Sequential Brands Group narrows Q2 loss

Second quarter revenues at Sequential Brands Group, Inc. was 22.6 million dollars compared to 26.4 million dollars in the prior year quarter. On a GAAP basis, loss for the quarter was 2.9 million dollars or 1.78 dollars per diluted share compared to loss of 3.3 million dollars or 2.03 dollars per diluted share, while non-GAAP net loss was 1.8 million dollars or loss of 1.10 dollars per diluted share, compared to 2.6 million dollars or 1.57 dollars per diluted share, in the prior year quarter.

“Despite the ongoing challenges that the Covid-19 pandemic has presented, it has also demonstrated the durability of our business model and the demand for several of our core brands. While there is still much uncertainty in the macro-environment and the apparel and accessories industry, we believe that we’re on the right path forward to position the company for long-term growth,” said Sequential Brands Group CEO David Conn in a statement.

Total revenue for the six months was 42.8 million dollars compared to 51.9 million dollars in the prior year period. On a GAAP basis, net loss was 88.2 million dollars or 53.80 dollars per diluted share compared to 8.1 million or 5 dollars per diluted share. The company added that non-GAAP net loss was 12.2 million dollars or 7.40 dollars per diluted share compared to 6.9 million dollars or 4.21 dollars per diluted share, in the prior year period. Adjusted EBITDA for the period under review was 24.9 million dollars compared to 24.6 million dollars in the prior year period.

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