US: Sequential moves to Q4 net profit
- Q4 earnings reach US$4m
- Net sales climb to $10.6m
- William Rast to debut in European stores
Brand management company Sequential Brands Group has moved to a profit in its fourth-quarter and announced plans for a major European expansion of its William Rast brand.
In the three months to the end of December, earnings reached US$4m from a net loss of $7.3m a year earlier. Sales amounted to $10.6m versus $1.8m in the prior year quarter
CEO Yehuda Shmidman said 2013 was a "transformational year" for Sequential Brands with its portfolio growing from three brands and a small grouping of licensees to eight brands with over 50 licensees.
The company has projected full-year revenue of $28-30m for the existing portfolio of brands, and expects margin expansion to continue as it acquires additional brands.
Separately, Sequential said that from March, key European retailers including Germany's Appelrath-Cupper, Switzerland's Manor, and London's USC will debut the new William Rast Spring 2014 collection with further stores to launch in the Fall.
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