Xcel Brands (XELB) – Revenue Momentum Appears To Be Building

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Tuesday, May 21, 2024

Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Weak start to the year, largely expected. Q1 revenues declined 63% to $2.2 million, in line with our expectations. The revenue decline reflected the absence of merchandise sales as the company shifted toward a capital light, licensing model. The full benefits of this shift is expected to be reflected in second half results. Adj. EBITDA loss of $1.6 million was a little heavier than our $1.1 million loss estimate. 

Let go of the LOGO? The soft licensing revenue, which was down 1.7% yoy to $2.2 million reflected, in part, challenged revenue at LOGO by Lori Goldstein. LOGO sales have struggled, flat yoy in the quarter, as the popular talent has had scheduling issues and has not returned to regular studio production. Management indicated that it is exploring the disposition of the brand. 

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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