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Tesco Q4 revenues $128.2 million

Christian Fernsby ▼ | May 13, 2020
For the fiscal 2020 fourth quarter, Tesco revenues totaled $128.2 million, compared with $145.0 million for the fourth quarter of fiscal 2019, as a result of lower sales in the Retail segment.
Tesco
Tesco   Gross profit was $17.2 million
Commercial revenues were flat compared with the prior-year fourth quarter.

Topics: Tesco

Gross profit was $17.2 million for the fourth quarter of fiscal 2020, compared with $28.3 million for the same quarter of fiscal 2019, as a result of the decline in retail sales and increased inventory and returns reserves due to the continued uncertainty COVID-19 is having on the retail market. Gross margin was 13.4% of revenue for the fourth quarter of fiscal 2020, compared with 19.5% in the fourth quarter of last year. The vast majority of this decline is also associated with the Retail segment.

Fourth-quarter selling, general and administrative (SG&A) expenses increased 0.8% from the prior-year quarter to $27.5 million, primarily related to accounts receivable reserves related to coronavirus, partially offset by lower operations costs.

Fourth-quarter fiscal 2020 loss before income taxes was $19.6 million compared with earnings before income taxes of $0.8 million in the fourth quarter of fiscal 2019. The fourth-quarter fiscal 2020 loss before income taxes includes $6.1 million in incremental cost of goods sold and selling, general and administrative expense directly related to the uncertainty of the COVID-19 pandemic; and a goodwill impairment charge of $9.1 million.

Net loss and loss per share were $14.1 million and $1.65, respectively, for the fourth quarter of fiscal 2020. This compares with net income of $0.5 million and diluted earnings per share of $0.06, for the prior-year fourth quarter.

EBITDA and EBITDA per diluted share were a loss of $18.3 million and $2.14, respectively, for the fourth quarter of fiscal 2020. This compares with positive EBITDA and EBITDA per diluted share of $1.9 million and $0.22, respectively, for the fourth quarter of fiscal 2019.

The Company maintains a solid liquidity profile. As of March 29, 2020, the outstanding balance under its $75 million line of credit was approximately $26 million.


 

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