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LXRandCo Reports Strong Growth for the Third Quarter 2017


News provided by

LXRandCo, Inc.

Nov 09, 2017, 17:33 ET

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– Quarter Highlighted by Year-over-Year Increase in Revenue of 82% and Opening of 25 Stores – Company Surpasses 2017 Target of 122 Stores –

MONTREAL, Nov. 9, 2017 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today reported its financial results for the third quarter and nine-month period ended September 30, 2017.

"The third quarter saw strong year-over-year top line growth, driven by a tripling of our store count from a year ago as we continue to successfully execute our international omni-channel strategy with a specific focus on expanding our retail network," said Fred Mannella, Chief Executive Officer, LXRandCo. "Since the end of the second quarter, we have announced four new partners and opened 67 new stores, and at this time, we have surpassed our stated goal of having 122 stores open at the end of 2017. I'm tremendously proud of the hard work and dedication of all the people across our organization that are responsible for making this very aggressive goal a reality. The upcoming holiday season is our busiest period of the year and now with 128 stores in six countries, we look forward to our best ever."

"We look forward to building on our strong momentum throughout the remainder of the year and into 2018. As we do, profitability remains a top priority. As per our plan, we are investing in the short-term to capitalize on our unique market opportunity and rapidly build out our store network and add new partners. We expect to improve profitability in 2018 as our recently opened stores ramp to full productivity and we start to benefit from the operating leverage in our business."

"At LXRandCo, we are changing the way people shop.  We are a smarter way for consumers to buy personal luxury. At the same time, we are bringing department stores and other retailers an attractive, space-efficient, high-traffic, high-productivity solution as they navigate an evolving retail landscape.  All of this positions our Company very well in both the short and long term."

Unless otherwise indicated, all amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See "Non-IFRS Measures" further below. For a reconciliation of non-IFRS measures to their most directly comparable measure calculated in accordance with IFRS, see "Select Consolidated Financial Information" further below.

Financial Highlights for the Third Quarter ended September 30, 2017
(all comparable figures are for the third quarter ended September 30, 2016)

  • Net revenue increased 82% to $8.8 million from $4.8 million;
  • E-Commerce revenue increased to 4.1% of net revenue from 3.5%:
  • Gross profit increased 99% to $2.9 million, or 32.5% or revenue, from $1.4 million, or 29.8% of revenue;
  • Adjusted EBITDA (a non-IFRS measure) was $(0.8) million, compared to $0.1 million; and,
  • Adjusted Net Loss (a non-IFRS measure) was $0.9 million, compared to $0.1 million.

Q3 2017 Operational Highlights

  • The opening of 25 stores in the quarter, expanding its retail network to 86 stores at September 30, 2017 compared with 29 stores at September 30, 2016.
  • The addition of a new retail partner in Europe and three new retail partnerships in the United States.
  • The expansion of the Company's vintage luxury product offering to include apparel and shoes at five locations.
  • The diversification of its supply sourcing through a new supplier agreement with a U.S.-based vendor.
  • The appointment of veteran international retail executive Todd Howard as Executive Vice President, Global Business Development.
  • Subsequent to September 30, 2017, the opening of 42 stores which increases the Company's existing retail network to 128 as of November 9, 2017.

Discussion of Third Quarter Results

The following provides an overview of LXRandCo's financial results during the third quarter ended September 30, 2017 compared to the third quarter ended September 30, 2016.

Net Revenue

Net revenue increased by 82% to $8.8 million in the three-month period ended September 30, 2017 from $4.8 million in the three-month period ended September 30, 2016. E-Commerce revenue as a percentage of net revenue was 4.1% in the three-month period ended September 30, 2017, compared to 3.5% in the three-month period ended September 30, 2016.

The increase in net revenue was primarily attributable to the increase in sales from LXRandCo operating 57 more stores by the end of the three-month period ended September 30, 2017 compared to the number of stores at the end of the three-month period ended September 30, 2016. LXRandCo's retail network consisted of 86 stores as at September 30, 2017, compared to a retail network of 29 stores as at September 30, 2016. Store openings in the three-month period ended September 30, 2017 consisted of 25 Retail Stores. The increase in net revenue was also due to another quarter of revenue growth from existing wholesale customers, as well as an increase in e-Commerce revenue.

Gross Profit

Gross profit increased by 99% to $2.9 million in the three-month period ended September 30, 2017 from $1.4 million in the three-month period ended September 30, 2016. The change was primarily attributable to the increase in net revenue.

Gross profit margin was 32.5% of net revenue in the three-month period ended September 30, 2017, compared to 29.8% of net revenue in the three-month period ended September 30, 2016. The increase in gross profit margin was primarily due to the Company adopting an improved pricing methodology and an overall more profitable product mix in the quarter which was partially off-set by certain one-time wholesale sales made at lower margins and a lower US dollar exchange rate against the Canadian dollar.

Net Loss

Net loss was $1.4 million in the three-month period ended September 30, 2017, compared to a net loss of $0.1 million in the three-month period ended September 30, 2016. The increase in net loss was driven primarily by higher SG&A expenses in the period as a result of the Company's continued retail expansion.

Adjusted Net Loss

Adjusted Net Loss was $0.9 million in the three-month period ended September 30, 2017, compared to adjusted net loss of $0.1 million in the three-month period ended September 30, 2016. This increase was the result of the factors discussed above, primarily higher SG&A expenses.

Adjusted EBITDA

Adjusted EBITDA was $(0.8) million in the three-month period ended September 30, 2017, compared to $0.1 million in the three-month period ended September 30, 2016. This decrease was primarily due to the factors discussed above.

Adjusted EBITDA Margin was (9.5)% of net revenue in the three-month period ended September 30, 2017, compared to 2.3% of net revenue in the three-month period ended September 30, 2016. This decrease was primarily due to the factors discussed above.

Consolidated Financial Statements and Management's Discussion and Analysis

The Company's unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ended September 30, 2017 and Management's Discussion and Analysis ("MD&A") thereon are available on the Company's web site at http://investors.lxrco.com/quarterly-financials and under the Company's profile on SEDAR at www.sedar.com.

Conference Call

A conference call to discuss the Company's third quarter results is scheduled for tomorrow, Friday, November 10, 2017 at 8:30 a.m. (ET).  Participants can access the conference call by telephone by dialing 647-427-7450 or 1-888-231-8191, or via the Internet at http://investors.lxrco.com/events-and-webcasts.

The conference call will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1-855-859-2056 or 416-849-0833 and enter the pass code 2594909 followed by the pound key.  The telephone replay will be available until Friday, November 17, 2017 at midnight. To access the archived conference call via the Internet, go to http://investors.lxrco.com/events-and-webcasts.

About LXRandCo

LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.

Caution Regarding Forward-Looking Statements

Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements concerning future objectives and strategies to achieve those objectives, including, without limitation, store openings, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts.  Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company's ability to meet its future objectives and strategies, the Company's ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company's e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company's ability to source products, the Company's competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company's products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

Selected Consolidated Financial Information

The following table summarizes LXRandCo's recent results for the periods indicated:



For the Three-Months Ended

September 30,


For the Nine-Months Ended

September 30,

Consolidated statements of loss and comprehensive loss:


2017


2016


2017


2016










Net revenue


$8,793,081


$4,823,124


$22,113,766


$12,804,951


Cost of sales


5,933,099


3,386,181


15,411,125


8,841,214

Gross profit


2,859,982


1,436,943


6,702,641


3,963,737


Selling, general and administrative expenses                 


3,956,358


1,324,725


8,912,153


4,052,629


Amortization and depreciation expenses


74,255


38,910


230,642


168,594

Results from operating activities


(1,170,631)


73,308


(2,440,154)


(257,486)


Finance costs


73,288


188,221


740,081


589,362


Debt extinguishment costs


—


—


612,939


—


Foreign exchange loss


96,908


53,880


93,633


33


Convertible redeemable preferred share dividends


—


—


61,308


—


Non-recurring gain on loss of control of a subsidiary            


—


—


—


(363,948)


Non-recurring gain from a step business combination             


—


—


(2,070,422)


—


Excess of fair value over net assets acquired


—


—


14,765,080


—


Non-recurring acquisition costs


40,000


—


814,785


—


Gain on expiration of warrants


—


—


(3,195,459)


—

Loss before income taxes


(1,380,827)


(168,793)


(14,262,099)


(482,932)

Income tax expense (recovery)










Current


(97,050)


(37,937)


(8,472)


(210,119)


Deferred


20,263


(22,482)


(177,224)


163,754



(76,787)


(60,419)


(185,696)


(46,365)

Net loss for the period


(1,304,040)


(108,374)


(14,076,404)


(436,567)

Other comprehensive loss









Cumulative translation adjustment


12,748


7,901


45,011


77,023

Comprehensive loss for the period


(1,316,788)


(116,275)


(14,121,414)


(513,590)

The following table provides a reconciliation of net loss to EBITDA and Adjusted EBITDA for the periods indicated:



For the Three-Months Ended

September 30,


For the Nine-Months Ended

September 30,

Reconciliation of net loss to EBITDA and Adjusted EBITDA:


2017


2016


2017


2016










Net loss


$(1,304,040)


$(108,374)


$(14,076,403)


$(436,567)

Amortization and depreciation expense


74,255


38,910


230,642


168,594

Finance Costs


73,288


188,221


740,081


589,362

Income tax expense


(76,787)


(60,419)


(185,696)


(46,365)

EBITDA


(1,233,284)


58,338


(13,291,377)


275,024

Adjustments to EBITDA:










Debt extinguishment costs


—


—


612,939


—


Foreign exchange loss


96,908


53,880


93,633


33


Convertible redeemable preferred share dividends


—


—


61,308


—


Non-recurring gain on loss of control of a subsidiary


—


—


—


(363,948)


Non-recurring gain from a step business combination


—


—


(2,070,422)


—


Excess of fair value over net assets acquired


—


—


14,765,080


—


Non-recurring acquistion costs


40,000


—


814,785


—


Gain on expiration of warrants


—


—


(3,195,459)


—


Stock-based compensation expense                            


263,731


—


500,356


—

Adjusted EBITDA


(832,644)


112,218


(1,709,156)


(88,892)

Adjusted EBITDA Margin


(9%)


2%


(8%)


(1%)

The following table provides a reconciliation of net loss to Adjusted Net Loss for the periods indicated:



For the Three-Months Ended

September 30,


For the Nine-Months Ended

September 30,

Reconciliation of net loss to Adjusted Net income (loss):


2017


2016


2017


2016










Net loss


$(1,304,040)


$(108,374)


$(14,076,403)


$(436,567)

Adjustments to net loss:










Debt extinguishment costs


—


—


612,939


—


Foreign exchange loss (gain)


96,908


53,880


93,633


33


Convertible redeemable preferred share dividends      


—


—


61,308


—


Non-recurring gain on loss of control of a subsidiary


—


—


—


(363,948)


Non-recurring gain from a step business combination


—


—


(2,070,422)


—


Excess of fair value over net assets acquired


—


—


14,765,080


—


Non-recurring acquisition costs


40,000


—


814,785


—


Gain on expiration of warrants


—


—


(3,195,459)


—


Stock-based compensation expense


263,731


—


500,356


—


Adjusted net loss                                                   


(903,400)


(54,494)


(2,494,182)


(800,483)










The following table provides selected retail network data for the periods indicated:



For the Three-Months Ended

September 30,


For the Nine-Months Ended

September 30,

Selected retail network data:


2017


2016


2017


2016










Number of stores, beginning of period


61


22


46


15


Store openings                   


25


8


43


15


Store closures                    


0


1


3


1

Number of stores, end of period


86


29


86


29

SOURCE LXRandCo, Inc.

For further information: Jeremy Stepak, LXRandCo. Inc., Interim Chief Financial Officer, +1 (416) 301-1333; Lawrence Chamberlain, LodeRock Advisors, +1 (416) 519-4196, [email protected]

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LXRandCo, Inc.

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