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Mar 31, 2023
a.k.a. Brands Q1 2023 Earnings Report
a.k.a. Brands' first quarter performance exceeded expectations, with a raised full-year outlook and a reduction in inventory.
Key Takeaways
a.k.a. Brands reported a decrease in net sales by 18.8% to $120.5 million, but exceeded expectations on both sales and adjusted EBITDA. The company is focused on managing the business prudently, with inventory down 7% year-over-year and 11% since the end of fiscal 2022.
Net sales decreased by 18.8% to $120.5 million compared to the first quarter of 2022.
Net loss was $(9.6) million or $(0.07) per share, compared to net income of $1.5 million or $0.01 per share in the first quarter of 2022.
Adjusted EBITDA was $2.2 million, compared to $10.7 million in the first quarter of 2022.
Inventory is down 11% from the end of fiscal 2022 and down 7% from the first quarter last year.
Revenue by Geographic Location
Forward Guidance
For the second quarter of 2023, the Company expects net sales between $137 million and $140 million and Adjusted EBITDA between $5.5 million and $6.0 million. For the full year 2023, the Company is raising its outlook and now expects net sales between $575 million and $605 million and Adjusted EBITDA between $36 million and $38 million.
Positive Outlook
- Net sales between $137 million and $140 million for Q2 2023.
- Adjusted EBITDA between $5.5 million and $6.0 million for Q2 2023.
- Net sales between $575 million and $605 million for full year 2023.
- Adjusted EBITDA between $36 million and $38 million for full year 2023.
- Weighted average diluted share count of 130 million.
Challenges Ahead
- Outlook is based on assumptions, including foreign exchange rates remaining at current levels.
- Outlook is based on assumptions, including a continued promotional environment.
- The Company has not provided a quantitative reconciliation of its Adjusted EBITDA outlook to a GAAP net income outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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