Digital Brands Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 21, 2023 at 02:21 pm EDT
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Digital Brands Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 4.49 million compared to USD 2.65 million a year ago. Net income was USD 5.04 million compared to net loss of USD 9.53 million a year ago. Basic earnings per share from continuing operations was USD 26.5 compared to basic loss per share from continuing operations of USD 661.75 a year ago. Diluted earnings per share from continuing operations was USD 7.75 compared to diluted loss per share from continuing operations of USD 661.75 a year ago. Basic earnings per share was USD 20.5 compared to basic loss per share of USD 665.25 a year ago. Diluted earnings per share was USD 6 compared to diluted loss per share of USD 665.25 a year ago.
For the six months, sales was USD 8.87 million compared to USD 5.28 million a year ago. Net loss was USD 1.09 million compared to USD 17.37 million a year ago. Basic earnings per share from continuing operations was USD 2. Diluted earnings per share from continuing operations was USD 0.5. Basic loss per share was USD 4.5.
Digital Brands Group, Inc. offers a variety of apparel products through direct-to-consumer and wholesale distribution. The Company's portfolio consists of various brands, including Bailey 44, DSTLD, Stateside and Sundry. DSTLD is a digital direct-to-consumer brand, which offers stylish garments without the luxury retail markup valuing customer experience over labels. Bailey 44 is a wholesale brand, which combines fabrics and on-trend designs to create sophisticated ready-to-wear capsules for women. DSTLD offers stylish high-quality garments without the luxury retail markup valuing customer experience over labels. Stateside is a wholesale brand, which is an elevated brand with all knitting, dyeing, cutting and sewing sourced and manufactured locally in Los Angeles. Sundry offers a collection of womenâs clothing, including dresses, shirts, sweaters, skirts, shorts, athleisure bottoms and other accessory products. Sundryâs products are coastal casual and consist of colorful designs.
DIGITAL BRANDS GROUP, INC. 
