Le Château Inc. (TSX VENTURE: CTU), today reported financial
results for the fourth quarter and year ended January 25, 2020
which reflect the impact of the implementation of IFRS 16, as
described below under “Adoption of IFRS 16 – Leases".
Sales for the fourth quarter ended January 25,
2020 amounted to $48.0 million as compared with $51.4 million for
the fourth quarter ended January 26, 2019, a decrease of 6.5%, with
10 fewer stores in operation. Comparable store sales, which include
online sales, decreased 3.3% versus the same period a year ago,
with comparable regular store sales decreasing 4.4% and comparable
outlet store sales increasing 6.1% (see non-GAAP measures below).
Sales continued to be negatively impacted by reduced mall and store
traffic. The Company continues to experience strong growth through
its online channel with online sales increasing 28.9% for the
fourth quarter.
Net loss for the fourth quarter ended January
25, 2020 amounted to $51.2 million or $(1.71) per share compared to
a net loss of $6.1 million or $(0.20) per share for the same period
last year. The net loss for the fourth quarter of 2019
included a $42.0 million write-off and impairment of long-term
assets, compared with $25,000 for the same period last year.
Adjusted EBITDA (see non-GAAP measures below)
for the fourth quarter of 2019 amounted to $1.9 million, compared
to $(1.7) million for the same period last year, an improvement of
$3.6 million. The improvement in adjusted EBITDA includes a
favorable impact of IFRS 16 of $7.3 million. Excluding the $7.3
million impact of IFRS 16, the adjusted EBITDA for the fourth
quarter was $(5.4) million compared with $(1.7) million for same
period last year. The decrease of $3.7 million in adjusted EBITDA
for the fourth quarter of 2019 was primarily attributable to the
reduction of $5.8 million in gross margin dollars, partially offset
by the decrease in selling, distribution and administrative
expenses of $2.1 million. The decrease in selling, distribution and
administrative expenses resulted primarily from the reduction in
store operating expenses, due mainly to store closures, and a
reduction in head office infrastructure costs. The decrease of $5.8
million in gross margin dollars was the result of the 6.5% overall
sales decline for the fourth quarter, combined with the decrease in
gross margin percentage to 52.0% from 59.9% in 2018. The decline in
the gross margin percentage for the fourth quarter was the result
of inventory write-downs totaling $4.0 million compared with
$1.3 million for the same period last year, combined with increased
promotional activity.
Year-end
ResultsSales for the year ended January 25, 2020
amounted to $175.9 million as compared with $190.9 million last
year, a decrease of 7.8%, with 10 fewer stores in operation.
Comparable store sales, which include online sales, decreased 3.8%
versus the same period a year ago, with comparable regular store
sales decreasing 4.8% and comparable outlet store sales increasing
3.8%. The Company continues to experience strong growth through its
online channel with online sales increasing 20.8% for the year.
Net loss for the year ended January 25, 2020
amounted to $69.2 million or $(2.31) per share compared to a net
loss of $23.8 million or $(0.79) per share the previous year. The
net loss for 2019 included a $42.1 million write-off and impairment
of long-term assets, compared with $297,000 the previous year.
Adjusted EBITDA for the year ended January 25,
2020 amounted to $18.1 million, compared to $(5.6) million for the
same period last year, an improvement of $23.7 million. The
improvement in adjusted EBITDA includes a favorable impact of IFRS
16 of $29.6 million. Excluding the $29.6 million impact of IFRS 16,
the adjusted EBITDA for 2019 was $(11.5) million compared with
$(5.6) million for same period last year. The decrease of $5.9
million in adjusted EBITDA for 2019 was primarily attributable to
the reduction of $16.7 million in gross margin dollars, partially
offset by the decrease in selling, distribution and administrative
expenses of $10.8 million. The decrease in selling, distribution
and administrative expenses resulted primarily from the reduction
in store operating expenses, due mainly to store closures, and a
reduction in head office infrastructure costs. The decrease of
$16.7 million in gross margin dollars was the result of the 7.8%
overall sales decline for 2019, combined with the decrease in gross
margin percentage to 60.4% from 64.3% in 2018. The decline in the
gross margin percentage for 2019 was the result of inventory
write-downs totaling $4.0 million compared with $1.7 million
for the same period last year, combined with increased promotional
activity.
During the year ended January 25, 2020, the
Company closed 10 stores. As at January 25, 2020, the Company
operated 129 stores (including 12 fashion outlet stores) compared
to 139 stores (including 21 fashion outlet stores) as at January
26, 2019.
Adoption of IFRS 16 -
LeasesThe Company adopted IFRS 16 – Leases,
replacing IAS 17 – Leases and related interpretations, using the
modified retrospective approach, effective for the annual reporting
period beginning on January 27, 2019. As a result, the Company's
results for the fourth quarter and year ended January 25, 2020
reflect lease accounting under IFRS 16. Comparative figures for the
fourth quarter and year ended January 26, 2019 have not been
restated and continue to be reported under IAS 17, Leases. Refer to
Note 4 of the audited consolidated financial statements for the
year ended January 25, 2020 for additional details on the
implementation of IFRS 16.
Current
developmentsAs disclosed in note 2 of the audited
consolidated financial statements, there are material uncertainties
that cast significant doubt upon the Company’s ability to continue
as a going concern and, therefore, realize its assets and discharge
its liabilities in the normal course of business.
As described further in notes 6 and 12 of the
audited consolidated financial statements, the Company has a $70.0
million asset-based revolving credit facility as well as a
three-year $15.0 million subordinated term loan from another
lender, both of which were extended subsequent to
year-end, on April 1, 2020, from June 9, 2020 to December 31, 2020.
As the revolving credit facility and the subordinated term loan
agreements have not been renewed, the full amounts drawn under
these facilities are presented as current liabilities as at January
25, 2020. For the year ended January 25, 2020, the Company
generated a loss of $69.2 million and had a working capital
deficiency of $44.3 million as at January 25, 2020 due to the
classification of the above facilities as current liabilities.
The going concern uncertainty note in the
Company’s annual consolidated financial statements for the fiscal
year ended January 25, 2020 causes the Company to be in default
under a covenant contained in its credit facility and subordinate
term loan agreements. As a result of the breach, the credit
facility and subordinated term loan become due on demand. The
Company is in discussion with its lenders to amend the credit
facility and subordinated term loan agreements to provide for
further availability under such agreements.
The above-mentioned default causes a default
under the Company’s third-ranking secured loans. As a result, the
secured loans are presented as current liabilities. Under the terms
of an agreement entered into with the senior lenders, the holders
of the third-ranking secured loans do not have the right to
exercise their recourses until the senior lenders have been fully
repaid
In addition, the outbreak of the coronavirus
disease (COVID-19) (the “outbreak”), which was declared a pandemic
on March 11, 2020 by the World Health Organization, is having
significant impacts for the Company. The measures adopted by the
Federal and provincial governments in order to mitigate the spread
of the outbreak required the Company to close all of its retail
locations across the country effective March 18, 2020. During the
period of closure, the Company’s only sales were derived from its
e-commerce channel. The duration and impact of the outbreak are
unknown and may influence consumer shopping behavior and consumer
demand including online shopping. The Company has since opened all
of its stores during the period May 4, 2020 to June 26, 2020 in
accordance with provincial and regional governmental guidelines.
The COVID-19 pandemic will have a material and adverse impact on
revenue, operating cash flows and results from operations and the
Company is not expecting resumption of normal operations before
2022.
The Company’s ability to continue as a going
concern for the next twelve months involves significant judgment
and is dependent on its ability to obtain necessary financing,
either through an amendment and renewal of its revolving credit
facility and refinancing of its subordinated term loan, or from
other financing sources; the availability of adequate credit under
its revolving credit facility and subordinated term loan; the
impact of COVID-19 pandemic and related government restrictions on
the Company’s operations and liquidities (including the Company’s
ability to resume normal operations); the ability to negotiate
favorable amendments to lease rents and other obligations with
major landlords; its ability to improve its sales and generate
positive cash flow from operations; and the continued support of
its suppliers, landlords and other creditors. Management is
currently negotiating its financing requirements with its existing
lenders and is in discussions with its landlords, and is seeking
other potential sources of financing. There can be no assurance
that availability under the existing credit facilities will be
sufficient to finance the Company’s operations to the maturity date
of the credit facilities, that borrowings will be available to the
Company, or available on acceptable terms, in an amount sufficient
to fund the Company’s needs or that the Company’s suppliers,
landlords and other creditors will continue their support of the
Company. The COVID-19 pandemic has further strained the
Company’s ability to return to profitability, and therefore there
is no assurance that it will be able to generate positive cash flow
from operations.
The consolidated financial statements for the
year ended January 25, 2020 have been prepared on a going concern
basis, which assumes the Company will continue its operations for
the foreseeable future and will be able to realize its assets and
discharge its liabilities and commitments in the normal course of
business. These consolidated financial statements as at and for the
year ended January 25, 2020 do not include any adjustments to the
carrying amounts and classification of assets, liabilities and
reported expenses that may otherwise be required if the going
concern basis was not appropriate. Such adjustments could be
material.
ProfileLe
Château is a Canadian specialty retailer and manufacturer of
exclusively designed apparel, footwear and accessories for
contemporary and style-conscious women and men, with an extensive
network of 124 prime locations across Canada and an e-com platform
servicing Canada and the U.S. Le Château, committed to research,
design and product development, manufactures approximately 30% of
the Company’s apparel in its own Canadian production
facilities.
Non-GAAP
MeasuresIn addition to discussing earnings
measures in accordance with IFRS, this press release provides
adjusted EBITDA as a supplementary earnings measure, which is
defined as earnings (loss) before interest, income taxes,
depreciation, amortization, write-off and impairment of long-term
assets and accretion of First Preferred shares series 1 (“Adjusted
EBITDA”). Adjusted EBITDA is provided to assist readers in
determining the ability of the Company to generate cash from
operations and to cover financial charges. It is also widely used
for valuation purposes for public companies in our industry.
The following table reconciles adjusted EBITDA
to loss before income taxes disclosed in the consolidated
statements of loss for the fourth quarters and years ended January
25, 2020 and January 26, 2019:
|
|
|
For the three months ended |
(Unaudited) (In thousands of Canadian dollars) |
January 25, 2020(Excluding
impactof IFRS 16) (1) |
|
IFRS 16 impacts |
|
January 25, 2020 (Including
impactof IFRS 16) |
|
January 26, 2019 |
|
Loss before income taxes |
$ |
(51,125) |
|
$ |
(87) |
|
$ |
(51,212) |
|
$ |
(6,146) |
|
Depreciation and amortization |
|
1,623 |
|
|
5,983 |
|
|
7,606 |
|
|
1,992 |
|
Write-off and impairment of long-term assets |
|
41,865 |
|
|
157 |
|
|
42,022 |
|
|
25 |
|
Finance costs |
|
2,232 |
|
|
1,241 |
|
|
3,473 |
|
|
1,740 |
|
Accretion of First Preferred shares series 1 |
|
- |
|
|
- |
|
|
- |
|
|
722 |
|
Adjusted EBITDA |
$ |
(5,405) |
|
$ |
7,294 |
|
$ |
1,889 |
|
$ |
(1,667) |
|
|
|
|
For the year ended |
(Unaudited) (In thousands of Canadian dollars) |
January 25, 2020 (Excluding
impactof IFRS 16) (1) |
|
IFRS 16 impacts |
|
January 25, 2020 (Including
impactof IFRS 16) |
|
January 26, 2019 |
|
Loss before income taxes |
$ |
(69,172) |
|
$ |
(43) |
|
$ |
(69,215) |
|
$ |
(23,809) |
|
Depreciation and amortization |
|
7,101 |
|
|
24,292 |
|
|
31,393 |
|
|
8,545 |
|
Write-off and impairment of long-term assets |
|
41,920 |
|
|
143 |
|
|
42,063 |
|
|
297 |
|
Finance costs |
|
8,646 |
|
|
5,213 |
|
|
13,859 |
|
|
6,613 |
|
Accretion of First Preferred shares series 1 |
|
- |
|
|
- |
|
|
- |
|
|
2,769 |
|
Adjusted EBITDA |
$ |
(11,505) |
|
$ |
29,605 |
|
$ |
18,100 |
|
$ |
(5,585) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA for the
fourth quarter and year ended January 25, 2020 excluding the impact
of IFRS 16 assumes the Company continued to report under IAS 17,
Leases and did not adopt IFRS 16, other than for differences
related to testing long-lived assets for impairment and accounting
for onerous store leases pursuant to the guidance of IAS 37,
Provisions, contingent liabilities and contingent assets, which
could have had an impact on the EBITDA and net loss of the Company
under accounting standards applicable prior to January 27, 2019.
Under IFRS 16, the nature and timing of expenses related to
operating leases have changed as the straight-line operating lease
expenses have been replaced with a depreciation charge for right-of
use assets and interest expense on lease liabilities. Accordingly,
IFRS 16 had a favorable impact of approximately $7.3 million and
$29.6 million, respectively, on adjusted EBITDA for the fourth
quarter and year ended January 25, 2020 as operating leases
expenses have been replaced with depreciation and interest
expenses, which are not included in the calculation of adjusted
EBITDA.
The Company also discloses comparable store
sales which are defined as sales generated by stores that have been
open for at least one year on a comparable week basis. Online sales
are included in comparable store sales.
The following table reconciles comparable store
sales to total sales disclosed in the consolidated statements of
loss for the fourth quarters and years ended January 25, 2020 and
January 26, 2019:
|
|
|
(Unaudited) |
For the three months ended |
For the year ended |
(In thousands of Canadian dollars) |
January 25, 2020 |
|
January 26, 2019 |
|
January 25, 2020 |
|
January 26, 2019 |
|
Comparable store sales – Regular stores |
$ |
40,386 |
|
$ |
42,263 |
|
$ |
148,441 |
|
$ |
155,849 |
|
Comparable store sales – Outlet stores |
|
5,391 |
|
|
5,080 |
|
|
20,528 |
|
|
19,774 |
|
Total comparable store sales |
|
45,777 |
|
|
47,343 |
|
|
168,969 |
|
|
175,623 |
|
Non-comparable store sales |
|
2,237 |
|
|
4,011 |
|
|
6,925 |
|
|
15,227 |
|
Total sales |
$ |
48,014 |
|
$ |
51,354 |
|
$ |
175,894 |
|
$ |
190,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above measures do not have a standardized
meaning prescribed by IFRS and may not be comparable to similar
measures presented by other companies.
Forward-Looking
StatementsThis news release may contain
forward-looking statements relating to the Company and/or the
environment in which it operates that are based on the Company’s
expectations, estimates and forecasts. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict and/or are beyond the
Company’s control. A number of factors may cause actual outcomes
and results to differ materially from those expressed. These
factors also include those set forth in other public filings of the
Company. Therefore, readers should not place undue reliance on
these forward-looking statements. In addition, these
forward-looking statements speak only as of the date made and the
Company disavows any intention or obligation to update or revise
any such statements as a result of any event, circumstance or
otherwise except to the extent required under applicable securities
law.
The Company’s ability to continue as a going
concern for the next twelve months involves significant judgment
and is dependent on, among other things, its ability to obtain
necessary financing, either through an amendment and renewal of its
revolving credit facility and refinancing of its subordinated term
loan, or from other financing sources; the availability of adequate
credit under the revolving credit facility and subordinated term
loan; the impact of COVID-19 pandemic and related government
restrictions on the Company’s operations and liquidities (including
the Company’s ability to resume normal operations); the ability to
negotiate favorable amendments to lease rents and other obligations
with major landlords; the Company’s ability to improve its sales
and generate positive cash flow from operations; and the continued
support of its suppliers, landlords and other creditors. Management
is currently negotiating its financing requirements with its
existing lenders and is in discussions with its landlords, and is
seeking other potential sources of financing. There can be no
assurance that availability under the existing credit facilities
will be sufficient to finance the Company’s operations to the
maturity date of the credit facilities, that borrowings will be
available to the Company or available on acceptable terms, in an
amount sufficient to fund the Company’s needs or that the Company’s
suppliers, landlords and other creditors will continue their
support of the Company (see note 2 of the Company’s annual audited
consolidated financial statements).
Factors which could cause actual results or
events to differ materially from current expectations include,
among other things: the ability of the Company to continue as a
going concern; public health crises & economic downturn;
liquidity risks; general economic conditions and normal business
uncertainty; the ability of the Company to successfully implement
its business initiatives and whether such business initiatives will
yield the expected benefits; competitive conditions in the
businesses in which the Company participates; changes in consumer
spending; seasonality; changes in the Company’s relationship with
its suppliers; inventory management; extreme changes in weather;
lease renewals and obligations; information technology security and
loss of customer data; fluctuations in foreign currency exchange
rates; interest rate fluctuations and changes in laws, rules and
regulations applicable to the Company. The foregoing list of risk
factors is not exhaustive and other factors could also adversely
affect our results.
The Company’s audited consolidated financial
statements and Management’s Discussion and Analysis for the year
ended January 25, 2020 are available online at www.sedar.com.
For further
information
Emilia Di Raddo, CPA, CA, President (514)
738-7000Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514)
738-7000MaisonBrison: Pierre Boucher, (514)
731-0000Source: Le Château Inc.
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
(Unaudited) (In thousands of Canadian dollars) |
As at January 25, 2020
(2) |
|
|
As at January 26, 2019 (1) |
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Accounts receivable |
$ |
870 |
|
|
$ |
1,031 |
|
Income taxes refundable |
|
426 |
|
|
|
440 |
|
Inventories |
|
76,093 |
|
|
|
86,487 |
|
Prepaid expenses |
|
1,678 |
|
|
|
1,976 |
|
Total current assets |
|
79,067 |
|
|
|
89,934 |
|
Deposits |
|
485 |
|
|
|
485 |
|
Property and equipment |
|
7,883 |
|
|
|
21,648 |
|
Intangible assets |
|
621 |
|
|
|
1,831 |
|
Right-of-use assets |
|
45,810 |
|
|
|
- |
|
|
$ |
133,866 |
|
|
$ |
113,898 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIENCY) |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Bank indebtedness |
$ |
1,064 |
|
|
$ |
489 |
|
Current portion of credit facility |
|
43,525 |
|
|
|
19,093 |
|
Trade and other payables |
|
27,200 |
|
|
|
20,437 |
|
Deferred revenue |
|
1,646 |
|
|
|
2,402 |
|
Current portion of lease liabilities |
|
19,609 |
|
|
|
- |
|
Current portion of long-term debt |
|
30,369 |
|
|
|
- |
|
Current portion of provision for onerous leases |
|
- |
|
|
|
240 |
|
Total current liabilities |
|
123,413 |
|
|
|
42,661 |
|
Credit facility |
|
- |
|
|
|
29,901 |
|
Long-term debt |
|
- |
|
|
|
29,684 |
|
Lease liabilities |
|
79,707 |
|
|
|
- |
|
Deferred lease credits |
|
- |
|
|
|
6,490 |
|
Total liabilities |
|
203,120 |
|
|
|
108,736 |
|
|
|
|
|
|
|
|
|
Shareholders' equity (deficiency) |
|
|
|
|
|
|
|
Share capital |
|
73,573 |
|
|
|
73,573 |
|
Contributed surplus |
|
15,354 |
|
|
|
14,132 |
|
Deficit |
|
(158,181) |
|
|
|
(82,543) |
|
Total shareholders' equity (deficiency) |
|
(69,254) |
|
|
|
5,162 |
|
|
$ |
133,866 |
|
|
$ |
113,898 |
|
|
|
|
|
|
|
|
|
(1) The Company has initially
applied IFRS 16 as at January 27, 2019. Under the transition method
chosen, comparative information is not
restated.(2) See note 2, Going concern
uncertainty, in the audited consolidated financial statements for
the year ended January 25, 2020.
|
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS |
(Unaudited) |
For the three months ended |
For the year ended |
(In thousands of Canadian dollars, except per share
information) |
January 25, 2020 |
|
January 26, 2019 (1) |
|
January 25, 2020 |
|
January 26, 2019 (1) |
|
Sales |
$ |
48,014 |
|
$ |
51,354 |
|
$ |
175,894 |
|
$ |
190,850 |
|
Cost of sales and expenses |
|
|
|
|
Cost of sales |
|
23,038 |
|
|
20,573 |
|
|
69,654 |
|
|
68,096 |
|
Selling and distribution |
|
63,573 |
|
|
28,835 |
|
|
138,949 |
|
|
115,000 |
|
Administrative |
|
9,142 |
|
|
5,630 |
|
|
22,647 |
|
|
22,181 |
|
|
|
95,753 |
|
|
55,038 |
|
|
231,250 |
|
|
205,277 |
|
Results from operating activities |
|
(47,739) |
|
|
(3,684) |
|
|
(55,356) |
|
|
(14,427) |
|
Finance costs |
|
3,473 |
|
|
1,740 |
|
|
13,859 |
|
|
6,613 |
|
Accretion of First Preferred shares series 1 |
|
- |
|
|
722 |
|
|
- |
|
|
2,769 |
|
Loss before income taxes |
|
(51,212) |
|
|
(6,146) |
|
|
(69,215) |
|
|
(23,809) |
|
Income tax recovery |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net loss and comprehensive loss |
$ |
(51,212) |
|
$ |
(6,146) |
|
$ |
(69,215) |
|
$ |
(23,809) |
|
|
|
|
|
|
Net loss per share |
|
|
|
|
Basic |
$ |
(1.71) |
|
$ |
(0.20) |
|
$ |
(2.31) |
|
$ |
(0.79) |
|
Diluted |
|
(1.71) |
|
|
(0.20) |
|
|
(2.31) |
|
|
(0.79) |
|
Weighted average number of shares outstanding
('000) |
|
29,964 |
|
|
29,964 |
|
|
29,964 |
|
|
29,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company has
initially applied IFRS 16 as at January 27, 2019. Under the
transition method chosen, comparative information is not
restated.
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(DEFICIENCY) |
(Unaudited) |
For the three months
ended |
For the year ended |
(In thousands of Canadian dollars) |
|
January 25, 2020 |
|
|
January 26, 2019 (1) |
|
|
January 25, 2020 |
|
|
January 26, 2019 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
73,573 |
|
$ |
47,967 |
|
$ |
73,573 |
|
$ |
47,967 |
|
Reclassification from First Preferred shares series 1
liability |
|
- |
|
|
25,606 |
|
|
- |
|
|
25,606 |
|
Balance, end of period |
$ |
73,573 |
|
$ |
73,573 |
|
$ |
73,573 |
|
$ |
73,573 |
|
CONTRIBUTED SURPLUS |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
15,354 |
|
$ |
14,131 |
|
$ |
14,132 |
|
$ |
9,600 |
|
Transitional adjustments on adoption of new accounting
standards |
|
- |
|
|
- |
|
|
- |
|
|
4,502 |
|
Adjusted balance, beginning of period |
|
15,354 |
|
|
14,131 |
|
|
14,132 |
|
|
14,102 |
|
Fair value adjustment of long-term debt |
|
- |
|
|
- |
|
|
1,221 |
|
|
- |
|
Stock-based compensation expense |
|
- |
|
|
1 |
|
|
1 |
|
|
30 |
|
Balance, end of period |
$ |
15,354 |
|
$ |
14,132 |
|
$ |
15,354 |
|
$ |
14,132 |
|
DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
(106,969) |
|
$ |
(76,397) |
|
$ |
(82,543) |
|
$ |
(57,367) |
|
Transitional adjustments on adoption of new accounting
standards |
|
- |
|
|
- |
|
|
(6,423) |
|
|
(1,367) |
|
Adjusted balance, beginning of period |
|
(106,969) |
|
|
(76,397) |
|
|
(88,966) |
|
|
(58,734) |
|
Net loss |
|
(51,212) |
|
|
(6,146) |
|
|
(69,215) |
|
|
(23,809) |
|
Balance, end of period |
$ |
(158,181) |
|
$ |
(82,543) |
|
$ |
(158,181) |
|
$ |
(82,543) |
|
Total shareholders’ equity (deficiency) |
$ |
(69,254) |
|
$ |
5,162 |
|
$ |
(69,254) |
|
$ |
5,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company has initially
applied IFRS 16 as at January 27, 2019. Under the transition method
chosen, comparative information is not restated.
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
For the three months ended |
For the year ended |
(In thousands of Canadian dollars) |
January 25, 2020 |
|
January 26, 2019 (1) |
|
January 25, 2020 |
|
January 26, 2019 (1) |
|
OPERATING ACTIVITIES |
|
|
|
|
Net loss |
$ |
(51,212) |
|
$ |
(6,146) |
|
$ |
(69,215) |
|
$ |
(23,809) |
|
Adjustments to determine net cash from operating activities |
|
|
|
|
Depreciation and amortization |
|
7,606 |
|
|
1,992 |
|
|
31,393 |
|
|
8,545 |
|
Write-off and impairment of long-term assets |
|
42,022 |
|
|
25 |
|
|
42,063 |
|
|
297 |
|
Amortization of deferred lease credits |
|
- |
|
|
(421) |
|
|
- |
|
|
(1,586) |
|
Lease incentives |
|
126 |
|
|
120 |
|
|
151 |
|
|
965 |
|
Stock-based compensation |
|
- |
|
|
1 |
|
|
1 |
|
|
30 |
|
Provision for onerous leases |
|
- |
|
|
(120) |
|
|
- |
|
|
(1,260) |
|
Finance costs |
|
3,473 |
|
|
1,740 |
|
|
13,859 |
|
|
6,613 |
|
Accretion of First Preferred shares series 1 |
|
- |
|
|
722 |
|
|
- |
|
|
2,769 |
|
Interest paid |
|
(1,098) |
|
|
(1,178) |
|
|
(4,357) |
|
|
(4,299) |
|
|
|
917 |
|
|
(3,265) |
|
|
13,895 |
|
|
(11,735) |
|
Net change in non-cash working capital items related to
operations |
|
19,956 |
|
|
8,450 |
|
|
15,153 |
|
|
4,023 |
|
Income taxes refunded |
|
- |
|
|
- |
|
|
230 |
|
|
240 |
|
Cash flows related to operating activities |
|
20,873 |
|
|
5,185 |
|
|
29,278 |
|
|
(7,472) |
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Increase (decrease) in credit facility |
|
(11,652) |
|
|
(6,811) |
|
|
(5,841) |
|
|
10,079 |
|
Payment of lease liabilities |
|
(10,533) |
|
|
- |
|
|
(23,183) |
|
|
- |
|
Other finance costs |
|
(452) |
|
|
- |
|
|
(1,520) |
|
|
- |
|
Proceeds from long-term debt |
|
- |
|
|
- |
|
|
1,000 |
|
|
- |
|
Cash flows related to financing activities |
|
(22,637) |
|
|
(6,811) |
|
|
(29,544) |
|
|
10,079 |
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Additions to property and equipment and intangible assets |
|
(100) |
|
|
(141) |
|
|
(309) |
|
|
(2,835) |
|
Cash flows related to investing activities |
|
(100 ) |
|
|
(141) |
|
|
(309 ) |
|
|
(2,835) |
|
|
|
|
|
|
Decrease in cash / increase in bank
indebtedness |
|
(1,864) |
|
|
(1,767) |
|
|
(575) |
|
|
(228) |
|
Cash (bank indebtedness), beginning of period |
|
800 |
|
|
1,278 |
|
|
(489) |
|
|
(261) |
|
Bank indebtedness, end of period |
$ |
(1,064) |
|
$ |
(489) |
|
$ |
(1,064 ) |
|
$ |
(489) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company has initially
applied IFRS 16 as at January 27, 2019. Under the transition method
chosen, comparative information is not restated.
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