Financial Data and Key Metrics Changes - For the first four months of FY 2026, the group reported total turnover growth of 4.3% with like-for-like sales up 3.8% [22] - South African company-owned Pick n Pay supermarkets achieved a like-for-like sales improvement reaching 4% [22] - Clothing total turnover growth in standalone stores exceeded 17.3%, while Boxer reported total turnover growth of 12.1% [22] Business Line Data and Key Metrics Changes - The company is focused on five strategic priorities: leadership and people, accelerating like-for-like sales growth, strengthening strategic partnerships, executing the store estate reset plan, and implementing a future-fit operational structure [23] - Early results are being achieved in the store estate reset and future-fit structure initiatives, although more work is needed [23][24] Market Data and Key Metrics Changes - The retail market remains extremely competitive with continued financial pressure on consumers and muted food price inflation [22][23] - The company acknowledges the unknown effects of tariffs impacting the market in the immediate future [22] Company Strategy and Development Direction - The company is committed to reaching trading profit after leases breakeven by FY 2028, while expecting short-term pressures at the trading profit level in FY 2026 [24] - The strategic plan remains focused on execution and is currently in the implementation phase [23] Management's Comments on Operating Environment and Future Outlook - Management recognizes the challenges posed by external factors but emphasizes a focus on controllable elements and delivering against the strategic plan [24] - The incoming chair expresses confidence in the company's future under the leadership of the new board and management team [12][25] Other Important Information - The company has made significant progress in employee well-being, diversity, and leadership development, with over 30,000 people trained [31] - The company provided over R84 million in direct food relief to communities in need through its Feed the Nation initiative [33] Q&A Session All Questions and Answers Question: What is the long-term plan to enhance board independence and reduce perceived control by the founding family? - The incoming chair states that there has not been a situation of family dominance on the board and emphasizes the presence of strong independent directors [62] Question: What timeline has the board set to rotate long-serving directors of key oversight committees? - The incoming chair acknowledges the need for refreshment in the audit committee and indicates that one long-serving director will not seek reelection in a year [66][68] Question: Can RemCom clarify the CEO's remuneration increase despite headline losses? - The RemCom chair explains that the CEO's remuneration was compared on a full-year basis and highlights the alignment of the long-term incentive with the company's turnaround strategy [70][72] Question: What is the board's attitude towards possibly unbundling some of Boxer? - The CFO states that Boxer is a crucial part of the business and emphasizes the importance of supporting its growth to unlock shareholder value [82][83] Question: How do the earnings of outsourced drivers compare to the lowest paid employees directly employed by Pick n Pay? - The CEO confirms that outsourced drivers earn above the minimum required rates and will provide further information on their earnings compared to directly employed staff [97][101]

Company Overview - Kidpik, founded in 2016, is an online clothing subscription box for kids, offering mix-&-match outfits curated based on member's style preferences[9, 10] - The company utilizes proprietary data science and technology to translate kids' unique style preferences into fashion boxes[11] - Kidpik's mission is to build kids' confidence through fashion, with a vision to change the way parents shop for their kids[43, 46] Market and Industry Position - The estimated 2021 worldwide children's apparel revenue was $238 billion, with the U S market accounting for $49 5 billion[52] - The company believes it is in a prime position to take advantage of the subscription industry growth[56] Financial Performance - Net revenue increased from $16 936 million in 2020 to $21 834 million in 2021[60] - Gross profit increased from $9 890 million in 2020 to $12 998 million in 2021, with gross margin increasing from 58 4% to 59 5%[62] - In the fourth quarter of 2021, net revenue was $5 272 million, and gross profit was $3 094 million with a gross margin of 58 7%[60, 62] Key Metrics - Units shipped increased from 1,727 in YTD 2020 to 2,157 in YTD 2021[57] - The percentage of items kept by members out of total shipped items was 69 0% in 2021[58] Competitive Advantages - Kidpik has proprietary technology and algorithms, a robust subscription member database, and a scalable e-commerce shopping experience[20, 64, 66] - The company has a vertically integrated in-house NYC design team and a brand with multi-channel capabilities[20, 66]

Group 1 - Business Development Companies (BDCs) are favored for their combination of capital appreciation and high income, but the current macroeconomic environment has diminished their attractiveness [1] - Many BDCs are experiencing a decline in performance due to the prevailing economic conditions [1] - A hybrid investment strategy that includes classic dividend growth stocks, BDCs, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Core Viewpoint - Prospect Capital Corporation (NASDAQ: PSEC) has reduced its monthly dividend from $0.06 per share, marking the first dividend cut since 2017, primarily due to declining PIK-related interest [1] Group 1: Dividend Changes - The company maintained a stable dividend of $0.06 per share per month since 2007 before the recent cut [1] Group 2: Impact on Investors - The reduction in dividend has shocked passive income investors, indicating a significant shift in the company's financial strategy [1]

Core Viewpoint - Hertz Global Holdings, Inc. is soliciting consents from holders of its existing First Lien Senior Secured Notes and Exchangeable Senior Second-Lien PIK Notes to amend certain provisions of the indentures governing these notes [1][2]. Consent Solicitations - The consent solicitations for the Existing Notes are being conducted under the terms outlined in the Consent Solicitation Statement dated December 5, 2024 [2]. - The expiration date for the consent solicitations is set for 5:00 p.m. New York City time on December 12, 2024, unless extended or terminated by the Company [3]. Proposed Offering - The consent solicitations are conditioned upon the proposed offering of an additional $500.0 million aggregate principal amount of First Lien Senior Secured Notes due 2029 [4]. - Purchasers of the Additional First Lien Notes will be deemed to have consented to the proposed amendments to the First Lien Indenture [4]. Required Consents - To implement the proposed amendments to the First Lien Indenture, the Company must obtain consent from at least 60.0% of the outstanding principal amount of the First Lien Notes [4]. - For the Exchangeable Notes, the Company also requires at least 60.0% of the outstanding Capitalized Principal Amount for the proposed amendments [4]. Initial Consenting Holders - The Company has received non-binding indications of intent from certain holders, expected to deliver consents exceeding the required 60.0% for both the Exchangeable Notes and the First Lien Notes [5]. Consent Fees - The consent fee for the First Lien Notes is set at $11.25 per $1,000 principal amount, while the fee for the Exchangeable Notes is $17.50 per $1,000 principal amount [7].

Financial Performance - Revenue for Q3 2024 was $1.0 million, a year-over-year decrease of 69.2%[2] - Kidpik Corp. reported net revenues of $1,042,648 for the 13 weeks ended September 28, 2024, a decrease of 69% compared to $3,389,183 for the same period in 2023[17] - Total revenue decreased by 69.2% to $1,042,648 for the 13 weeks ended September 28, 2024, down from $3,389,183 in the prior year[23] - Total revenue for the 39 weeks ended September 28, 2024, was $4,410,276, a decrease of 59.4% from $10,867,580 in the same period last year[25] - Subscription box revenue for the 13 weeks ended September 28, 2024, was $757,697, a decline from $2,427,615 in the same period last year[17] - Subscription box revenue fell by 68.8% to $757,697 for the 13 weeks ended September 28, 2024, compared to $2,427,615 in the same period last year[23] - Revenue from girls' apparel decreased by 70.3% to $773,031 for the 13 weeks ended September 28, 2024, compared to $2,599,762 in the prior year[24] - The company experienced a significant decline in revenue across all product lines, with boys' apparel down 64.0% to $231,362 for the 13 weeks ended September 28, 2024[24] Profitability and Loss - Net loss was $0.9 million or $0.45 per share, an improvement from a net loss of $1.9 million or $1.20 per share in Q3 2023[2] - Operating loss for the 13 weeks ended September 28, 2024, was $(819,929), compared to $(1,903,834) for the same period in 2023[16] - Net loss for the 39 weeks ended September 28, 2024, was $(3,958,805), compared to $(5,905,688) for the same period in 2023[16] - The gross profit for the 13 weeks ended September 28, 2024, was $715,342, down from $2,071,499 in the prior year, reflecting a gross margin decline[17] Operational Metrics - Shipped items decreased to 107,000, down from 292,000 in Q3 2023[2] - Average shipment keep rate fell to 67.7%, compared to 82.6% in Q3 2023[2] - Active subscriptions for recurring boxes dropped by 63.6% to $716,781 for the 13 weeks ended September 28, 2024, from $1,971,223 in the prior year[23] - New subscriptions for the first box fell by 91.0% to 40,916 for the 13 weeks ended September 28, 2024, compared to 456,392 in the same period last year[23] Merger and Acquisition - The merger with Nina Footwear Corp. is expected to close in Q1 2025, pending customary closing conditions[5] - Marketing expenditures for subscription services have been eliminated as part of the merger preparation[3] - The merger is anticipated to enhance Kidpik's revenue, cash flow, and stockholder value[4] - A preliminary proxy statement has been filed with the SEC as part of the merger process[3] - Kidpik will not hold an earnings call for Q3 2024 results due to ongoing merger activities[5] Balance Sheet - Total current assets decreased to $4,165,074 as of September 28, 2024, from $6,027,482 as of December 30, 2023[15] - Total liabilities increased to $8,152,255 as of September 28, 2024, compared to $6,080,180 as of December 30, 2023[15] - Cash and restricted cash at the end of the period was $7,823, down from $60,305 at the end of the previous year[16] - The weighted average common shares outstanding for the 13 weeks ended September 28, 2024, was 1,951,638, an increase from 1,604,454 in the same period last year[16] Gross Margin - Gross margin improved to 68.6%, compared to 61.1% in Q3 2023[2] - Gross margin improved to 68.6% for the 13 weeks ended September 28, 2024, compared to 61.1% for the same period last year[18]

Group 1 - Monteverde & Associates PC is investigating Kidpik Corp. in relation to its proposed merger with Nina Footwear Corp. [1] - Under the merger agreement, Nina Footwear stockholders will receive shares of common stock of Kidpik, resulting in them owning 80% of Kidpik's outstanding common stock upon closing [1] Group 2 - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, highlighting its successful track record in recovering money for shareholders [1][2] - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]

Core Viewpoint - Monteverde & Associates PC is investigating Kidpik Corp. in relation to its proposed merger with Nina Footwear Corp., which involves shareholders of Kaival Brands receiving shares in the new entity [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and is headquartered in the Empire State Building, New York City [1]. - The firm specializes in class action securities litigation and has a successful track record in recovering money for shareholders [2]. Group 2: Merger Details - Under the terms of the merger agreement, shareholders of Kaival Brands will receive 1 share of Pubco for each share of Kaival Brands common stock they own [1]. - Shareholders are anticipated to own approximately 10.30% of Pubco following the merger [1].

Financial Performance - Revenue for Q2 2024 was $1.1 million, a year-over-year decrease of 67.3%[2] - For the 13 weeks ended June 29, 2024, Kidpik Corp. reported revenues of $1,128,323, a decrease of 67.3% compared to $3,448,919 for the same period in 2023[11] - Gross profit for the 13 weeks ended June 29, 2024, was $746,746, down 64.0% from $2,076,356 in the prior year[11] - The net loss for Q2 2024 was $1.3 million or $0.67 per share, an improvement from a net loss of $2.0 million or $1.31 per share in Q2 2023[2] - The net loss for the 13 weeks ended June 29, 2024, was $1,301,450, compared to a net loss of $2,029,225 for the same period in 2023, representing a 35.9% improvement[11] - Subscription boxes revenue fell to $804,837 for the 13 weeks ended June 29, 2024, a decline of 69.1% from $2,607,543 in 2023[20] - Active subscriptions revenue from recurring boxes was $783,106 for the 13 weeks ended June 29, 2024, down 64.0% from $2,177,298 in the same period last year[22] - Total subscription boxes revenue for the 26 weeks ended June 29, 2024, was $2,321,502, a decrease of 58.4% from $5,579,110 in 2023[21] - Revenue from third-party websites dropped to $32,801 for the 13 weeks ended June 29, 2024, a decline of 92.3% from $426,914 in the same period last year[20] - Online website sales revenue decreased to $290,685 for the 13 weeks ended June 29, 2024, down 29.9% from $414,462 in 2023[20] - The company experienced a significant reduction in new subscriptions, with revenue from first boxes falling to $21,731, a decline of 94.9% from $430,245 in the same period last year[22] Operational Metrics - Gross margin improved to 66.2%, compared to 60.2% in Q2 2023[2] - Gross margin improved to 66.2% for the 13 weeks ended June 29, 2024, compared to 60.2% for the same period in 2023[15] - Shipped items decreased to 135,000, down from 290,000 in Q2 2023[2] - Shipped items decreased to 135,000 for the 13 weeks ended June 29, 2024, down from 290,000 in the same period last year[19] - Average shipment keep rate slightly decreased to 74.6%, compared to 75.1% in Q2 2023[2] - Average shipment keep rate was 74.6% for the 13 weeks ended June 29, 2024, slightly down from 75.1% in the same period last year[19] Cash Flow and Assets - Total current assets decreased to $4,640,840 as of June 29, 2024, from $6,027,482 as of December 30, 2023, a decline of 22.9%[12] - Total liabilities increased to $7,865,802 as of June 29, 2024, compared to $6,080,180 as of December 30, 2023, an increase of 29.4%[12] - Cash and restricted cash at the end of the period was $38,648, down from $162,759 at the end of the previous year, a decrease of 76.3%[13] - Net cash used in operating activities for the 13 weeks ended June 29, 2024, was $1,375,856, compared to $366,333 for the same period in 2023, indicating a significant increase in cash outflow[13] Merger and Strategic Initiatives - The merger with Nina Footwear is expected to close in Q4 2024, pending customary closing conditions[4] - Marketing expenditures for subscription services have been eliminated in anticipation of the merger[3] - The merger is anticipated to enhance Kidpik's revenue, cash flow, and overall prospects[4] - Kidpik will not hold an earnings call for Q2 2024 results due to the ongoing merger process[4] - The company is focused on maximizing returns from current inventory before the merger[3] Other Financial Metrics - Kidpik Corp. incurred interest expenses of $8,617 for the 13 weeks ended June 29, 2024, compared to $24,415 for the same period in 2023, a decrease of 64.7%[11] - The company recorded a bad debt expense of $26,928 for the 13 weeks ended June 29, 2024, down from $151,362 in the same period last year, reflecting improved receivables management[13] - The company reported a total of 1,951,638 weighted average common shares outstanding as of June 29, 2024, compared to 1,872,433 shares as of December 30, 2023[12]

Financial Performance - Revenue for Q1 2024 was $2.2 million, a year-over-year decrease of 44.4%[7] - Net loss for Q1 2024 was $1.8 million, or $0.94 per share[7] - Adjusted EBITDA loss was $1.4 million[7] - For the 13 weeks ended March 30, 2024, net revenue was $2,239,305, a decrease of 44.4% compared to $4,029,478 for the same period in 2023[24] - The net loss for the 13 weeks ended March 30, 2024, was $1,769,411, compared to a net loss of $1,950,512 in the same period last year[23] - Adjusted EBITDA for the period was $(1,391,782), an improvement from $(1,647,157) in the prior year[33] Operational Metrics - Gross margin improved to 69.9%, compared to 59.8% in Q1 2023[7] - Gross profit for the same period was $1,565,764, resulting in a gross margin of 69.9%, up from 59.8% in the prior year[25] - Shipped items decreased to 195,000, down from 340,000 in Q1 2023[7] - The number of shipped items decreased to 195,000 from 340,000 year-over-year[27] - Average shipment keep rate increased to 78.2%, compared to 68.1% in Q1 2023[7] - The average shipment keep rate improved to 78.2% from 68.1% in the previous year[29] - Subscription box revenue fell to $1,516,665, a decline of 49.0% from $2,971,567 in the prior year[31] Balance Sheet - Total current assets decreased to $4,988,782 from $6,027,482 as of December 30, 2023[21] - Total liabilities increased to $7,158,788 from $6,080,180 as of December 30, 2023[21] - Cash and restricted cash at the end of the period totaled $14,972, a decrease from $269,287 at the beginning of the period[23] Merger and Acquisition - Kidpik entered into a Merger Agreement with Nina Footwear Corp. on March 29, 2024[3] - The Merger is expected to close in Q3 2024, subject to customary closing conditions[4] - The company has ceased purchasing new inventory in anticipation of the Merger[3] - The Merger is anticipated to enhance Kidpik's revenue, cash flow, and stockholder value[4]