Differential Brands Group Inc. (the " Company") (NASDAQ: DFBG) today announced financial results for the third quarter ended September 30, 2016. For the third quarter ended September 30, 2016:
Consolidated net sales were $41.2 million;
Net loss was $2.8 million and loss per share was $0.22; and
Adjusted EBITDA was $1.8 million.
Michael Buckley, Chief Executive Officer, commented, "We were pleased with the progress we made in the strategic initiatives associated with each of our brands. At Robert Graham, we saw strong sell-through of our new fashion basics assortment in our retail stores. We continue to evolve our product offering to deliver distinctive fashion to our core customers and to expand our reach to a broader consumer base. At Hudson, we remain focused on building our Consumer Direct business as we bring our ecommerce business in-house and plan for the opening of our first retail location in the Spring of 2017. We believe that by building our Consumer Direct presence, we can better engage our existing customers as well as broaden our demographic reach. At SWIMS, we remain on track with the integration process and expect to grow our business in the North American and international markets. Overall, we continue to make meaningful progress in positioning our brands for long-term, profitable growth. Looking ahead, we remain focused on growing our brands organically and acquiring new premium brands that are accretive and complementary to our portfolio." For the three months ended September 30, 2016, the financial results presented in this release reflect the consolidated operations of the Company's three brands, Robert Graham®, Hudson®, and SWIMS®, which was acquired in July 2016. For the three months ended September 30, 2015, the financial results presented in this release solely reflect the operations of the Company's brand, Robert Graham®, due to the merger that was completed on January 28, 2016, as discussed below in " Basis of Presentationof Information." For the third quarter of fiscal 2016, overall net sales were $41.2 million compared to $17.6 million in the same prior year period. The increase in net sales for the third quarter of fiscal 2016 was primarily driven by the inclusion of $19.5 million from the addition of sales from Hudson and $3.5 million from the addition of sales from SWIMS, which we acquired in 2016. Growth in the Robert Graham business was driven by the opening of three new retail stores since the prior year third quarter.