Vince Holding Corp. (NYSE:VNCE), a leading global contemporary
group (“Vince” or the “Company”), today reported its preliminary
financial results for the fourth quarter and fiscal year 2020 ended
January 30, 2021.
In this press release, the Company is presenting its preliminary
as well as historical financial results in conformity with U.S.
generally accepted accounting principles ("GAAP") as well as on an
"adjusted" basis. Adjusted results presented in this press release
are non-GAAP financial measures. See "Non-GAAP Financial Measures"
below for more information about the Company's use of non-GAAP
financial measures and Exhibit 3 to this press release for a
reconciliation of GAAP measures to such non-GAAP measures.
Preliminary highlights for the fourth quarter ended January 30,
2021:
- Net sales decreased 28.4% to $74.8 million as compared to
$104.4 million in the same period last year reflecting a 20.4%
decrease in Vince brand sales and a 68.9% decrease in Rebecca
Taylor and Parker.
- Gross margin rate was 36.9% compared to 44.2% in the same
period last year.
- Loss from operations was $3.9 million compared to a loss from
operations of $3.3 million in the same period last year. Excluding
costs associated with the acquisition of Rebecca Taylor and Parker
and non-cash asset impairment charges, adjusted loss from
operations in the fourth quarter of fiscal 2019 was $0.3
million.
- As described below, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $0.10 and $0.15 for the
fourth quarter. Excluding the impact of such item, net loss was
$5.7 million or $0.48 per share compared to a net income of $51.7
million or $4.29 per diluted share in the same period last year.
Excluding a TRA adjustment of $56.0 million, transaction and
related costs associated with the acquisition of Rebecca Taylor and
Parker and non-cash asset impairment charges, adjusted net loss in
the fourth quarter of fiscal 2019 was $1.2 million or $0.10 per
share.
- Subsequent to the fourth quarter, the Company entered into a
Sixth Amendment to its existing term loan credit facility thereby
extending the waiver of the fixed charge coverage ratio measurement
until January 28, 2023 in order to create more flexibility as the
Company recovers from the pandemic.
“As the world recovers from the COVID pandemic and life begins
to normalize, we are excited about the future of our brands”
commented Jack Schwefel, Chief Executive Officer. “Vince is
distinctly positioned as a brand that embodies effortless
sophisticated style. We will continue to leverage Vince’s brand
equity and deep consumer connections to expand awareness and drive
growth with an increased focus on the direct-to-consumer channel.
Rebecca Taylor also possesses a strong DNA and as we return to the
brand’s heritage in a modernized way, we believe we can achieve a
similar level of recognition that was recaptured by Vince. I look
forward to working with the teams as we execute an omni-channel
strategy and data-driven merchandising and marketing approach to
enable each of these brands to achieve their long term
potential.”
Dave Stefko, Chief Financial Officer stated, “We saw sequential
improvement in Vince during the fourth quarter led by our wholesale
business. Within the wholesale channel, retail sales continue to
improve as we believe we are taking share within the contemporary
luxury category. At Rebecca Taylor, the decrease in sales reflect a
resetting of the brand including an elimination of one of our
seasonal collections. We are enthusiastic about the relaunch for
spring which has been received with favorable response. As we
continue to navigate through the recovery of the macro-environment,
we will remain focused on maintaining disciplined cost controls and
optimizing liquidity as we position our brands for the future.”
For the fourth quarter ended January 30, 2021
(preliminary):
- Total Company net sales decreased 28.4% to $74.8 million
compared to $104.4 million in the fourth quarter of fiscal
2019.
- Gross profit was $27.6 million, or 36.9% of net sales, compared
to gross profit of $46.2 million, or 44.2% of net sales, in the
fourth quarter of fiscal 2019. The decrease in the gross margin
rate was primarily due to increased promotional activity, higher
year-over-year adjustments to inventory reserves, and the
deleveraging of supply chain costs partially offset by lower sales
allowances.
- Selling, general, and administrative expenses, were $31.5
million, or 42.1% of sales, compared to $49.3 million, or 47.2% of
sales, in the fourth quarter of fiscal 2019. The decrease in
SG&A dollars was primarily the result of lower payroll and
compensation expense, landlord rent concessions, reduced marketing
spend and prudent expense management.
- Loss from operations was $3.9 million compared to loss from
operations of $3.3 million in the same period last year. Excluding
costs associated with the acquisition of Rebecca Taylor and Parker
and non-cash asset impairment charges, adjusted loss from
operations in the fourth quarter of fiscal 2019 was $0.3 million.
Please refer to Exhibit 3 for a reconciliation of GAAP measures to
non-GAAP measures.
- As described below, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $0.10 and $0.15 for the
fourth quarter. Excluding the impact of such item, net loss was
$5.7 million or $0.48 per share compared to a net income of $51.7
million or $4.29 per diluted share in the same period last year.
Excluding a TRA adjustment of $56.0 million, costs associated with
the acquisition of Rebecca Taylor and Parker and non-cash asset
impairment charges, adjusted net loss in the fourth quarter of
fiscal 2019 was $1.2 million or $0.10 per share. Please refer to
Exhibit 3 for a reconciliation of GAAP measures to non-GAAP
measures.
- The Company ended the quarter with 71 company-operated Vince
and Rebecca Taylor stores, a net increase of 3 stores since the
fourth quarter of fiscal 2019.
Vince
- Net sales decreased 20.4% to $69.5 million as compared to the
fourth quarter of fiscal 2019.
- Wholesale segment sales decreased 12.9% to $39.1 million
compared to the fourth quarter of fiscal 2019.
- Direct-to-consumer segment sales decreased 28.4% to $30.4
million compared to the fourth quarter of fiscal 2019.
- Income from operations excluding unallocated corporate expenses
was $12.0 million compared to $18.7 million in the same period last
year.
Rebecca Taylor and Parker
- Net sales decreased 68.9% to $5.3 million as compared to the
fourth quarter of fiscal 2019.
- Loss from operations was $5.0 million compared to a loss of
$6.2 million in the same period last year.
Net Sales and Operating Results by Segment
(preliminary):
Three Months Ended
January 30,
February 1,
(in thousands)
2021
2020
Net Sales:
Vince Wholesale
$
39,139
$
44,955
Vince Direct-to-consumer
30,368
42,385
Rebecca Taylor and Parker
5,301
17,068
Total net sales
$
74,808
$
104,408
Income (loss) from operations:
Vince Wholesale
$
10,219
$
13,835
Vince Direct-to-consumer
1,791
4,902
Rebecca Taylor and Parker
(5,007
)
(6,202
)
Subtotal
7,003
12,535
Unallocated corporate*
(10,921
)
(15,836
)
Total loss from operations
$
(3,918
)
$
(3,301
)
* Unallocated corporate expenses are related to the Vince brand
and are comprised of selling, general and administrative expenses
attributable to corporate and administrative activities (such as
marketing, design, finance, information technology, legal and human
resource departments), and other charges that are not directly
attributable to the Company’s Vince Wholesale and Vince
Direct-to-consumer reportable segments.
For the fiscal year ended January 30, 2021
(preliminary):
- Total net sales decreased 41.4% to $219.9 million from $375.2
million in fiscal year 2019.
- Operating loss was $61.1 million, or 27.8% of net sales,
compared to operating loss of $20.4 million in fiscal 2019.
Excluding non-cash asset impairment charges, adjusted operating
loss was $34.2 million in fiscal 2020 as compared to adjusted
operating income of $3.5 million in fiscal 2019, which excludes
non-cash asset impairment charges and transaction and related costs
associated with the acquisition of Rebecca Taylor and Parker.
Please refer to Exhibit 3 for a reconciliation of GAAP measures to
non-GAAP measures.
- Other income in fiscal 2020 reflects a TRA adjustment of $2.3
million. Other income in fiscal 2019 reflects a TRA adjustment of
$56.0 million largely resulting from changes in the levels of
projected pre-tax income primarily as a result of the impact of the
Acquired Businesses, as well as due to the impact of the net
operating losses from the Acquired Businesses. Please refer to
Exhibit 3 for a reconciliation of GAAP measures to non-GAAP
measures.
- As described below, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $0.10 and $0.15 for the
fourth quarter. Excluding the impact of such item, net loss was
$63.9 million, or $5.43 per share compared to a net income of $30.4
million, or $2.55 per diluted share, in fiscal 2019. Excluding the
aforementioned TRA adjustment of $2.3 million and non-cash asset
impairment charges, adjusted net loss was $39.4 million, or $3.35
per share, compared to adjusted net loss of $1.7 million, or $0.14
per share, in the same period last year. Please refer to Exhibit 3
for a reconciliation of GAAP measures to non-GAAP measures.
Vince
- Net sales decreased 36.0% to $192.1 million as compared to
fiscal 2019.
- Wholesale segment sales decreased 36.6% to $105.7 million
compared to fiscal 2019.
- Direct-to-consumer segment sales decreased 35.3% to $86.3
million compared to fiscal 2019.
- Income from operations excluding unallocated corporate expenses
was $9.3 million compared to $65.6 million in the same period last
year. Fiscal 2020 includes non-cash asset impairment charges of
$11.7 million.
Rebecca Taylor and Parker
- Net sales decreased 62.9% to $27.8 million as compared to
fiscal 2019.
- Loss from operations was $16.1 million compared to loss from
operations of $28.6 million in the same period last year. Fiscal
2020 includes non-cash asset impairment charges of $1.7 million.
Fiscal 2019 includes non-cash asset impairment charges of $20.2
million as well as transaction and related costs associated with
the acquisition of Rebecca Taylor and Parker of approximately $2.5
million.
Net Sales and Operating Results by Segment
(preliminary):
Fiscal Year
(in thousands)
2020
2019
Net Sales:
Vince Wholesale
$
105,737
$
166,805
Vince Direct-to-consumer
86,326
133,412
Rebecca Taylor and Parker
27,807
74,970
Total net sales
$
219,870
$
375,187
Income (loss) from operations:
Vince Wholesale
$
30,059
$
55,440
Vince Direct-to-consumer
(20,734
)
10,127
Rebecca Taylor and Parker
(16,112
)
(28,562
)
Subtotal
(6,787
)
37,005
Unallocated corporate*
(54,293
)
(57,395
)
Total loss from operations
$
(61,080
)
$
(20,390
)
* Unallocated corporate expenses are related to the Vince brand
and are comprised of selling, general and administrative expenses
attributable to corporate and administrative activities (such as
marketing, design, finance, information technology, legal and human
resource departments), and other charges that are not directly
attributable to the Company’s Vince Wholesale and Vince
Direct-to-consumer reportable segments.
Balance Sheet
(preliminary)
At the end of the fourth quarter of fiscal 2020, total
borrowings under the Company’s debt agreements totaled $85.9
million and the Company had $30.2 million of excess availability
under the 2018 Revolving Credit Facility.
On April 26, 2021, the Company entered into a Sixth Amendment to
its existing term loan credit facility dated August 21, 2018. This
term loan amendment extends the waiver of the fixed charge coverage
ratio measurement until January 28, 2023 in order to create more
flexibility as the Company recovers from the pandemic. Until
January 28, 2023, Vince will continue to be subject to the
springing covenant whereby Vince is required to maintain a fixed
charge coverage ratio of 1 to 1 in the event the excess
availability under its existing revolver facility is less than $7.5
million until July 31, 2021 and $10 million after August 1, 2021.
The Company concurrently entered into a Sixth Amendment to its
existing revolver facility, which consents to the term loan
amendment and amends certain definitions to reflect the term loan
amendment.
Net inventory at the end of the fourth quarter of fiscal 2020
was $68.2 million compared to $66.4 million at the end of the
fourth quarter of fiscal 2019. While the Company continued to work
through prior seasonal product, inventory during the fourth quarter
was impacted by delayed shipments due to port congestion.
Outlook
Due to the uncertainty related to the impact of the COVID-19
pandemic, the Company is not providing an outlook for fiscal
2021.
The COVID-19 pandemic remains volatile and continues to evolve
on a daily basis, which could negatively affect the outcome of the
measures intended to address its impact and/or our current
expectations of the Company’s future business performance.
2020 Fourth Quarter Earnings Conference
Call
A conference call to discuss the preliminary fourth quarter
results will be held today, April 29, 2021, at 4:30 p.m. ET, hosted
by Vince Holding Corp. Chief Executive Officer, Jack Schwefel, and
Chief Financial Officer, David Stefko. During the conference call,
the Company may make comments concerning business and financial
developments, trends and other business or financial matters. The
Company's comments, as well as other matters discussed during the
conference call, may contain or constitute information that has not
been previously disclosed.
Those who wish to participate in the call may do so by dialing
(833) 392-0629, conference ID 2484226. Any interested party will
also have the opportunity to access the call via the Internet at
http://investors.vince.com/. To listen to the live call, please go
to the website at least 15 minutes early to register and download
any necessary audio software. For those who cannot listen to the
live broadcast, a recording will be available for 12 months after
the date of the event. Recordings may be accessed at
http://investors.vince.com.
Non-GAAP Financial
Measures
In addition to reporting financial results in accordance with
GAAP, the Company has provided, with respect to preliminary
financial results relating to twelve months ended January 30, 2021,
adjusted operating income (loss), adjusted income (loss) before
income taxes, adjusted income taxes, adjusted net income (loss) and
adjusted earnings (loss) per share, which are non-GAAP measures, in
order to eliminate the effect of non-cash asset impairment charges
and the TRA adjustment. In addition, with respect to financial
results relating to the fourth quarter and twelve months ended
February 1, 2020, adjusted operating income (loss), adjusted income
(loss) before income taxes, adjusted income taxes, adjusted net
income (loss) and adjusted earnings (loss) per share, which are
non-GAAP measures, in order to eliminate the effect on operating
results of non-cash asset impairment charges and costs associated
with the acquisition of Rebecca Taylor and Parker. The Company
believes that the presentation of these non-GAAP measures
facilitates an understanding of the Company's continuing operations
without the impact associated with the aforementioned items. While
these types of events can and do recur periodically, they are
excluded from the indicated financial information due to their
impact on the comparability of earnings across periods. Non-GAAP
financial measures should not be considered in isolation from, or
as a substitute for, financial information prepared in accordance
with GAAP. A reconciliation of GAAP to non-GAAP results has been
provided in Exhibit 3 to this press release.
Preliminary Results
The results presented in this press release remain subject to
change following the completion of annual financial closing
procedures and therefore are preliminary. The Company has not yet
completed its financial closing procedures with respect to the
analysis of a non-cash deferred tax item related to the valuation
of our deferred tax assets and the implication of the Cares Act
thereon and the results reported herein do not reflect the impact
of such item. We believe this item will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $0.10 and $0.15 for the
fourth quarter. The Company expects to release its fiscal year and
fourth quarter financial results in conjunction with its Annual
Report.
ABOUT VINCE HOLDING CORP.
Vince Holding Corp. is a global contemporary group, consisting
of three brands: Vince, Rebecca Taylor and Parker. Vince,
established in 2002, is a leading global luxury apparel and
accessories brand best known for creating elevated yet understated
pieces for every day effortless style. Known for its range of
luxury products, Vince offers women’s and men’s ready-to-wear,
footwear and accessories through 48 full-price retail stores, 15
outlet stores, and its e-commerce site, vince.com and through its
subscription service Vince Unfold, www.vinceunfold.com, as well as
through premium wholesale channels globally. Rebecca Taylor,
founded in 1996 in New York City, is a high-end women’s
contemporary womenswear line lauded for its signature prints,
romantic detailing, and vintage inspired aesthetic reimagined for a
modern era. The Rebecca Taylor collection is available at 9 retail
stores, through our e-commerce site at rebeccataylor.com and
through its subscription service Rebecca Taylor RNTD,
www.rebeccataylorrntd.com, as well as through major department and
specialty stores in the US and select international markets.
Parker, founded in 2008 in New York City, is a contemporary women’s
fashion brand that is trend focused. Please visit www.vince.com for
more information.
Forward-Looking Statements: This document, and any statements
incorporated by reference herein, contains forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements regarding,
among other things, our current expectations about the Company's
future results and financial condition, revenues, store openings
and closings, margins, expenses and earnings and are indicated by
words or phrases such as “may,” “will,” “should,” “believe,”
“expect,” “seek,” “anticipate,” “intend,” “estimate,” “plan,”
“target,” “project,” “forecast,” “envision” and other similar
phrases. Although we believe the assumptions and expectations
reflected in these forward-looking statements are reasonable, these
assumptions and expectations may not prove to be correct and we may
not achieve the results or benefits anticipated. These
forward-looking statements are not guarantees of actual results,
and our actual results may differ materially from those suggested
in the forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties, some of which are
beyond our control, including, without limitation: the impact of
the novel coronavirus (COVID-19) pandemic on our business, results
of operations and liquidity; our ability to continue having the
liquidity necessary to service our debt, meet contractual payment
obligations, and fund our operations; further impairment of our
goodwill and indefinite-lived intangible assets; general economic
conditions; our ability to realize the benefits of our strategic
initiatives; our ability to maintain our larger wholesale partners;
the loss of certain of our wholesale partners; our ability to make
lease payments when due; the execution and management of our retail
store growth plans; the expected effects of the acquisition of the
Acquired Businesses on the Company; our ability to successfully
manage the transition of the new Chief Executive Officer; our
ability to expand our product offerings into new product
categories, including the ability to find suitable licensing
partners; our ability to remediate the identified material weakness
in our internal control over financial reporting; our ability to
optimize our systems, processes and functions; our ability to
mitigate system security risk issues, such as cyber or malware
attacks, as well as other major system failures; our ability to
comply with privacy-related obligations; our ability to comply with
domestic and international laws, regulations and orders; our
ability to anticipate and/or react to changes in customer demand
and attract new customers, including in connection with making
inventory commitments; our ability to remain competitive in the
areas of merchandise quality, price, breadth of selection and
customer service; our ability to keep a strong brand image; our
ability to attract and retain key personnel; our ability to protect
our trademarks in the U.S. and internationally; the execution and
management of our international expansion, including our ability to
promote our brand and merchandise outside the U.S. and find
suitable partners in certain geographies; our current and future
licensing arrangements; seasonal and quarterly variations in our
revenue and income; our ability to ensure the proper operation of
the distribution facilities by third-party logistics providers; the
extent of our foreign sourcing; fluctuations in the price,
availability and quality of raw materials; commodity, raw material
and other cost increases; our reliance on independent
manufacturers; other tax matters; and other factors as set forth
from time to time in our Securities and Exchange Commission
filings, including those described under “Item 1A—Risk Factors” in
our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
We intend these forward-looking statements to speak only as of the
time of this release and do not undertake to update or revise them
as more information becomes available, except as required by
law.
Vince Holding Corp. and
Subsidiaries
Exhibit (1)
Condensed Consolidated Statements of
Operations
(Unaudited, amounts in thousands except
percentages, share and per share data)
Three Months Ended
Fiscal Year
January 30,
February 1,
January 30,
February 1,
2021 (Preliminary)
2020
2021 (Preliminary)
2020
Net sales
$
74,808
$
104,408
$
219,870
$
375,187
Cost of products sold
47,205
58,221
131,273
196,757
Gross profit
27,603
46,187
88,597
178,430
as a % of net sales
36.9
%
44.2
%
40.3
%
47.6
%
Impairment of goodwill and intangible
assets
—
—
13,848
19,491
Impairment of long-lived assets
—
177
13,026
818
Selling, general and administrative
expenses
31,521
49,311
122,803
178,511
as a % of net sales
42.1
%
47.2
%
55.9
%
47.6
%
(Loss) income from operations
(3,918
)
(3,301
)
(61,080
)
(20,390
)
as a % of net sales
(5.2
)%
(3.2
)%
(27.8
)%
(5.4
)%
Interest expense, net
1,701
1,052
5,007
4,958
Other income, net
—
(55,968
)
(2,304
)
(55,842
)
(Loss) earnings before income taxes
(5,619
)
51,615
(63,783
)
30,494
Provision for income taxes*
53
(69
)
166
98
Net (loss) earnings*
$
(5,672
)
$
51,684
$
(63,949
)
$
30,396
Earnings (loss) per share:*
Basic (loss) earnings per share
$
(0.48
)
$
4.42
$
(5.43
)
$
2.60
Diluted (loss) earnings per share
$
(0.48
)
$
4.29
$
(5.43
)
$
2.55
Weighted average shares
outstanding:
Basic
11,804,027
11,680,033
11,769,689
11,665,541
Diluted
11,804,027
12,041,825
11,769,689
11,929,299
* As described above, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $.10 and $.15 cents for
the fourth quarter and these items exclude such impact.
Vince Holding Corp. and Subsidiaries
Exhibit (2)
Condensed Consolidated Balance
Sheets
(Unaudited, amounts in
thousands)
January 30,
February 1,
2021 (Preliminary)
2020
ASSETS
Current assets:
Cash and cash equivalents
$
3,777
$
466
Trade receivables, net
31,878
40,660
Inventories, net
68,226
66,393
Prepaid expenses and other current
assets
6,703
6,725
Total current assets
110,584
114,244
Property and equipment, net
17,741
25,274
Operating lease right-of-use assets
91,982
94,632
Intangible assets, net
76,491
81,533
Goodwill
31,973
41,435
Deferred income taxes and other assets
4,172
5,184
Total assets
$
332,943
$
362,302
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
40,217
$
43,075
Accrued salaries and employee benefits
4,231
9,620
Other accrued expenses
15,674
14,194
Short-term lease liabilities
22,085
20,638
Current portion of long-term debt
—
2,750
Total current liabilities
82,207
90,277
Long-term debt
84,485
48,680
Long-term lease liabilities
97,144
90,211
Other liabilities
1,200
2,354
Stockholders' equity
67,907
130,780
Total liabilities and stockholders'
equity
$
332,943
$
362,302
Vince Holding Corp. and Subsidiaries
Exhibit (3)
Reconciliation of GAAP to Non-GAAP
measures
(Unaudited, amounts in
thousands)
For the three months ended
January 30, 2021 (Preliminary)
As Reported (GAAP)
Long-lived Assets Impairment
Charge
Goodwill and Intangibles
Impairment Charge
TRA Adjustment
Cost Associated with
Acquisition
As Adjusted (Non-GAAP)
Loss from operations
$
(3,918
)
$
—
$
—
$
—
$
—
$
(3,918
)
Interest expense, net
1,701
—
—
—
—
1,701
Other (income) expense, net
—
—
—
—
—
—
Loss before income taxes
(5,619
)
—
—
—
—
(5,619
)
Provision for income taxes*
53
—
—
—
—
53
Net loss*
$
(5,672
)
$
—
$
—
$
—
$
—
$
(5,672
)
Loss per share*
$
(0.48
)
$
—
$
—
$
—
$
—
$
(0.48
)
(1)
For the three months ended
February 01, 2020
As Reported (GAAP)
Long-lived Assets Impairment
Charge
Goodwill and Intangibles
Impairment Charge
TRA Adjustment
Cost Associated with
Acquisition
As Adjusted (Non-GAAP)
Loss from operations
$
(3,301
)
$
(177
)
$
—
$
—
$
(2,853
)
$
(271
)
Interest expense, net
1,052
—
—
—
—
1,052
Other income, net
(55,968
)
—
—
(55,953
)
—
(15
)
Income (loss) before income taxes
51,615
(177
)
—
55,953
(2,853
)
(1,308
)
Provision for income taxes
(69
)
—
—
—
—
(69
)
Net income (loss)
$
51,684
$
(177
)
$
—
$
55,953
$
(2,853
)
$
(1,239
)
Earnings (loss) per share
$
4.29
$
(0.01
)
$
—
$
4.65
$
(0.24
)
$
(0.10
)
(2)
(1) Based on weighted-average shares outstanding of 11,804,027
for the three months ended January 30, 2021, which excludes the
effect of dilutive equity securities.
(2) Based on weighted-average shares outstanding of 11,680,033
for the three months ended February 1, 2020, which excludes the
effect of dilutive equity securities.
* As described above, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $.10 and $.15 cents for
the fourth quarter and these items exclude such impact.
For the year ended January 30,
2021 (Preliminary)
As Reported (GAAP)
Long-lived Assets Impairment
Charge
Goodwill and Intangibles
Impairment Charge
TRA Adjustment
Cost Associated with
Acquisition
As Adjusted (Non-GAAP)
Loss from operations
$
(61,080
)
$
(13,026
)
$
(13,848
)
$
—
$
—
$
(34,206
)
Interest expense, net
5,007
—
—
—
—
5,007
Other (income) expense, net
(2,304
)
—
—
(2,320
)
—
16
(Loss) income before income taxes
(63,783
)
(13,026
)
(13,848
)
2,320
—
(39,229
)
Provision for income taxes*
166
—
—
—
—
166
Net (loss) income*
$
(63,949
)
$
(13,026
)
$
(13,848
)
$
2,320
$
—
$
(39,395
)
(Loss) earnings per share*
$
(5.43
)
$
(1.11
)
$
(1.18
)
$
0.20
$
—
$
(3.35
)
(3)
For the year ended February 1,
2020
As Reported (GAAP)
Long-lived Assets Impairment
Charge
Goodwill and Intangibles
Impairment Charge
TRA Adjustment
Cost Associated with
Acquisition
As Adjusted (Non-GAAP)
(Loss) income from operations
$
(20,390
)
$
(818
)
$
(19,491
)
$
—
$
(3,571
)
$
3,490
Interest expense, net
4,958
—
—
—
—
4,958
Other (income) expense, net
(55,842
)
—
—
(55,953
)
—
111
Income (loss) before income taxes
30,494
(818
)
(19,491
)
55,953
(3,571
)
(1,579
)
Provision for income taxes
98
—
—
—
—
98
Net income (loss)
$
30,396
$
(818
)
$
(19,491
)
$
55,953
$
(3,571
)
$
(1,677
)
Earnings (loss) per share
$
2.55
$
(0.07
)
$
(1.63
)
$
4.69
$
(0.30
)
$
(0.14
)
(4)
(3) Based on weighted-average shares outstanding of 11,769,689
for the twelve months ended January 30, 2021, which excludes the
effect of dilutive equity securities.
(4) Based on weighted-average shares outstanding of 11,665,541
for the twelve months ended February 1, 2020 which excludes the
effect of dilutive equity securities.
* As described above, the Company has not yet completed its
financial closing procedures with respect to the analysis of a
non-cash deferred tax item, which we expect will have an impact of
increasing our provision for income taxes and net loss, resulting
in an increase in loss per share between $.10 and $.15 cents for
the fourth quarter and these items exclude such impact.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210429006122/en/
Investor Relations: ICR, Inc. Jean Fontana, 646-277-1214
Jean.fontana@icrinc.com
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