Quote:
Originally Posted by Fbone
Yes, less than 20 stores lost money and their EBITDA was $312 million.
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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.