Sequential Brands Q3 revenue falls, updates full year guidance
Sequential Brands reported weaker than expected third quarter results on Thursday with a revenue miss. The parent company of brands like William Rast, Martha Stewart and Jessica Simpson, reported total revenue of $39.0 million, for the quarter ended September 30, 2017, down from $42.0 million in the prior year quarter.
Net loss totaled $24.2 million, or 38 cents per share, compared with net income of $1.3 million, or 2 cents per share, for the same period last year.
"While third quarter results were softer than expected, we experienced growth with several of our core brands and executed on key new initiatives in the quarter, including the successful launch of our new Martha Stewart partnership with QVC," said Karen Murray, CEO of Sequential Brands Group, in a news statement. "We're excited about our prospects for 2018, and remain focused on driving long-term organic growth across our portfolio, maintaining disciplined cost controls, and improving our capital structure."
Thanks to a strong first and second quarter, total revenue for the nine month period is still up 10 percent to $120.6 million, compared to $110.1 million in the prior year period.
Still for the year ending December 31, 2017, the Company has updated its full year guidance and is now expecting revenue of $165 million to $169 million, instead of $170 million to $175 million. The company expects adjusted EBITDA of $95 million to $98 million.
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