notes:
>near-term profitability + long-term sustainable growth
>past 2 years = transformative
>stronger & increasingly efficient; well positioned in otherwise challenged retail sector
>cut costs, optimize inventory, enhance customer experience
>improve shipping times, integrate online/b&m, incentivization culture for employees
>net income: +48.2m 22 v -100m 21
FY2023:
>continuing to cut excess costs, including exits & wind-downs in Europe
>improved terms from suppliers & vendors
>full console allocation
>partnerships with gaming & retail companies
>growth in refurbishment sector
>collectibles & toys are a focus due to high margins
>much healthier business today vs 2021
>considerable COH, negligible debt, streamlined inventory, path for 4-year profitability --> long-term stockholder value
>net sales Q2: 2.26B 22 vs 2.254 21
>net sales full year: 5.927B 22 vs 6.011 21
>net income Q4: 48.2m / 0.16 EPS 22 v -147.5 / -0.49 EPS 21
>SG&A full year: 1.68B 22 v 1.71B 21
>COH: 1.39B 22 v 1.27B 21
>built back & invest, will maintain very solid
>no borrowings under ADL, no debt other than low-interest unsecured loan with France
>cap expense: 55.9m 22 --> reduction in 23
>cash flow Q4: 337.2M v 110.3 outflow 21
>682.9 22 inventory vs 920m 21
>aggressively cut costs
>not delivering guidance on outlook - judge on results, not on words
>significant work on ahead of us. build on progress rather than reflect on gains
>aggressively pursue cost containment, consistently delight customers, practicality
TLDR? moon soon