Xcel Brands FY increases 18%, Ariel Foxman joins as consultant
Xcel Brands on Wednesday posted sluggish fourth quarter results that closed another fiscal year of double-digit revenue growth. Full year revenue increased 18% to $32.8 million, and GAAP net income increased slightly to $2.7 million. On a non-GAAP basis, net income fell 21% to $4.9 million.
Fourth quarter revenue fell 7% to $6.9 million due to headwinds that QVC experienced. GAAP net income increased to $2.8 million and non-GAAP net income fell to $0.3 million from $2.1 million in the previous fourth quarter.
Xcel Chairman and CEO Robert W. D'Loren said that fiscal 2016 was a transformative year for the company. In the year, Xcel launched the IMNYC Isaac Mizrahi, H Halston and Highline Collective brands at Lord & Taylor and Hudson’s Bay stores, and increased investments for its quick-time-response short lead time production.
According to D’Loren, the company is beginning to see the return on investment from the short lead time platform.
In addition, Xcel announced on Wednesday that Ariel Foxman will consult the company for digital and media strategy. Foxman was previously the Editorial Director for InStyle Magazine, InStyle.com and People StyleWatch.
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