Sequential Brands reports Q4 loss, new Martha Stewart Crafts partnership
Sequential Brands Group Inc., promoter and owner of consumer brands like Ellen Tracy, Jessica Simpson and William Rast, announced on Thursday a net loss of $980,000 in its fourth quarter. For the quarter ended December 31, 2016, the company posted revenue of $45.4 million, up 44 percent.
Meanwhile, for the full year, the company reported a net loss of $821,000, or 1 cent per share.
Total revenue for the year increased 76 percent to $155.5 million, compared to $88.3 million in the prior year.
"2016 was a productive year for Sequential led by positive organic growth, the completion of the integration of the Martha Stewart and Chef Emeril Lagasse brands and acquisition of the GAIAM yoga and wellness business," says Sequential Brands Group CEO Yehuda Shmidman, in a news statement. "Looking ahead, despite a challenging macro retail environment, we will remain focused on growing our core business and maximizing operating efficiencies, inclusive of new revenue initiatives already underway."
Additionally, Sequential Brands announced Thursday a new, multi-year partnership for the Martha Stewart Crafts brand with The Michaels Companies, Inc. Under the new agreement, Martha Stewart Crafts will be conceived and designed by Martha Stewart and exclusively manufactured and distributed through Michaels’ premier wholesaler Darice. The company also recently renewed its Martha Stewart brand's multi-year agreement with Macy's, the exclusive U.S. retailer for the Martha Stewart Collection.
For the year ending December 31, 2017, the Company is expecting $170 million to $175 million in revenue, GAAP net income of $19.3 million to $21.9 million and $98 million to $102 million of Adjusted EBITDA.
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