Business
Xcel Brands, Inc. Announces Third Quarter 2021 Results
Third quarter total net revenue of $11.3 million, up 52% from Q3, 2020 Third quarter net wholesale and direct-to-consumer sales up over 100% from Q3,
About this update from Xcel Brands, Inc
[{"type":"text","content":"Third quarter total net revenue of $11.3 million, up 52% from Q3, 2020 Third quarter net wholesale and direct-to-consumer sales up over 100% from Q3, 2020Third quarter licensing revenue up 31% from Q3, 2020 NEW YORK, Nov. 15, 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 third quarter ended September 30, 2021. Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, “We are pleased with our third quarter top-line growth across our businesses and distribution channels. Our teams continue to work hard to navigate challenges associated with the pandemic and global supply chain. Xcel’s strong brands, innovative distribution channels, and robust balance sheet create a solid foundation for growth as we emerge from the COVID-19 pandemic. I believe we are back on track and positioned for continued revenue growth and improving profitability in the quarters and years ahead.” Third Quarter 2021 Financial Results Total revenue was $11.3 million, an increase of $3.9 million or +52% as compared with the prior year quarter, driven by higher net wholesale and direct-to-consumer sales and higher licensing revenues of approximately $2.3 million and $1.6 million, respectively. The increase in net wholesale and direct-to-consumer sales include growth in virtually all or our wholesale and direct-to-consumer businesses, including 150% growth in direct-to-consumer sales across our Longaberger and Judith Ripka brands, 56% growth in our wholesale apparel business, and over 400% growth in our wholesale jewelry business. Our licensing revenues were driven by organic growth in royalty revenues across all of our brands as well as our acquisition of the Lori Goldstein brand earlier this year. Net loss attributable to Xcel Brands shareholders was approximately $1.1 million, or $(0.06) per diluted share, mainly driven by higher operating expenses, including labor, marketing, and logistics costs, compared with a net loss of $0.4 million, or ($0.02) per diluted share, for the prior year quarter. The prior year quarter operating expenses reflect the impact of cost reduction actions taken by management in response to the COVID-19 pandemic, including temporary reductions of employee compensation and cutting non-essential cost...