iMedia Brands Clocks 37% Top-Line Growth In Q1; Reiterates FY22 Outlook

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  • iMedia Brands Inc IMBI reported first-quarter FY22 sales growth of 37% year-on-year to $154.5 million, marginally beating the consensus of $154.44 million.
  • Total 12-month rolling active customers grew by 48% Y/Y, driven by the continued strong customer growth from Christopher & Banks and the addition of the 123tv customer file.
  • The gross margin contracted 96 basis points Y/Y to 39.7%. It recorded an operating loss of $(6.5) million for the quarter versus a $(2) million loss last year.
  • Adjusted EBITDA of $9.2 million increased 13% Y/Y.
  • EPS loss of $(0.55) missed the consensus of $(0.48).
  • The company held $13.9 million in cash and equivalents as of April 30, 2022.
  • Outlook: iMedia reaffirms FY22 sales outlook of $675 million - $725 million versus the consensus of $691.42 million.
  • For Q2, it sees sales of $158 million, above the consensus of $157.76 million. It expects Q2 adjusted EBITDA of about $10 million, an 11% Y/Y growth.
  • The company anticipates reporting positive quarterly EPS beginning in the back half of FY22, specifically in Q4.
  • Price Action: IMBI shares closed lower by 0.49% at $2.05 on Monday.
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