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Old 01-29-2013, 04:38 PM   #38
murraypaul
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Posts: 3,224
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Join Date: Jun 2008
Device: Sony PRS505, Nook Color(CM7), iPad3
Quote:
Originally Posted by Fbone View Post
Yes, less than 20 stores lost money and their EBITDA was $312 million.
Their last reported quarter was 2013Q1 with an overall earnings-before-nasty-stuff of $4 million.
And it is a meaningless figure anyway. They have to pay tax, they can't just ignore it and hope it goes away. That was 22 million in 2013Q1.
Even taking all the nasty bits out, the figures are still pretty poor:
Code:
                                           13 weeks ended    13 weeks ended
                                            July 28, 2012     July 30, 2011
                                        -------------------- ---------------
Sales                                          $ 1,453,507       1,418,404
Cost of sales and occupancy                      1,039,619       1,030,846
                                                 ---------       ---------
   Gross profit                                    413,888         387,558
                                                 ---------       ---------
Selling and administrative expenses                410,055         411,118
Giving 3,833K, or 0.26% profit margin, even ignoring ITDA.
They are paddling as hard as they can just to stay still, even if you strip out everything else. Adding in everything else, they lost just shy of $41 million for the quarter.
To put it another way, cost of sales was 71.5% of revenue. Overhead was 28.2%. That adds up to 99.7%. EBITDA is basically rounding error at this point.
Code:
        Percentage of sales:
Sales                                                100.0 %         100.0 %
Cost of sales and occupancy                           71.5 %          72.7 %
                                                 --------- ----  --------- ----
   Gross profit                                       28.5 %          27.3 %
                                                 --------- ----  --------- ----
Selling and administrative expenses                   28.2 %          29.0 %
Depreciation and amortization                          4.0 %           3.9 %
                                                 --------- ----  --------- ----
   Operating loss                                     -3.7 %          -5.6 %
Interest expense, net                                  0.6 %           0.7 %
                                                 --------- ----  --------- ----
   Loss before taxes                                  -4.3 %          -6.3 %
Income taxes                                          -1.5 %          -2.3 %
                                                 --------- ----  --------- ----
     Net loss                                         -2.8 %          -4.0 %
Stripping out the Nook figures would have giving EBITDA of about $61 million. That is about 4.2% margin before nasty stuff.

Last edited by murraypaul; 01-29-2013 at 04:45 PM.
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