• Q3 net loss widens to US$1.2m from $500,000
  • Revenue jumped 352% to $6.1 versus $1.3m 
  • Company remains confident in its outlook

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. 

The owner of labels including William Rast, Heelys, and People's Liberation has just added to its portfolio with the acquisition of The Franklin Mint brand, which sells coins and other memorabilia.

"It was a busy quarter for Sequential. We raised over $44m in capital through a private placement, completed the acquisition of the Revo brand and up-listed to NASDAQ," said the company's CEO Yehuda Shmidman. 

Year-to-date net loss widened to $21.9m from $1.8m in the same period of last year, while sales surged 250% to $12m from $3.4m in the prior year period.

"Looking ahead, we believe we are well positioned to both achieve our organic growth targets and to continue to expand our portfolio with the acquisition of new brands, as we aim to be a leading global brand management firm," Shmidman added.