Sequential Brands Q1 FY20 result: sales down to $20 mn

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.

 

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.#

The company reported that the Covid-19 pandemic has resulted in state-government mandated store closures and social distancing measures throughout most of the US.  These actions have caused many retailers carrying the company’s products to close in March, April and May, which has affected retailers, as well as Sequential’s licensees who sell to these retailers.

 

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.#

“While the coronavirus pandemic has significantly impacted the US economy and the apparel and accessories industry, we plan to weather the storm by remaining laser focused on managing cash in-flows, instituting further expense reductions, and negotiating short-term lender relief,” David Conn, CEO at Sequential Brands Group, said in a press release.

 

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.#

Operating expenses for the quarter were $17.7 million (Q1 FY19: $15.5 million). Net loss attributable to Sequential Brands Group and subsidiaries were $86.6 million ($125.3 million).

 

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.#

As some (but not all) states relax restrictions, the company is unsure when retailers will reopen, at what capacity, or if additional periods of store closures will be needed or mandated, as reported. 

 

Sequential Brands Group, a marketer of consumer brands in the active and fashion categories, reported its revenue of $20.2 million in first quarter (Q1) FY20 that ended of March 31, 2020 compared to revenue of $25.5 million in same period prior year. Company reported a loss from operations of $83.0 million compared to income of $9.9 million in Q1 FY19.#

“I believe that the steps we are taking, coupled with our diversified portfolio of brands and channels of distribution, will assist us in tackling these challenging times while we also explore opportunities that best position the company for long-term success and maximise value,” Conn said.