Xcel Brands tumbles on dismal Q2 results
15/08/2022 15:05
** Shares of media and consumer products co Xcel Brands Inc
XELB.O fall as much as 7% to $1.16
** Company's Q2 revenue fell 21% to $8.5 mln, due to a
decline in wholesale apparel sales and lower licensing revenue
as a result of the sale of Isaac Mizrahi brand urn:newsml:reuters.com:*:nGNX4mGzPs
** XELB posts adjusted loss per share of 18 cents, compared
to a loss of 1 cent a year earlier
** CEO Robert D'Loren says company's Q2 results reflect
challenges faced by global apparel industry including inflation
and cancelled orders by retailers as they prudently manage
inventory levels
** Stock has fallen ~6% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))