Sequential Brands Group today reported third-quarter results before the market open that surpassed forecasts.
The New York-based owner of the Jessica Simpson collection, Joe’s denim, William Rast and other popular footwear and apparel brands posted revenue growth of 83 percent, to $42 million during the quarter.
Reported net income slipped 52 percent year-over-year, to $1.3 million, or 2 cents per diluted share. However, adjusted net income climbed 50 percent year-over-year, to $7.5 million, or 12 cents per diluted share, topping forecasts for diluted earnings per share of 11 cents.
“Our business activation team is executing and our portfolio brand health is solid, driven by strong contributions from our core brands Jessica Simpson, William Rast and Heelys, as well as from recently acquired brands including Joe’s Jeans, Martha Stewart, Chef Emeril and Gaiam,” Sequential CEO Yehuda Shmidman said in a statement.