Business
Xcel Brands, Inc. Announces Fourth Quarter And Fiscal Year 2021 Results Expects Growth Across Its Businesses In 2022 Driven By Livestream Shopping
2021 total revenues of $37.9 million, up 29% from prior yearFourth quarter total revenues of $8.1 million, up 8% from the fourth quarter of 2020Fourth quarter
About this update from Xcel Brands, Inc
[{"type":"text","content":"2021 total revenues of $37.9 million, up 29% from prior yearFourth quarter total revenues of $8.1 million, up 8% from the fourth quarter of 2020Fourth quarter net loss of $6.9 million, or ($0.35) per share, on a GAAP basis; net loss of $4.6 million, or ($0.22) per share, on a non-GAAP basis; 2021 net loss of $12.2 million, or ($0.63) per share, on a GAAP basis; net loss of $6.2 million, or ($0.32) per share, on a non-GAAP basisFocus on Livestream Shopping as significant driver of financial growth and new strategic partnerships for the Company, assisted by recent investments in technology and infrastructureManagement expects continued growth across all business segments and a return to profitability in 2022 NEW YORK, April 14, 2022 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the fourth quarter ended December 31, 2021. Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “We are pleased with our top-line growth across our businesses and distribution channels especially our DTC businesses that are all now fully powered by our robust livestreaming platform. We expect sales in our wholesale and DTC businesses to continue to accelerate well beyond current growth rates and believe that these sales will return the company to profitability in 2022. The investments that we have made in technology, livestreaming, supply chain management and people are now benefitting the company greatly.” Fourth Quarter 2021 Financial Results Total revenue was $8.1 million, an increase of $0.6 million or 8% compared to the prior year quarter, primarily driven by significant growth in the Company’s wholesale and direct to consumer businesses. Net loss attributable to Xcel Brands was approximately $6.9 million, or ($0.35) per share, compared with a net loss of $10.4 million, or ($0.54) per share, for the prior year quarter. This improvement from prior year quarter was primarily attributable to lower asset impairment charges in the current quarter. After adjusting for certain cash and non-cash items, results on a non-GAAP basis were a net loss of approximately $4.6 million, or ($0.23) per share for the quarter ended December 31, 2021, and a net loss of approximately $0.3 million, or $(0.02) per share, for the quarter ended...