Business
Xcel Brands, Inc. Announces Second Quarter 2021 Results
Second quarter net product sales of $4.5 million, increased over 700% from the second quarter of 2020, and up 30% from the first quarter of 2021Second quarter
About this update from Xcel Brands, Inc
[{"type":"text","content":"Second quarter net product sales of $4.5 million, increased over 700% from the second quarter of 2020, and up 30% from the first quarter of 2021Second quarter licensing revenue of $6.3 million, up 38% year-over-year and up 45% on a sequential quarter basis, driven by acquisition of LOGO Lori Goldstein brandSecond quarter net loss of $1.6 million, or $(0.08) per share, on a GAAP basis; net loss of $0.1 million, or $(0.01) per share, on a non-GAAP basis Adjusted EBITDA of $0.9 million for the second quarter NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company, today announced its financial results for the second quarter ended June 30, 2021. Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “We believe we are extremely well positioned for the future of retail as our business emerges from the impacts of the COVID-19 crisis. Our growth strategies are focused on leveraging our core interactive television capabilities, rapidly expanding our leading live steaming platform, and driving growth across our brands. I am excited by the progress we made during the second quarter, both with our core brands, as well as our newly acquired brands including Longaberger and LOGO/Lori Goldstein. With the addition of LOGO/Lori Goldstein, we have gained significant market share and have become the leading apparel company within interactive television. In addition, the strong growth we are experiencing within our wholesale, direct-to-consumer, and our Longaberger live streaming business is encouraging. I believe we are turning a corner, as we continue to focus on creating long-term and sustainable value for our shareholders.” Second Quarter 2021 Financial Results Total revenue was $10.8 million, an increase of $5.7 million compared with the prior year quarter, driven by higher net sales and higher licensing revenues of $4.0 million and $1.7 million, respectively. The increase in net product sales was primarily driven by higher wholesale apparel sales, as retail sales were severely negatively impacted in the second quarter of 2020 during the initial outbreak of the COVID-19 pandemic, while growth in other product sales, including jewelry and Longaberger branded products, also contributed to the increase in net product sales for the quarter. L...