Reports Q1 revenue $267.88M vs. $321.64M last year. Comparable retail sales decreased 11.7% for the quarter. Inventories were $425.2M as of May 4, compared to $504.2M as of April 29, 2023. The company said, “As previously announced, the Company has established a valuation allowance against the Company’s net deferred tax assets and, as such, continues to adjust the allowance based upon the ongoing operating results. The provision for income taxes which is reflected net of these adjustments was $2.1 million in the three months ended May 4, 2024, compared to a benefit for income taxes of $7.1 million during the three months ended April 29, 2023. The change in the provision (benefit) for income taxes was primarily driven by the establishment of a valuation allowance against the Company’s net deferred tax assets.”
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