The brand management firm saw a 23 percent year-over-year increase in second quarter revenues.
NORTH AMERICA–Sequential Brands Group showed signs of growth Thursday announcing a wide-reaching media partnership for the Martha Stewart brand, at the same time that it reported strong 2Q gains.
The company unveiled a new partnership with the USA Today Network, part of Gannett Co., to integrate the Martha Stewart brand into the USA Today Food & Wine Experience event series.
Kicking off Sept. 16, The USA Today Network Food & Wine Experience is a 10-city culinary tour that challenges visitors to dig deeper into the American culinary scene, regional food trends, the chefs who create them and the personalities that restaurants, wine, beer and spirits to life.
Under the new partnership, Stewart will lead several cooking demonstrations as well as participate in fan meet-and-greets at select Food & Wine Experience locations. The Martha Stewart brand will also be integrated into each event.
Sequential also posted its second quarter financial results Thursday, with a 23 percent year-over-year increase in total revenue to $42.1 million (compared to $34.2 million in the prior year quarter).
This is positive news following the CEO shake-up at the firm earlier this year, which saw former VF Sportswear president Karen Murray, take over for Yehuda Shmidman, who stepped down.
“Second quarter results were strong, reflecting growth across key brands, and our continued focus on cost management,” says Karen Murray, chief executive officer, Sequential. “As we head into the second half of the year, we’re encouraged by the continued strength of our core brands and the exciting, new growth initiatives planned for the remainder of the year.”
Other highlights from Sequential’s Q2 results include:
- Adjusted EBITDA was $24.7 million, compared to $17.3 million in the prior year quarter.
- Total year-to-date revenue increased 20 percent to $81.5 million, compared to $68.2 million in the prior year period.
- The company is reiterating guidance of $170 million to $175 million in revenue and $98 million to $102 million of adjusted EBITDA for 2017.
- The company’s GAAP net income for 2017 is now expected to be $13.6 million to $16.2 million, which the company attributed to realized loss on the sale of available-for-sale securities.