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Factoids |
Bestway Revenue breakdown
| % revenue |
Category |
| 29% |
Electronics |
| 25% |
Furniture |
| 18% |
Fees |
| 16% |
Appliances |
| 8% |
Computers |
| 4% |
other |
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Other Numbers... |
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Advertising decreased 21.7% |
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Occupancy is 7.5% of revenue |
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Bestway wrote-off $739,000 in rental merchandise and took a
$315,000 charge associated with the Company's decision
to discontinue Jewelry Rental |
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See the 10k here |
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Bestway released it's 10K for fiscal year ending July 31,
2002.
Results were a bit gloomy. Total revenue decreased 6.6%.
Revenue for mature stores decreased 152%. This was offset by a
45.9% increase in new store revenue from locations opened in
2001. The massive revenue decrease was primarily due to the sale
of 13 "underperforming stores" and the consolidation of one
during the fiscal year. As of July 31st, Bestway operated 69
locations, down from a high of 83 in 1995.
Net loss, as a percentage of revenue, increased to 2.2%
compared to 0.4% in fiscal 2001...
From 10K
...In fiscal year 2001, the Company developed its
administrative and management organization to accommodate an
anticipated growth in revenue. However, the Company
experienced operating losses with new store openings in 2001
and a lack of revenue growth in same stores...
$400,850 paid to former President and COO Theresa Sheffield,
pursuant to a separation agreement, resulted in a 0.6%
increase in salaries and wages as a percentage of revenue.
Regarding turnaround efforts...
From 10K
...in connection with the transition of the
Company's new President and Chief Executive Officer, the
Company has implemented strategies to improve profitability,
including reviewing the Company's product offerings and price
value relationships...
See RTO
Online article regarding Dave Kraemer's resignation from Rent A
Center to head Bestway.
In an apparent effort to purge lower margin merchandise from
the system, Bestway doubled its previous years cash sales to
$869,908 with a remaining value of $814,433, or a margin of
$55,475. In fiscal year 2001, the Company recorded merchandise
sales of $424,211 with a remaining value of $401,343, or a
margin of $22,868.
From 10K
...the Company undertook a merchandise reduction sales
initiative to dispose of lower margin merchandise....
On the up side...
Depreciation of rental merchandise decreased 13.7% to $6,671,484
from $7,734,416 and decreased 1.6% as a percentage of total
revenue to 19.9% from 21.5%. The company attribute this good
news to a higher
Average Rental Rate per item. Other depreciation and
amortization decreased $140,173, or 7.1% to $1,831,646 from
$1,971,819 and did not change as a percentage of total revenue.
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