PR Newswire
SPOKANE, Wash., Dec. 9, 2021
SPOKANE, Wash., Dec. 9, 2021 /PRNewswire/ -- Kaspien Holdings Inc. (NASDAQ: KSPN) ("Kaspien" or the "Company"), a leading e-commerce marketplace growth platform, today reported financial results for the fiscal third quarter ended October 30, 2021.
Management Commentary
"By focusing on controllable factors, including internal process adjustments, purchasing and inventory process optimizations, and strategic price increases among other areas, our team has showcased great agility in adapting to a constantly evolving macroeconomic environment," said Kaspien CEO Kunal Chopra. "Despite global challenges, we were generally able to maintain margins during the quarter, which is a testament to our continued focus on supply chain flexibility. On the other hand, verticals that benefited from greater end-to-end process control showed continued strength during the period. Specifically, our private label brands grew 38% year-over-year, in large part due to consistent stock from proactive early inventory positioning. Non-Amazon marketplaces fared even better, registering 127% growth as a group, mostly driven by success on our new and growing Target+ Program. Our burgeoning subscriptions segment registered a stellar quarter as well, highlighted by a 15% increase in both GMV and MRR.
"Longer term, we are continuing to make investments in our people, processes and technology to grow Kaspien into a truly global e-commerce enterprise. As an example, we recently made several major adjustments within our senior leadership team and broader organizational structure, which are collectively designed to make us more nimble and better able to support our partners across all business lines. Right now, we are currently in the midst of peak holiday shopping season. While we believe the headwinds of the past few quarters should continue for the foreseeable future, the work we are doing today has allowed us to mitigate many of the most daunting tests, and we'll have emerged even stronger once the tide has subsided."
Fiscal Third Quarter 2021 Financial Results
Results compare 2021 fiscal third quarter ended October 30, 2021 to 2020 fiscal third quarter ended October 31, 2020 unless otherwise indicated.
| | Thirteen Weeks Ended | ||||
| October 30, | | | October 31, | ||
(amounts in thousands) | | | 2021 | | 2020 | |
| | | ||||
Merchandise margin | | $ | 14,653 | | $ | 17,978 |
% of net revenue | | | 45.5% | | | 46.2% |
| | | | | | |
Fulfillment fees | | | (4,375) | | | (6,479) |
Warehousing and freight | | | (2,274) | | | (1,898) |
Gross profit | | $ | 8,004 | | $ | 9,601 |
| | | | | | |
% of net revenue | | | 24.9% | | | 24.7% |
Fiscal First Nine Months of 2021 Financial Results
Results compare nine months ended October 30, 2021 to nine months ended October 31, 2020 unless otherwise indicated.
| | Thirty-Nine Weeks Ended | ||||
| | October 30, | | | October 31, | |
(amounts in thousands) | | | 2021 | | 2020 | |
| | | ||||
Merchandise margin | | $ | 49,309 | | $ | 51,879 |
% of net revenue | | | 45.8% | | | 46.0% |
| | | | | | |
Fulfillment fees | | | (16,218) | | | (18,343) |
Warehousing and freight | | | (6,455) | | | (5,332) |
Gross profit | | $ | 26,636 | | $ | 28,204 |
| | | | | | |
% of net revenue | | | 24.7% | | | 25.0% |
Key Performance Indicators (KPIs)
Unless otherwise specified, KPI data has been recorded as of fiscal quarter end (October 30, 2021).
Conference Call
Kaspien will hold a conference call today, Thursday, December 9, 2021 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
Company management will host the call, followed by a question-and-answer period.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Entry Code: 976041
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the Investor Relations section of Kaspien's website.
A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through December 23, 2021.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 43811
Kaspien plans to file its annual Form 10-Q by December 14, 2021 in accordance with the SEC filing deadlines.
About Kaspien
Kaspien Holdings Inc. (f/k/a Trans World Entertainment Corporation) (NASDAQ: KSPN) is a leading-edge global e-commerce growth platform that helps brands sell more effectively online. The Company deploys AI-driven software and end-to-end services to optimize and expand brands' presence on Amazon, Walmart, Target, eBay, and other online marketplaces. Rebranded as Kaspien in 2020, the Company has spent more than a decade developing proprietary technologies for supply chain resilience, marketing, brand control, and predictive analytics. Serving thousands of brands, distributors, agencies, and FBA aggregators, Kaspien accelerates growth by tailoring its extensive suite of seller services to partners' dynamic e-commerce needs. The Company has a long track record of success in its mission to become number one in GMV for marketplace services. Kaspien's mastery of the e-commerce space and commitment to rapid innovation has earned the trust of partners such as 3M, Funko, Strider Bikes, and UNFI. 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 | | Thirty-Nine Weeks Ended | ||
| October 30, | October 31, | | October 30, | October 31, |
(amounts in thousands) | 2021 | 2020 | | 2021 | 2020 |
| | | | | |
Net loss | $ (886) | $ 2,552 | | $ (2,221) | $ (3,754) |
Income tax expense (benefit) | - | (3,545) | | 46 | (3,545) |
Other income | (1,567) | - Werbung Mehr Nachrichten zur Kaspien Holdings Aktie kostenlos abonnieren
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