Xcel Brands, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 20, 2023 at 05:24 pm
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Xcel Brands, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.256 million compared to USD 2.34 million a year ago. Revenue was USD 2.64 million compared to USD 4.5 million a year ago. Net loss was USD 5.14 million compared to USD 4.04 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to USD 0.21 a year ago. Diluted loss per share from continuing operations was USD 0.26 compared to USD 0.21 a year ago.
For the nine months, sales was USD 8.44 million compared to USD 8.41 million a year ago. Revenue was USD 15.47 million compared to USD 21.72 million a year ago. Net loss was USD 14.26 million compared to net income of USD 1.96 million a year ago. Basic loss per share from continuing operations was USD 0.72 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.72 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago.
Xcel Brands, Inc. is a media and consumer products company. The Company is engaged in the designing, production, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. It owns the Judith Ripka, Halston, LOGO by Lori Goldstein, and C. Wonder brands and a minority stake in the Isaac Mizrahi brand. It also owns and manages the Longaberger brand. The Company is engaged in pioneering a modern consumer products sales strategy, which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels. Judith Ripka is a luxury jewelry brand and is available in fine jewelry stores, luxury retailers and via e-commerce. Lori Goldstein brands, including LOGO by Lori Goldstein, and the brand is available through the QVC channel.