● |
Net revenue increased 3.6% to $32.9 million from $31.8 million in the comparable year-ago period. The increase in net revenue was primarily attributable to a 6.9% increase in the Company's Fulfillment by Amazon ("FBA") US segment.
|
● |
Gross profit increased 8.8% to $7.5 million, or 22.6% of net revenue, from $6.9 million, or 21.6% of net revenue in the comparable year-ago period. The increase in gross profit was primarily attributable to a $1.3 million decrease in fulfilment and warehousing and freight as compared to the comparable year-ago period.
|
Thirteen Weeks Ended
|
Change
| |||||||||||||||
(amounts in thousands)
|
April 29, 2023
|
April 30,
2022
| $ |
%
| ||||||||||||
Merchandise margin
|
$
|
13,309
|
$
|
14,046
|
$
|
(737
|
)
|
(5.2
|
)%
| |||||||
% of net revenue
|
40.4
|
%
|
44.2
|
%
|
(3.8
|
)%
| ||||||||||
Fulfillment fees
|
(4,112
|
)
|
(4,568
|
)
|
(456
|
)
|
(10.0
|
)%
| ||||||||
Warehousing and freight
|
(1,744
|
)
|
(2,627
|
)
|
(883
|
)
|
(33.6
|
)%
| ||||||||
Gross profit
|
$
|
7,453
|
$
|
6,851
|
$
|
602
|
8.8
|
%
| ||||||||
% of net revenue
|
22.6
|
%
|
21.6
|
%
|
● |
Selling, General & Administrative ("SG&A") expenses decreased 17.2% to $8.7 million, or 26.4% of net revenue, from $10.5 million, or 33.1% of net revenue, in the comparable year-ago period. The decrease in general and administrative expenses is due to decreased wages, professional and software fees and marketing expenses.
|
● |
Loss from operations was $1.3 million, compared to a loss from operations of $3.7 million in the comparable year-ago period. The decrease in operating loss was the result of the increase in sales, higher gross margin and reductions in SG&A.
|
● |
Net loss was $2.2 million, or $0.43 per diluted share, compared to a net loss of $4.4 million, or $1.78 per diluted share, in the comparable year-ago period.
|
● |
Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $1.1 million compared to an adjusted EBITDA loss of $3.4 million in the comparable year-ago period.
|
● |
As of April 29, 2023, the Company had $0.5 million in cash and cash equivalents, compared to $1.1 million as of January 28, 2023 and $0.8 million as of April 30, 2022.
|
● |
Inventory at quarter end was $27.7 million, compared to $32.3 million as of April 30, 2022. The decrease in inventory was due stricter supply chain management.
|
● |
As of April 29, 2023, the Company had borrowings of $9.3 million under the Credit Facility and had $3.3 million available for borrowing.
|
● |
Cash used in operations for the thirteen weeks ended April 29, 2023 was $0.8 million as compared to $5.8 million for the comparable prior year period.
|
Thirteen Weeks Ended
| ||||||||
April 29,
|
April 30,
| |||||||
(amounts in thousands)
|
2023
|
2022
| ||||||
Net loss
|
$
|
(2,152
|
)
|
$
|
(4,428
|
)
| ||
Income tax expense (benefit)
|
-
|
-
| ||||||
Interest expense
|
896
|
762
| ||||||
Loss from operations
|
(1,258
|
)
|
(3,666
|
)
| ||||
Depreciation expense
|
188
|
293
| ||||||
EBITDA
|
$
|
(1,070
|
)
|
$
|
(3,373
|
)
|
Thirteen Weeks Ended
| ||||||||
April 29,
|
April 30,
| |||||||
2023
|
2022
| |||||||
Net revenue
|
$
|
32,932
|
$
|
31,791
| ||||
Cost of sales
|
25,479
|
24,940
| ||||||
Gross profit
|
7,453
|
6,851
| ||||||
Selling, general and administrative expenses
|
8,709
|
10,517
| ||||||
Loss from operations
|
(1,256
|
)
|
(3,666
|
)
| ||||
Interest expense
|
896
|
762
| ||||||
Loss from operations before income tax expense
|
(2,152
|
)
|
(4,428
|
)
| ||||
Income tax expense
|
-
|
-
| ||||||
Net loss
|
$
|
(2,152
|
)
|
$
|
(4,428
|
)
| ||
BASIC AND DILUTED INCOME PER SHARE:
| ||||||||
Basic and diluted loss per common share
|
$
|
(0.43
|
)
|
$
|
(1.78
|
)
| ||
Weighted average number of common shares outstanding - basic and diluted
|
4,965
|
2,493
|
April 29,
|
January 28,
|
April 30,
| ||||||||||
2023
|
2023
|
2022
| ||||||||||
ASSETS
| ||||||||||||
CURRENT ASSETS
| ||||||||||||
Cash and cash equivalents
|
$
|
514
|
$
|
1,130
|
$
|
828
| ||||||
Restricted cash
|
1,158
|
1,158
|
1,158
| |||||||||
Accounts receivable
|
2,879
|
1,969
|
2,727
| |||||||||
Merchandise inventory
|
27,703
|
26,704
|
32,254
| |||||||||
Prepaid expenses and other current assets
|
300
|
999
|
558
| |||||||||
Total current assets
|
32,554
|
31,960
|
37,525
| |||||||||
Restricted cash
|
1,571
|
1,338
|
2,160
| |||||||||
Fixed assets, net
|
1,913
|
1,999
|
2,441
| |||||||||
Operating lease right-of-use assets
|
1,344
|
1,505
|
1,990
| |||||||||
Cash surrender value
|
3,369
|
3,371
|
3,800
| |||||||||
Other assets
|
566
|
566
|
872
| |||||||||
TOTAL ASSETS
|
$
|
41,317
|
$
|
40,739
|
$
|
48,788
| ||||||
LIABILITIES
| ||||||||||||
CURRENT LIABILITIES
| ||||||||||||
Accounts payable
|
$
|
9,088
|
$
|
7,044
|
$
|
7,664
| ||||||
Short-term borrowings
|
9,295
|
8,812
|
10,508
| |||||||||
Accrued expenses and other current liabilities
|
2,652
|
2,876
|
2,208
| |||||||||
Current portion of operating lease liabilities
|
708
|
695
|
663
| |||||||||
Total current liabilities
|
21,743
|
19,427
|
21,043
| |||||||||
Operating lease liabilities
|
880
|
1,019
|
1,439
| |||||||||
Long-term debt
|
10,429
|
9,790
|
7,944
| |||||||||
Other long-term liabilities
|
11,455
|
11,604
|
13,987
| |||||||||
TOTAL LIABILITIES
|
44,507
|
41,840
|
44,413
| |||||||||
SHAREHOLDERS' EQUITY
| ||||||||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)
|
-
|
-
|
-
| |||||||||
Common stock ($0.01 par value; 200,000,000 shares authorized; 5,432,072 5,432,072 and 3,902,985 shares issued, respectively)
|
54
|
54
|
39
| |||||||||
Additional paid-in capital
|
214,092
|
214,029
|
360,738
| |||||||||
Treasury stock at cost (467,069, 467,069 and 1,410,417 shares, respectively)
|
(76,132
|
)
|
(76,132
|
)
|
(230,170
|
)
| ||||||
Accumulated other comprehensive gain (loss)
|
886
|
886
|
(910
|
)
| ||||||||
Accumulated deficit
|
(142,090
|
)
|
(139,938
|
)
|
(125,322
|
)
| ||||||
TOTAL SHAREHOLDERS' EQUITY
|
(3,190
|
)
|
(1,101
|
)
|
4,375
| |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
41,317
|
$
|
40,739
|
$
|
48,788
|
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Disclaimer
Kaspien Holdings Inc. published this content on 13 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2023 20:38:08 UTC.