RE:RET - not generating as much cash flow as thought? Yeah I have been saying that for a while.
Using your numbers look at depreciation $47.6 vs capital expenditures $15.2
Hard to know what proper CapEx number should be but you could drive a truck through the difference.
Calculating a meaningful FCF is almost impossible due to one time costs and benefits in 2021.
I believe investors need a model of the business and how working capital changes based on that. Ie given most ecommerce is fulfilled from the warehouse and there are less stores there should be less working capital required per dollar of gross profit. CapEx also decreases per dollar of gross profit as there are less stores to maintain and refresh while some revenue from closed stores is recaptured at open stores. Less stores also means less labour and distribution costs.