Sequential Brands revenue climbs in Q2
Sequential Brands revenue continued to climb in the second quarter of 2017 with revenue up 23 percent. Following a strong first quarter, the company reported on Thursday $42.1 million in total revenue for the second quarter ended June 30, 2017, compared to $34.2 million in the same period last year.
The parent company of brands like William Rast and Jessica Simpson attributed the strong results to the growth of some core brands.
"Second quarter results were strong reflecting growth across key brands, and our continued focus on cost management," said Karen Murray, CEO of Sequential Brands Group, in a news statement. "As we head into the second half of the year, we're encouraged by the continued strength of our core brands and the exciting, new growth initiatives planned for the remainder of the year."
The company, which also announced on Thursday a multi-year strategic partnership to license the Martha Stewart brand with the USA Today Network, reported net income of $2.5 million, or 4 cents per diluted share, compared to a net loss for the second quarter in 2016. Included in the second quarter 2017 was a charge of $1.9 million related to the company’s realized loss on the sale of available-for-sale securities.
Sequential Brands equally announced that Gary Klein is stepping down as CFO at the end of August. President Andrew Cooper will take on the position of Interim Chief Financial Officer along with his current duties.
For the year ending December 31, 2017, the company anticipates to end the year with $170 million to $175 million in revenue and is currently well on target.
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