There's a lot to digest in this announcement, but key points to...

There's a lot to digest in this announcement, but key points to me are:
-the bank is nervous and has put the business on a tighter rein. The suggestion that the banking changes were initiated by the company is nonsense;
-closing inventory of ~$163m at cost is very close to the value of sales at retail for the period ($167m). There is a major risk that the wrong styles/sizes are held in the wrong quantities in the wrong locations;
-the company has made a series of acquisitions which don't appear to have been bedded down properly. Covid might have impeded that, but building good systems and processes takes time and money;
-the growth in the partner business has to be a lower margin than dealing directly with customers;
-the most significant data is the improvement in store sales against LY and the decline in online sales. Did online sales peak during Covid and have customers returned to the experience and convenience of retail shopping? With Amazon laying off 10,000 people, there is some evidence that the peak was reached and there is now some levelling off. Has this company invested too much in a sector which might not deliver the growth they had hoped for?
The $6 price was always optimistic and maybe today's price will be a major buying opportunity, but I would prefer to see some real business improvement before investing.