Q1 2024 Digital Brands Group Inc Earnings Call Transcript
Key Points
- Operating expense leverage improved significantly, expected to continue throughout the year.
- Gross margin profit increased to 48.1% from 45.5% a year ago.
- G&A expenses decreased to $1 million from $4.5 million a year ago.
- Sales and marketing expenses decreased to $700,000 from $1 million a year ago.
- Net operating loss significantly reduced to $225,000 from $3.7 million a year ago.
- Revenues decreased to $3.6 million from $4.4 million a year ago due to shipment delays.
- Net loss was $684,000 or $0.46 per diluted share, compared to a loss of $6.1 million or $27.8 per diluted share a year ago.
- Significant delays in wholesale shipments due to customs issues impacted revenue.
- High interest expenses are currently a burden, though expected to decrease in the future.
- The company had to raise additional capital to address NASDAQ listing concerns, despite previous statements about no equity raises in 2024.
Greetings. Welcome to the digital brands Group Q1 2024 conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, John McNamara. You may begin.
Thank you, Holly. Good morning, everyone, and welcome again to the digital brands Group 2024 first quarter earnings conference call and webcast with us on the call this morning from digital brands is Hill Davis, Chief Executive Officer. Phil will begin the call with an overview of the quarter and then we will open up the lines for questions. Please keep in mind, this earnings call may contain forward-looking statements as defined in Section 27 A. of the Securities Act of 1933 as amended, including statements regarding, among other things, the Company's business strategy and growth
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