Q3 2024 Xcel Brands Inc Earnings Call Transcript
Key Points
- Xcel Brands Inc (XELB) improved its non-GAAP earnings by approximately 56% from the previous year.
- The C Wonder brand performed well on HSN, with retail sales up 60% over the previous year.
- Tower Hill by Christie Brinkley exceeded its launch plan by 90% and is expected to continue strong sales growth into 2025.
- The company achieved a 98% growth in royalties for its 'due to thrift' business from the second quarter.
- Xcel Brands Inc (XELB) has reduced its operating costs significantly, achieving a 50% reduction in direct operating costs for the current quarter compared to the previous year.
- Total revenue for the current quarter decreased by approximately $0.7 million compared to the third quarter of 2023.
- The sale of the Lori Goldstein brand led to an $8.9 million decline in net licensing revenues.
- The company experienced disruptions in its HSN business due to two hurricanes, impacting sales and fulfillment.
- Xcel Brands Inc (XELB) reported a net loss of approximately $9.2 million for the current quarter.
- The company recognized a $6.3 million non-cash charge related to a contractual contingent obligation.
Thank you for standing by. My name is Celine and I will be your conference operator today. At this time. I would like to welcome everyone to the Xcel B's Q3 2024 earnings conference call.
(Operator Instructions)
Thank you. I would now like to turn the call over to bars. Please go ahead.
Good afternoon, everyone and thank you for joining us. Welcome to the Excel brands third quarter of 2024. Bernie's call. We greatly appreciate your participation and interest with us on the call. Today are Chairman and Chief Executive Officer, Robert D'Loren, and Chief Financial Officer, Jim Haran.
By now, everyone should have had access to the earnings release for the quarter ended September 30th 2024 which went out last Friday. And in addition, the company filed with the Securities and Exchange Commission, its quarterly report on form 10-Q last Friday. The release and the quarterly report will be available on the company's website at www dot Excel brands
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