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CTRCQ Centric Brands

Centric Brands, Inc. engages in the design and distribution of apparel and clothing products. It operates through the following segments: Kids, Accessories, and Men’s and Women’s Apparel. The Kids segment includes sales of products under the brands of Calvin Klein, Under Amour, Tommy Hilfiger, Nautica, and Disney. The Accessories segment comprises of products under the brands of Calvin Klein, Frye, Fila, Michael Kors, Kate Spade, and AllSaints. The Men’s and Women’s Apparel segment consists of sales to premium nationwide department stores, specialty retailers, ecommerce, boutiques, and select off-price retailers of its owned brands. The company was founded in April 1987 and is headquartered in New York, NY.

Company profile

Ticker
CTRCQ, CTRCQ
Exchange
CEO
Jason Andrew Rabin
Employees
Incorporated
Location
Fiscal year end
Former names
Differential Brands Group Inc., INNOVO GROUP INC, JOE'S JEANS INC.
SEC CIK
IRS number
112928178

CTRCQ stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

31 Mar 20
24 Jun 21
31 Dec 21
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Apr 20 Bowen Marjorie L. RSU Common Stock, par value, $0.10 per share Grant Aquire A No No 0 85,227 0 85,227
11 Apr 20 Sherman Edmiston III RSU Common Stock, par value $0.10 per share Grant Aquire A No No 0 85,227 0 85,227

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change

Financial report summary

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Risks
  • We may be unable to successfully integrate the GBG Business and realize the anticipated benefits of the GBG Acquisition.
  • The failure to maintain our license agreements could cause us to lose significant revenues and have a material adverse effect on our results of operations.
  • The licensee market is competitive, and there is no guarantee we can obtain future licenses at all or upon terms favorable to us.
  • Acquisitions of new licenses and brands may not be successful in achieving the intended benefits.
  • Our success will be dependent on the strategies and reputation of our licensors.
  • We have a significant amount of indebtedness, which could adversely affect our financial performance and impact our ability to service our indebtedness.
  • The agreements that govern our indebtedness limit our operational flexibility. Furthermore, if we default on our obligations under such agreements, our operations may be interrupted and our business and financial results could be adversely affected.
  • Uncertainty regarding the LIBOR may adversely impact our indebtedness under our credit and loan facilities
  • We face intense competition in the lifestyle apparel and accessories industries. If we are unable to compete effectively, our business, financial condition and results of operations may be negatively impacted.
  • If we are unable to timely and appropriately respond to changing consumer demand, the value and images of our licensed or owned brands may be impaired.
  • If our customers change their buying patterns, request additional allowances, develop their own private label brands or enter into agreements with national brand manufacturers to sell their products on an exclusive basis, our sales to these customers could be materially adversely affected.
  • A decision by any of our major customers to decrease significantly the amount of merchandise purchased from us or to change their manner of doing business with us or our licensing or other partners, could substantially reduce our revenue and materially adversely affect our profitability.
  • We are dependent on third parties to source and manufacture products and any disruption in relationships with these parties or in their businesses may materially adversely affect our business.
  • If an independent manufacturer of ours fails to use acceptable labor practices, our business could suffer.
  • Increases in the price of raw materials or their reduced availability could increase our cost of goods and decrease our profitability.
  • We are dependent on our relationships with our vendors.
  • Our inability to procure similar services being contracted for under the Transition Services Agreement may adversely impact our ability to integrate the GBG Business and/or operate its business.
  • Problems with the third party distribution system could harm our ability to meet customer expectations, manage inventory, complete sales and achieve targeted operating efficiencies.
  • Potential changes in international trade relations between the United States and countries in which our products are sourced, including the imposition of tariffs, could have a material adverse effect on our business, cash flows and operating results.
  • We are subject to risks associated with leasing retail space, which are generally long-term non-cancelable leases requiring us to make substantial lease payments. Any failure to make these lease payments when due would likely harm our business, profitability and results of operations.
  • Our ability to attract customers to our stores depends heavily on successfully placing our stores in suitable locations and any impairment of a store location, including any decrease in customer traffic, could cause our sales to be less than expected.
  • We may be unable to grow comparable store sales or average sales per square foot in our retail stores, which could cause our sales to decline.
  • Uncertain economic conditions in the United States and other parts of the world can affect consumer confidence and consumer spending patterns and our business could be negatively impacted by the financial health of our retail customers.
  • Our plans to improve and expand our product offerings may not be successful, and the implementation of these plans may divert our operational, managerial and administrative resources, which could harm our competitive position and reduce our net revenue and profitability.
  • If we are unable to manage our operations at our current size or are unable to manage any future growth effectively, our business results and financial performance may suffer.
  • Our trademark rights and other intellectual property rights may not be adequately protected and some of our products are targets of counterfeiting.
  • As a licensor for certain categories for our Owned Brands, we may not be successful and our licensees may not comply with our product quality, manufacturing standards, marketing and other requirements, which may have an adverse effect on our brand equity, reputation or business.
  • Any potential future acquisitions, strategic investments or mergers may subject us to significant risks, any of which may harm our business and may lead to substantial dilution or negative effects on the market price of our common stock.
  • The seasonal nature of our business makes management more difficult, severely reduces cash flow and liquidity during parts of the year and could force us to curtail our operations.
  • Our success is largely dependent on the continued service of our key personnel.
  • Computer system disruption and cyber security threats, including a privacy or data security breach, could damage our relationships with our customers, harm our reputation, expose us to litigation and adversely affect our business. We may also incur an increase in costs in an effort to minimize those risks.
  • Laws on privacy continue to evolve and further limits on how we collect or use customer information could adversely affect our business.
  • The market price of our common stock could be negatively affected by future sales of our common stock.
  • If our common stock’s closing bid price falls and subsequently remains below the minimum price of $1.00 per share, our common stock may be delisted from the NASDAQ.
  • Due to the delayed filing with the SEC of our Form 10-K for the year ended December 31, 2018, and our Form 8-K/A due January 11, 2019, we are not currently eligible to use a registration statement on Form S-3 to register the offer and sale of securities, which may adversely affect our ability to raise future capital or complete acquisitions.
Management Discussion
  • Net sales increased to $712.4 million for the three months ended September 30, 2019 from $39.8 million for three months ended September 30, 2018, reflecting a $672.6 million year over year increase. The increase in net sales was attributable to the acquired GBG Business for the three months ended September 30, 2019 that we did not have in the three months ended September 30, 2018.
  • Gross profit increased to $178.3 million for the three months ended September 30, 2019 from $17.2 million for the three months ended September 30, 2018, reflecting a $161.1 million year over year increase.
  • Gross margin was 25% for the three months ended September 30, 2019, compared to 43% for the three months ended September 30, 2018. As a result of the consummation of the GBG Acquisition, the Company had a higher proportion of wholesale sales compared to retail sales in 2019, which resulted in a decrease in gross margin during the three months ended September 30, 2019 compared to three months ended September 30, 2018.
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