Tuesday, March 16, 2021 7:45:04 AM
Consolidated net sales decreased 29% to $430.3 million from $606.7 million in the fourth quarter of 2019, with consolidated comparable sales down 27%.
Comparable retail sales, which includes both Express stores and eCommerce, decreased 28% compared to the fourth quarter of 2019.
Comparable outlet sales decreased 27% versus the fourth quarter of 2019.
Gross margin was 16.6% of net sales compared to 27.0% in last year's fourth quarter. The decrease was driven by the sales impact of COVID-19 and a $4.5 million non-cash impairment charge taken against certain long-lived store assets.
Selling, general, and administrative (SG&A) expenses were $134.0 million, 31.1% of net sales, versus $148.9 million, 24.5% of net sales, in last year's fourth quarter. The decrease was driven primarily by the COVID-19 mitigation actions taken by the Company, a reduction in variable costs driven by the sales decline and the previously announced corporate restructuring.
Operating loss was $62.7 million compared to a loss of $189.9 million in the fourth quarter of 2019. The loss from the prior year includes approximately $205.0 million in intangible asset impairment and restructuring charges.
Income tax benefit was $10.8 million, at an effective tax rate of 16.9%, compared to income tax benefit of $47.5 million, at an effective tax rate of 25.1% in last year's fourth quarter. The Company's effective tax rate for the fourth quarter of 2020 was impacted primarily by the recording of a valuation allowance against the Company's deferred tax assets.
Net loss was $53.3 million, or a loss of $0.82 per diluted share. On an adjusted basis, net loss was $43.1 million, or a loss of $0.66 per diluted share for the fourth quarter of 2020. The adjusted loss excludes the income tax benefit from the Coronavirus Aid Relief and Economic Security (CARES) Act of $5.5 million, as well as the negative non-cash impacts of the deferred tax asset valuation allowance of $12.4 million and the $4.5 million pretax impairment charge mentioned above. This compares to a net loss of $141.6 million, or a loss of $2.21 per diluted share, in the fourth quarter of 2019. On an adjusted basis, net income was $13.8 million, or $0.21 per diluted share, in the fourth quarter of 2019.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was a loss of $45.0 million compared to a loss of $168.7 million in the fourth quarter of 2019. EBITDA was negatively impacted by the asset impairment of $4.5 million in the fourth quarter of 2020 and the impairment of the intangible assets of $197.6 million and property, equipment, and lease assets of $2.1 million in the fourth quarter of
Recent EXPRQ News
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 05/06/2024 08:35:26 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM