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Differential Brands' net sales rise 19% in Q1 2017
17
May '17
Differential Brands' net sales has increased 19 per cent for the first quarter of 2017 to a total of 40.1 million in comparison to the same period of the corresponding year. The growth in the net sales of the marketer of premium apparel brands reflects 22 per cent rise in the wholesale segment sales and 9 per cent increase in consumer direct segment sales.

The company's gross profit for Q1 2017 was $18.6 million, compared to $16.3 million in the first quarter of fiscal 2016. Rise in gross profit was primarily driven by the increase in sales. Operating expense for the three months ended March 31, 2017 was $18.9 million compared to $18.1 million in the same period of the prior year. However, total company gross margin was 46.4 per cent compared to 48.5 per cent in the first quarter of 2016.

"We were pleased with the progress we made during the quarter, especially in our e-commerce business, where we drove a sales increase of 46 per cent. This was due to strategic investments in digital marketing platforms to improve customer acquisition as well as the March launch of our new Hudson Jeans website. We will build on our efforts to capitalise on the consumer shift to the online channel through increased investments designed to expand consumer reach within our consumer direct segment," said Michael Buckley, chief executive officer.

"In addition, we saw 22 per cent sales growth in our wholesale segment, driven primarily by the inclusion of a non-comparable month of Hudson Jeans and a full quarter of SWIMS sales compared to last year’s first quarter. We also continue to see positive trends in certain areas of the wholesale segment, including strong performance of Hudson Jeans in the specialty retail channel, with sales up 19 per cent over last year’s quarter, and recovery at certain of our major department store accounts. While this is encouraging, we remain cautiously optimistic about the wholesale segment as we continue to navigate a difficult macro selling environment. At Robert Graham, we continue to see strong sell through as the assortment has shifted to more fashion basics. On the infrastructure front, we are planning the process of consolidating our warehouses and various operating platforms, and migrating one of our brands on to our consolidated ERP. We believe all of these initiatives will improve our time to market and enhance our cost efficiencies, which should drive gross margins and result in material expense structure savings. We expect that we will complete these initiatives over the next four to six quarters," Buckley added. (RR)

Fibre2Fashion News Desk – India


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