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Sequential adopts new standard

For the first quarter Sequential Brands has reported revenues of 38.1 million dollars and a net loss of 2.3 million dollars.

It offers products in the apparel, footwear, eyewear, fashion accessories, and home goods categories. Brands in Sequential’s portfolio include Avia, William Rast, Martha Stewart, Gaiam and Caribbean Joe.

The company licenses its brands through various distribution channels to retailers, wholesalers, and distributors.

As of January 1, 2018, Sequential began using a new revenue recognition standard, ASC 606, but also provided income and earnings information in accordance with the prior year’s standard for the purposes of comparison.

Under the previous revenue recognition standard, revenue for the first quarter 2018 would have been 39.4 million dollars, flat compared to the prior year period. Net loss, however, would have been reported as 1.3 million dollars, slipping further from 1.2 million dollars in the first quarter of 2017.

Sequential remains focused on executing against its strategic plan to grow revenue, manage costs and improve its balance sheet.

After appointing a new CFO in February, the group recently signed a multi-year deal with Chinese sportswear manufacturer Beiying Sports Technology to take its sportswear brand Avia to China, with a cross-channel launch planned for later this year.

 

 
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