US-based Differential Brands Group, which owns various fashion brands, has announced its fourth quarter and full year financial reports for the year 2016.
The company posted an increase of 108 per cent to US $ 42.0 million and 179 per cent in net sales and wholesale segment, respectively in its fourth quarter of the year. With the surge of 34 per cent in consumer segment sales, the brand’s gross profit reflects the increase of US $ 21.8 million from US $ 12.1 million, and adjusted EBITDA was US $ 2.1 million.
Robert Graham’s shift to fashion basics was well received in the fourth quarter in both wholesale and retail. Hudson Jeans achieved comparable sales growth due to improved product quality and fit; besides, Differential completed the integration of Swims during the quarter.
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For the full year 2016, the company registered the spate of 104 per cent and 163 per cent in net sales revenue and wholesale sales revenue, respectively. Consumer direct sales also increased by 29 per cent and gross profit was 79.5 per cent which also includes the gross profit of Hudson Jeans and Swims which is approximately US $ 37.2 million.
Michael Buckley, Chief Executive Officer, Differential Brands Group commented, “We are pleased with the progress we are making on a number of initiatives designed to drive organic growth across our brands. This includes enhancing product offerings and improving product sourcing across all brands, making strategic and swift investments in e-commerce, consolidating operations into a single platform enabling us to leverage talent and expenses, and building a world class leadership team.”
