Xcel Brands achieves double-digit growth in Q1
Xcel Brands, Inc. announced on Monday its first quarter 2016 results for the period ended on March 31, 2016.
Total revenue for the quarter increased 27% to $8.4 million from $6.6 million in the prior year’s first quarter. Net loss was less than ($0.1) million compared to ($0.3) million in the previous first quarter, and non-GAAP net income was $1.2 million, or $0.07 per diluted share, versus $1.7 million, or $0.11 per diluted share in first quarter 2015.
Adjusted EBITDA decreased $0.2 million to $2.0 million from $2.2 million, and the company’s balance sheet remained strong with stockholders’ equity of $101 million, cash and cash equivalents of $12.6 million and adjusted working capital of $16.5 million.
“We are pleased to announce a strong start to 2016 in which we achieved double-digit top-line growth propelled by our brands and differentiated business model,” said Robert W. D'Loren, Xcel's Chairman and Chief Executive Officer. “These positive results reflect the continued execution of our strategic plan. Looking ahead, we remain confident in our ability to drive increased long-term shareholder value as we continue to invest in and leverage our operating platform.”
Also in the first quarter, Xcel Brands launched C. Wonder exclusively on QVC. The company acquired C. Wonder in 2015 for $12.5 million and named celebrity stylist Brad Goreski as Creative Director. Christopher Burch, who founded C. Wonder in 2011, parted ways with the brand after the acquisition.
The brand development and media company also owns and manages Isaac Mizrahi, Judith Ripka, and H Halston.
Copyright © 2022 FashionNetwork.com All rights reserved.