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Outlook
The Company today provided the following financial outlook for the fiscal third quarter ending on December 30, 2023 and the full year ending March 30, 2024:
| Current Outlook | Current Outlook | Prior Outlook | ||||
| Third Quarter Ending December 30, 2023 | Fiscal Year Ending March 30, 2024 | Fiscal Year Ending March 30, 2024 | ||||
| Consolidated net sales | $220 - $225 million | $870 - $885 million | $875 - $890 million | |||
| Comparable store sales^ decline | Mid to low teens | High teens | High teens | |||
| Net loss per diluted share (1) | ($0.13) - ($0.09) | ($0.82) to ($0.70) | ($0.10) to $0.00 | |||
| Adjusted net loss per diluted share* | ($0.08) - ($0.04) | ($0.24) to ($0.13) | $0.05 to $0.15 | |||
| Assumed dilutive shares | 49 million | 49 million | 50 million | |||
| Capital expenditures | $45 to $50 million | $45 to $50 million | ||||
| Effective tax rate (2) | (50%) to (145%) | 0% to (4%) | 300% to 115% |
| (1) Prior outlook for the fiscal year ending March 30, 2024 did not contemplate the $23.4 million, or $0.48 per share, non-cash goodwill impairment charge for the TCS reporting unit recorded in the second quarter of fiscal 2023. |
| (2) Effective tax rate for fiscal year ending March 30, 2024 assumes approximately $2.8 million of discrete income tax expense expected to primarily be recorded in the third quarter of fiscal 2023 related to the expiration of certain stock options granted in connection with our initial public offering in 2013. |
The Company plans to open four new small format stores in the remainder of fiscal 2023 and four new stores in fiscal 2024. The four new stores for the remainder of fiscal 2023 are as follows:
Posted In: TCS
