Xcel Brands soars on upbeat Q1 results, cost-cuts

XCel Brands

20/05/2020 12:13

** Shares of media and consumer products company  XELB.O 
soars ~52% to $1.17; stock top pct gainer across all U.S.
exchanges 
    ** For Q1, XELB posts no profit, no loss per share on a
revenue of $9.5 mln vs analysts est. for loss of $0.05/shr on
revenue of $8.2 mln  urn:newsml:reuters.com:*:nASA00QWY
    ** However, Q1 rev fell 8% from a year-ago qtr, driven by
lower licensing revenues, but was partially offset by growth in
its wholesale apparel business  urn:newsml:reuters.com:*:nGNX1kSkR8
    ** Co took cost-cutting actions including reduced employee
compensation, furloughing certain employees, inventory
management and working with its suppliers, licensees and retail
partners to save cash - Con call
    ** Expects severe impact to wholesale business in Q2 and Q3;
sees Q4 to be impacted as well, but too early to fully assess 
    ** Only 1 brokerage covers the stock with a "hold" rating
and PT of $0.75
    ** Stock down 48.6% this year, as of last close

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))