Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Digital Brands Group (NASDAQ: DBGI) are gaining on Thursday after the company said its initial estimate of financial results for the quarter ended June 30th, 2021, indicates that second-quarter 2021 revenue increased by approximately 100%.
The figure only includes six and half weeks of revenue contribution from Harper & Jones, DBGI said.
The digital and lifestyle brands company stated that revenue estimates do not include any impact from its announced non-binding letter of intent to acquire Stateside.
Digital Brands Group will report its Q2 results on or before August 16th.
“We believe this continues to illustrate the momentum we discussed on our first-quarter earnings call and press release,” said Hil Davis, Digital Brands' CEO.
“As we stated, we expected to see improved operating results in the second quarter and expect to see significantly improved operating results in the third and fourth quarters of 2021 now that we have sufficient cash and inventory to support expected levels of operations.”
DBGI's share price is up 21.82% at $6.42 so far in Thursday's session.
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