Digital brands group reports third quarter 2022 financial results with a 58% increase in revenues

Austin, texas , nov. 14, 2022 /prnewswire/ -- digital brands group, inc. ("dbg")  (nasdaq: dbgi), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for its third quarter ended september 30, 2022.  third quarter 2022 highlight compared to third quarter 2021 net revenues of $3.4 million, an increase of 58.3% or $2.2 million this excludes deferred revenue of $0.4 million, which will be recognized in our fourth quarter results gross profit margin of 48.3% versus 55.9% gross profit was negatively impacted by 5.1% due to the accounting treatment of deferred revenue and the timing of fabric costs in our men's custom business, which will benefit the fourth quarter gross profit net loss per diluted share of $9.26 versus a net loss of $75.83 net loss attributable to common stockholders was $4.9 million versus a net loss of $8.9 million the net loss included interest expense of $2.3 million, which should be less than $150,000 a quarter going forward due to the elimination of debt "we are pleased to announce that we delivered strong revenue growth and continued operating leverage on our fixed costs in the third quarter," said hil davis, chief executive officer of digital brands group.
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