Kaspien Holdings Inc. Reports Fiscal Fourth Quarter and Full Year 2021 Results

Results compare 2021 fiscal fourth quarter ended January 29, 2022 to 2020 fiscal fourth quarter ended January 30, 2021 unless otherwise indicated.

• Net revenue decreased 20.9% to $36.0 million from $45.5 million in the comparable year-ago period. The decrease in net revenue was primarily attributable to ongoing supply challenges in the Company's Fulfillment by Amazon ("FBA") US segment.
• Gross profit decreased 45% to $6.1 million, or 17.0% of net revenue, from $11.2 million, or 24.6% of net revenue, in the comparable year-ago period. The decrease in gross profit was primarily attributable to the write-down of obsolete inventory and lower merchandise margin.
• Selling, General & Administrative ("SG&A") expenses increased 8.0% to $11.5 million or 31.9% of net revenue from $10.7 million or 23.4% of net revenue in the comparable year-ago period. The increase in SG&A expenses was primarily attributable to increased wages and marketing expenses.
• Loss from operations was $5.4 million, compared to an income from operations of $0.6 million in the comparable year-ago period. The increase in operating loss was the result of the decline in sales and lower gross margin.
• Net loss was $5.8 million, or $2.33 per diluted share, compared to a net loss of $0.1 million, or $0.08 per diluted share, in the comparable year-ago period.
• Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $5.1 million compared to an adjusted EBITDA of $1.1 million in the comparable year-ago period.
• As of January 29, 2022, the Company had $1.2 million in cash, compared to $1.8 million as of January 30, 2021.
• Inventory at quarter end was $29.3 million, compared to $24.5 million as of January 30, 2021.
• As of January 29, 2022, the Company had $10.0 million in borrowings under its credit facility and had $2.1 million available for borrowing. On March 2, 2022, the Company entered into an Amendment to its Subordinated Loan and Security Agreement with Alimco RE Ltd pursuant to which Alimco made an additional $5.0 million secured term loan with a scheduled maturity date of March 31, 2024, which is the same maturity date as the existing loans under the Subordinated Loan Agreement.

Fiscal Year 2021 Financial Results

Results compare the fiscal year ended January 29, 2022 to the fiscal year ended January 30, 2021 unless otherwise indicated.

• Net revenue decreased 9% to $143.7 million from $158.3 million in the comparable year-ago period. This decrease in net revenue was driven by a decrease in retail revenue, slightly offset by an increase in subscriptions and other revenue.
• Gross profit decreased 17% to $32.8 million, or 22.8% of net revenue, compared to $39.4 million, or 24.9% of net revenue, over the comparable year-ago period. The decrease in gross profit was driven by a decrease in merchandise margin and an increase in warehousing and freight expenses. The table below summarizes the year-over-year comparison of gross margin:

• SG&A expenses decreased 6% to $42.4 million or 29.5% of net revenue from $45.1 million or 28.5% of net revenue in the comparable year-ago period. The decrease in SG&A expenses was due to a $2.3 million decrease in selling expenses related to the decline in net revenue and a $389,000 decline in general and administrative expenses.
• Loss from operations totaled $9.6 million, an improvement from $5.7 million in the comparable year-ago period. The improvement in operating results was the result of the reduction in SG&A expenses.
• Net loss was $8.0 million, or $3.28 per diluted share, compared to a loss of $3.9 million, or $2.10 per diluted share, in the comparable year-ago period. The increase in net loss was driven by the decline in sales and merchandise margin and a $3.5 million income tax benefit recorded in the prior year period that was not recognized in the current year period.
• Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $7.2 million, compared to an adjusted EBITDA loss of $3.6 million in the comparable year-ago period.
• Cash used in operations was $14.5 million, compared to $13.4 million in the comparable year-ago period.

Key Performance Indicators (KPIs)

In recognition of the Company's updated corporate strategy, management is revising the KPI metrics Kaspien publicly discloses to better align with the focus of its business going forward. Unless otherwise specified, KPI data has been recorded as of fiscal fourth quarter and full year end (January 29, 2022).

• Fiscal fourth quarter 2021 GMV increased 8.0% to $79.8 million, compared to $73.9 million in the comparable year-ago period. Subscription GMV increased 56% to $42.0 million (53% of total GMV), compared to $26.9 million (36% of total GMV) in the comparable year-ago period.

Kaspien plans to file its annual Form 10-K today, April 29, 2022, in accordance with SEC filing deadlines.

About Kaspien

Kaspien Holdings Inc. (f/k/a Trans World Entertainment Corporation) (NASDAQ: KSPN) is a leading, global e-commerce accelerator that deploys AI-driven software and end-to-end services to optimize and grow brands on Amazon, Walmart, Target, eBay, and other online marketplaces. Rebranded as Kaspien in 2020, the Company has spent more than a decade developing a marketplace growth platform of proprietary technologies that maximize supply chain resilience, optimize marketing, strengthen brand control, and provide predictive analytics. Serving a variety of brands, distributors, agencies and FBA aggregators, Kaspien accelerates growth by tailoring an extensive suite of seller services to its partners' dynamic e-commerce needs. The Company has a long track record of success, having served over 4,000 brands in 20 countries. Kaspien's mastery of the e-commerce space and commitment to rapid innovation has earned the trust of many leading brands. For more information, visit kaspien.com.

Non-GAAP Financial Measures

Adjusted EBITDA is defined as net loss, adjusted to exclude: (i) income tax expense; (ii) Other (income) loss; (iii) interest expense; and (iv) depreciation expense. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. We use adjusted EBITDA to evaluate our own operating performance and as an integral part of our planning process. We present adjusted EBITDA as a supplemental measure because we believe such a measure is useful to investors as a reasonable indicator of operating performance. We believe this measure is a financial metric used by many investors to compare companies. This measure is not a recognized measure of financial performance under GAAP in the United States and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.

	Thirteen Weeks Ended				Fifty-two Weeks Ended
	January 29,	January 30,			January 29,	January 30,
(amounts in thousands)	2022		2021		2022	2021
Net loss	$           (5,811)		$     (139)		$        (8,031)	$      (3,892)
Income tax expense (benefit)	(18)		4		27	(3,542)
Other income (loss)	49		-		(3,481)	-
Interest expense	412		693		1,867	1,709
Loss from operations	(5,368)		558		(9,618)	(5,725) Werbung Mehr Nachrichten zur Kaspien Holdings Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11.05.24 - wallstreet:online ... Passives Einkommen: Diese Dividendenaktie können Anleger getrost die nächsten Jahrzehnte halten 11.05.24 - XTB GOLD: Neue Allzeithochs Voraus! --- Die aktuelle Gold-Analyse 11.05.24 - bullvestor Spezial aus aktuellem Anlass: JanOne – Smallcap über Nacht mit Milliardentransaktionen! Spezial aus aktuellem Anlass:    JanOne – Smallcap über Nacht mit Milliardentransaktionen! weiterlesen» Anzeige wo-site-teaser-box-16911_site-teaser-box_2024-05-11_09%253A00%253A00_2024-05-12_09%253A00%253A59