BWX isn’t one we follow closely.
However for whatever mystery there is about BWX, and how it’s wound up in its present situation, the idea that strong sales growth had largely topped out by 2018 seems to be a part of it. That 2018 print is just under 90…
…despite the debt boost.
Whatever the business model, it didn’t appear to scale especially well.
…and, like nearly every other consumer discretionary retailer, saddled itself with far too much inventory over the pandemic.
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