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New words:
accrete, accreting, earlier, lessened, open, OTC, Pink, principle, quoted, reinstituted, seek, transaction, unforgiven, worsened
Removed:
approved, forward, gain, ix
Financial report summary
?Management Discussion
- The table below contains certain information about our continuing operations from our condensed consolidated statements of operations along with other data and percentages. Historical results are not necessarily indicative of results to be expected in future periods.
- The decrease in royalty revenues in the three and nine months ended October 31, 2020 compared to the three and nine months ended November 2, 2019 was primarily due to the decrease in sales by our licensees related to the COVID-19 shelter-in-place orders and the non-renewal of our Cherokee license in Japan.
- Selling, general and administrative expenses decreased 28% to $2.3 million in the three months ended October 31, 2020 from $3.2 million in the three months ended November 2, 2019 and decreased 28% to $7.3 million in the nine months ended October 31, 2020 from $10.1 million in the nine months ended November 2, 2019. These ongoing expenses include payroll, employee benefits, marketing, sales, legal, rent, information systems and other administrative costs that are part of our current operations. These decreases reflect the impact of cost-savings measures undertaken in response to the COVID-19 pandemic and related shortfall in revenues, and the impact of our restructuring plans that are continuing in Fiscal 2021.