Business
DBGI Announces an Increase of 46.5% for Preliminary Revenue Results for First Quarter Fiscal 2023
AUSTIN, Texas, May 4, 2023 /PRNewswire/ -- Digital Brands Group, Inc. ("DBGI") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands,
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, May 4, 2023 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBGI\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announced that it expects first quarter fiscal 2023 revenues to be approximately $5.0 million, an increase of 46.5%.\nHil Davis, Chief Executive Officer of Digital Brands Group, stated that \"Our 2023 first quarter reflected the strategic decision to lower advertising spend as we onboarded a performance marketing agency, which resulted in two months of significantly lower e-commerce revenues. However, since the performance marketing began, we have seen our monthly e-commerce revenue double from January levels. The increase in our e-commerce revenues associated with the new performance marketing agency will be even more fully reflected in our second quarter revenues, but we are pleased that we are already seeing a meaningful change in our e-commerce results since the agency began.\" \nDavis continued, \"Our first quarter results will also include the results of our Sundry acquisition. As we stated on our State of the Union and fourth quarter earnings call, we will see significant leverage on our fixed operating costs, as well as a clear path to free cash flow and profitability in the third quarter.\"\nForward-looking Statements\nCertain statements included in this release are \"forward-looking statements\" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as \"will,\" \"anticipate,\" \"estimate,\" \"expect,\" \"should,\" and \"may\" and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG's plans, objectives, projections and expectations relating to DBG's operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or ...