Sequential Brands’ income continues to slip in Q1
today May 10, 2018
NYC-based Sequential Brands Group, Inc. has reported revenues of $38.1 million and a net loss of $2.3 million in the first quarter ended March 31, 2018.
As of January 1, 2018, Sequential began using a new revenue recognition standard, ASC 606, but also provided income and earnings information in accordance with the prior year’s standard (ASC 605) for the purposes of comparison.
Under the previous revenue recognition standard, revenue for Q1 2018 would have been $39.4 million, flat compared to the prior year period. Net loss, however, would have been reported as $1.3 million, slipping further from $1.2 million in the first quarter of 2017.
“We are encouraged by our solid start to 2018 and the momentum underway across our portfolio of strong, diversified brands,” said Sequential CEO Karen Murray in a release. “We remain focused on executing against our strategic plan to grow revenue, manage costs and improve our balance sheet.”
After appointing new CFO Peter Lops in February, the group recently signed a multi-year deal with Chinese sportswear manufacturer Beiying Sports Technology Co. to take its sportswear brand Avia to China, with a cross-channel launch planned for later this year.
Other brands in Sequential’s portfolio include William Rast, Martha Stewart, Gaiam and Caribbean Joe.
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