Digital Brands Group (DBGI) says Q2 revenue increased by approximately 100% over Q1
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Digital Brands Group, Inc. (the "Company" or "DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, announced that its initial estimate of financial results for the quarter ended June 30, 2021 indicates that second quarter 2021 revenue increased by approximately 100% over first quarter 2021 figures, which only includes six and half weeks of revenue contribution from Harper & Jones.
"We believe this continues to illustrate the momentum we discussed on our first quarter earnings call and press release" said Hil Davis, the Company's Chief Executive Officer. "As we stated, we expected to see improved operating results in the second quarter and expect to see significantly improved operating results in the third and fourth quarters of 2021 now that we have sufficient cash and inventory to support expected levels of operations."
Since the Company's initial public offering in May of this year, which bolstered the Company's balance sheet with cash for working capital, milestones include:
- The shipment of Bailey 44 product to wholesale accounts starting mid-May, with a significant acceleration in wholesale booking orders for fall 2021 that are in-line with pre-pandemic wholesale levels,
- The shipment of inventory for DSTLD, which started to arrive at the Company's warehouse in late May, with the majority scheduled for arrival mid-July to mid-September, and
- The development of a marketing and advertising plan, including an Amazon marketing strategy, with the initial roll out in mid-July and the majority of the spend starting this fall.
These revenue estimates do not include any impact from our announced non-binding LOI to acquire Stateside, which, if the acquisition is consummated, will be accretive to 2021 revenue and operating results.
The Company will be reporting its full second quarter 2021 results on or before August 16th, 2021. The Company will provide an update on the scheduling of the associated conference call prior to conference call date.
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