Digital Brands Group manages to reduce full year loss

Full year revenues at Digital Brands Group increased 6.8 percent to 14.9 million dollars excluding revenue from Harper & Jones.

Gross margin increased 10.2 percent to 6.5 million dollars and gross profit margins increased to 43.9 percent. Net loss per share reduced to 10.2 million dollars or 20.46 dollars per share.

"Despite lower revenue contribution from Sundry in the fourth quarter, we almost achieved break-even net income due to our cost savings. Based on first quarter wholesale shipments and second quarter wholesale bookings, we are excited to see revenue growth meaningfully re-accelerate," said Hil Davis, CEO of Digital Brands Group.

For the fourth quarter, net revenues decreased to 2.8 million dollars, gross profit decreased to 0.5 million dollars, while gross profit margins decreased to 18.3 percent.

Net loss per diluted share reduced to 3.7 million dollars or 8.76 dollars per share, compared to 15.8 million dollars or a loss of 511.54 dollars per share, a year ago.