Declining Revenue TrendA 21.18% year decline in revenue indicates weakening demand or market-share loss. Sustained top-line contraction erodes scale, increases per-unit costs and pressures store economics, making operational turnarounds and margin recovery difficult without structural fixes to assortment or distribution.
Persistent Negative Profitability And MarginsOngoing negative net, EBIT and EBITDA margins signal persistent unprofitability. Continued losses deplete equity, limit reinvestment ability and heighten reliance on external financing; without clear margin improvement, cash gains may not translate into sustained recovery.
High Leverage And Weak Balance SheetA debt-to-equity ratio of 2.28 and low equity ratio show heavy reliance on debt. High interest burden and potential covenant constraints reduce strategic flexibility, limit funding for digital or store investment, and raise solvency risk if profitability and cash flow do not improve.