Q1 2024 Xcel Brands Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA for the quarter improved by almost 50% from the prior-year quarter.
- Licensing revenues were up across most brands, except for Lori Goldstein.
- The launch of Tower Hill by Christie Brinkley on HSN is expected to generate strong interest and potential licensing partnerships.
- C. Wonder by Christian Siriano brand is performing well, with expected retail sales volume up 100% from last year.
- The company expects to return to profitability in 2024, driven by organic growth and strategic initiatives.
- Total revenues for the first quarter declined year over year due to the discontinuance of wholesale operations.
- The Lori Goldstein brand experienced softer performance due to scheduling conflicts with talent.
- Net loss for the current quarter was approximately $6.3 million, compared to a net loss of $5.6 million in the prior year quarter.
- The company's cash and cash equivalents were approximately $2.3 million, with $0.7 million being restricted.
- The exit from wholesale and e-commerce activities in 2023 led to a significant decrease in direct operating costs and expenses.
Welcome to Xcel Brands; first quarter 2024 earnings conference call advised that reproduction of this call in whole or in part is not permitted without prior written authorization of Xcel Brands. And as a reminder, this conference call is being recorded.
I'd now like to turn the call over to Paul Kuntz from Red Chip.
Paul, you may begin.
Good evening, everyone. And thank you for joining us. Welcome to the Xcel Brands first quarter of 2024 earnings call. We greatly appreciate your participation and interest with us on the call today are Chairman and Chief Executive Officer, Robert D'Loren, Chief Financial Officer, Jim Haran, and Executive Vice President of Business Development and Treasury, Seth Burroughs.
By now everyone should have access to the earnings release for the quarter ended March 31, 2024, which went out this evening. And in addition, the company has filed with the Securities and Exchange Commission, its quarterly report on Form 10-Q today. The release and the quarterly report will
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