BBX Capital, Inc. reported a net loss attributable to common shareholders of $63.9 million for the year ended December 31, 2024, compared to a net loss of $20.8 million in 2023. Total consolidated revenues decreased by 23.4% to $307.3 million in 2024. The company attributed these declines to several factors, including economic uncertainty, decreased consumer spending, inflationary pressures, elevated interest rates, new tariffs, and supply chain disruptions. These challenges significantly impacted the profitability of all its subsidiaries.
Significant changes compared to the previous fiscal year included a $33.1 million decrease in Altman's operating income before taxes, a $10.4 million increase in BBX Sweet Holdings' operating loss before taxes, and a $9.2 million decrease in Renin's operating loss before taxes. The company also rebranded its real estate division under the Altman name in September 2024, encompassing several subsidiaries and creating a new investment arm, Altman Opportunity Investments. The company's cash and cash equivalents totaled $87.7 million as of December 31, 2024.
Strategic developments included a review of the operations and strategies of all subsidiaries in response to challenging economic conditions. The company is considering various strategic alternatives to mitigate losses and maximize liquidity, including cost-saving measures, potential sales of subsidiaries and investments, and the possible deregistration of its securities. As of December 31, 2024, BBX Capital and its subsidiaries employed approximately 1,298 employees, with 837 at IT’SUGAR. The company noted that IT’SUGAR had leases to open seven new retail locations in the first quarter of 2025, but no further openings were scheduled beyond March 2025.
Operational developments included a decrease in IT’SUGAR’s comparable store sales by approximately 10.4% compared to 2023, and a 17% decline compared to 2022. Renin experienced a 10% decrease in sales compared to 2023, primarily in its retail channel. Altman's real estate development activities were impacted by increased construction costs, reduced investor interest, and slowing rental growth. The company also highlighted the impact of tariffs on its various business segments, particularly IT’SUGAR and Renin.
Looking ahead, BBX Capital anticipates making a decision regarding the possible deregistration of its common stock during the second quarter of 2025. The company acknowledges that the implementation of its strategic alternatives could result in material impairment losses and writedowns. The company also stated that it does not anticipate paying any cash dividends in the foreseeable future.
About BBX Capital, Inc.
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