Savvy Trades and Investments

[littlefish]

BGFV: "The Company accounted for COVID-19 lease abatements of $3.0 million as reductions to variable lease expense and accounted for lease deferrals of $1.2 million as if no changes to the lease contract were made while continuing to recognize expense during the deferral period and deferring the payment obligation as a liability. There were no lease concessions recorded in the first quarter of fiscal 2020."

and...

"Variable lease expense for the 13 and 26 weeks ended June 28, 2020 was reduced by $3.0 million for lease abatements related to the effects of the COVID-19 pandemic that resulted in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. See Note 2 to the Interim Financial Statements for a further discussion on lease concessions."

Along with the one time gain too. But the July month was obviously huge. Guidance shows July to be an outlier month but still positive YOY growth expected in next 2 months...

All IMO ONLY.