US: Sequential Brands takes shape with Q2 profit
- Q2 net profit US$0.7m, versus $0.9m loss
- Revenue $4.3m, up from $1m
- Results “more reflective” of new business model
Sequential Brands Group posted a US$0.7m profit in the second quarter, with new brand acquisitions boosting revenues for the US business.
The owner of brands including William Rast and People’s Liberation said underlying net income was $0.8m, compared to $0.1m a year ago.
“Our financial results for the second quarter were in line with management’s expectations and are more reflective than prior quarters of the new business model we began last year,” said CFO Gary Klein.
“In addition, with the completion of our recent $44m private placement of our common stock, we have over $57m of cash on our balance sheet to help fuel our growth strategy.”
Sequential, which has also acquired Ellen Tracy, Heelys and Caribbean Joe and which operates under a licensing model, projects revenue of $23-25m over the next four quarters, with 2013 revenues weighted to the fourth quarter.
Brand management company Sequential Brands Group has unveiled expansion plans for its women's fashion brand Ellen Tracy, including distribution into South Korea....
Brand management company Sequential Brands Group has seen its third-quarter loss widen, despite reporting record sales during the period thanks to new brand acquisitions....
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