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S&P raises Cole Haan
S&P said it raised its ratings for Calceus Acquisition Inc. (Cole Haan) and its senior secured term loan to B from B-. The recovery rating remains unchanged at 4, indicating meaningful recovery (rounded estimate 45%).
“Cole Haan's sales and EBITDA continue to improve through the first half of fiscal 2023, driven by the increase in consumer mobility including returning to the office, business travel and social activities. The company has successfully introduced new products across dress, sport, and casual styles to diversify its product portfolio and to cater to consumer trends. Revenue is recovering from precipitous drops during the pandemic and was up 40% year over year for the last twelve months ended Nov. 26, 2022,” S&P said in a statement.
Though the company posted negative free operating cash flow in first half of fiscal 2023, the agency said it forecasts working capital to improve as the company slims down its inventory level for the rest of the year, and estimates FOCF turning positive by the end of fiscal 2023.
The outlook is stable.
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