385 | ) |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 1,835 | | |
| 178 | |
| Cyber incident expenses | |
| 36 | | |
| 1,723 | |
| CEO transition expenses | |
| 1,479 | | |
| — | |
| Other non-recurring expenses | |
| 1,695 | | |
| — | |
| Adjusted operating (loss) income | |
$ | (35,645 | ) | |
$ | (22,672 | ) |
| | |
Thirty-Nine Weeks Ended | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Gross Margin | |
| | | |
| | |
| Net sales | |
$ | 541,907 | | |
$ | 532,762 | |
| Cost of sales | |
| (343,710 | ) | |
| (331,827 | ) |
| Gross profit | |
$ | 198,197 | | |
$ | 200,935 | |
| Gross margin | |
| 36.6 | % | |
| 37.7 | % |
| Non-recurring expenses | |
$ | - | | |
$ | 513 | |
| Adjusted gross profit | |
$ | 198,197 | | |
$ | 201,448 | |
| Adjusted gross margin | |
| 36.6 | % | |
| 37.8 | % |
| | |
Thirty-Nine Weeks Ended | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted Net (Loss) Income | |
| | | |
| | |
| Net (loss) income | |
$ | (28,991 | ) | |
$ | (15,530 | ) |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 1,835 | | |
| 178 | |
| Cyber incident expenses | |
| 36 | | |
| 1,723 | |
| CEO transition expenses | |
| 1,479 | | |
| — | |
| Other non-recurring expenses | |
| 1,695 | | |
| — | |
| Tax effect | |
| (1,293 | ) | |
| (181 | ) |
| Adjusted net (loss) income | |
$ | (25,239 | ) | |
$ | (14,998 | ) |
| | |
Thirty-Nine Weeks Ended | |
| | |
November 2, 2024 | | |
October 28, 2023 | |
| Reconciliation of Adjusted EBITDA | |
| | | |
| | |
| Net (loss) income | |
$ | (28,991 | ) | |
$ | (15,530 | ) |
| Interest income | |
| (1,942 | ) | |
| (2,804 | ) |
| Interest expense | |
| 238 | | |
| 228 | |
| Income tax (benefit) expense | |
| (9,995 | ) | |
| (5,279 | ) |
| Depreciation | |
| 14,331 | | |
| 14,138 | |
| Gain on insurance | |
| — | | |
| (1,188 | ) |
| Asset impairment | |
| 1,835 | | |
| 178 | |
| Cyber incident expenses | |
| 36 | | |
| 1,723 | |
| CEO transition expenses | |
| 1,479 | | |
| — | |
| Other non-recurring expenses | |
| 1,695 | | |
| — | |
| Adjusted EBITDA | |
$ | (21,314 | ) | |
$ | (8,534 | ) |
v3.24.3
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
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| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_ |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_ |
| Data Type: |
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| X |
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dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
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dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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dei_ |
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| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
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dei_PreCommencementTenderOffer |
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| Period Type: |
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-Publisher SEC
-Name Exchange Act
-Number 240
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dei_ |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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dei_SecurityExchangeName |
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dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
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-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
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| Period Type: |
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| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
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| Period Type: |
duration |
|
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