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Sequential Brands FY19 revenue declines to $101 mn

16
Mar '20
Pic: Sequential Brands Group
Pic: Sequential Brands Group
Sequential Brands Group, a US-based marketer of consumer brands in the active and fashion categories, has reported its revenue fell to $101.6 million in fiscal 2019 ended on December 31, 2019 from $127.3 million in prior year. Fourth quarter (Q4) FY19 sales declined to $24.2 million compared to $35.2 million in same period prior year. 
 
A transformation is underway at Sequential Brands Group. We successfully simplified our business with the divestiture of our home division, significantly reduced our overhead to drive meaningful margin improvement, and amended our lending agreements to improve our liquidity and cash flow,” Sequential's CEO David Conn, said in a press release.
 
Operating expenses in FY19 were $61.6 million (FY18: 60.22 million) and in Q4 were $20 million (Q4 FY18: 18.2 million). Income from operations in full FY19 slipped to $6.7 million compared to $42.0 million in FY18. Income from operations declined from $17.0 million in Q4 FY18 to $4.2 million in reported quarter.
 
Income from continuing operations before income taxes reported loss in both, the full FY19 and Q4, of $49.0 million and $9.5 million respectively.
 
As we look ahead, we are focused on completing the previously announced strategic review process and best positioning our portfolio of brands for long-term growth,” Conn said.

Fibre2Fashion News Desk (JL)


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