Overview
- Retail volume fell 22.1% as financing limits constrained purchasing despite a 4% increase in website traffic.
- The company completed a $161.3 million asset-backed securitization and replaced its revolver with a $300 million term loan that removed restrictive income-statement covenants.
- Inventory levels rose about 44% from the December low, and management signaled a volume rebound tied to the tax refund season.
- Phases one and two of SG&A actions are complete with 18 locations rationalized, with further reductions dependent on chain-wide Salesforce Collections adoption.
- Results included a $47 million noncash tax valuation allowance and a 25.53% credit-loss reserve, with adjusted loss per share of $1.53 excluding $68 million of nonrecurring items.