EBITDA Improves $1.4 million
Differential Brands Group Inc. (the “Company”) (NASDAQ:DFBG), a
portfolio of global premium consumer brands comprised of Hudson
Jeans, Robert Graham and SWIMS, today announced financial results
for the three and nine months ended September 30, 2017.
For the third quarter:
- Net sales increased 3% compared to the
same quarter last year to $42.4 million
- Consumer Direct sales grew 5%, fueled
by e-commerce growth of 12% and comparable store sales growth of
6%
- Gross profit grew by $2.4 million, or
15%
- Adjusted EBITDA was $3.2 million as
compared to $1.8 million in the same quarter last year
Michael Buckley, Chief Executive Officer, commented, “During the
third quarter, we continued to grow sales and expand gross margin,
resulting in an Adjusted EBITDA improvement of $1.4 million. Our
Consumer Direct segment growth rate continued to out-pace our
Wholesale segment, with double digit e-commerce growth this year,
which came on top of more than 50% growth in the comparable quarter
last year. The increase was driven largely by higher conversion
rates and more units sold per order across our brands’ websites.
Robert Graham retail comparable store sales improved 3% for the
quarter, excluding stores impacted by Hurricanes Harvey and Irma.
Just prior to the hurricanes, total retail store sales compared to
the same period in the prior year were trending in the high single
digits. Consumer Direct sales at our SWIMS brand more than doubled
versus the same quarter last year, benefiting from the launch of
our U.S. website in June 2017 and the addition of a second outlet
store in Norway.”
Mr. Buckley continued, “In the Wholesale segment, the sales
increase was driven by the addition of the non-comparable SWIMS
business, as well as high double digit growth in sales to specialty
retailers in our Hudson business. For SWIMS, we successfully
acclimated our U.S. based wholesale sales team during the quarter,
which will play a key role in the rapid growth of this brand in
Spring 2018 and forward. The SWIMS brand has now expanded into
approximately 380 better specialty stores and department stores in
the U.S. and Canada, and we believe that the near term potential is
over 600 doors. At Hudson, increased doors combined with better
sell-through in both the Men’s and Women’s categories drove growth.
Overall, we continue to navigate the sales distribution shift in
our industry from traditional brick and mortar channels, especially
at department stores, to e-commerce driven sales on both our
brands’ sites and our partners’ sites, and to new and innovative
digital marketplaces around the globe.”
Segment net sales and adjusted EBITDA results were as
follows:
Three months ended September 30, *
Nine months ended September 30, * 2017
2016 2017 2016 (unaudited, in
thousands) (unaudited, in thousands) Differential Brands Group Net
sales: Wholesale $ 32,393 $ 31,993 $ 88,910 $ 80,325 Consumer
Direct 9,188 8,725 27,959 25,461 Corporate and other 808
442 2,075 1,462
Total Company net sales $ 42,389 $ 41,160 $ 118,944
$ 107,248 Adjusted EBITDA Operating income
(loss): Wholesale $ 8,227 $ 5,291 $ 22,157 $ 16,257 Consumer Direct
(389 ) (612 ) (772 ) (2,530 ) Corporate and other (6,610 ) (7,059 )
(20,667 ) (20,994 ) Adjustments** 1,932 4,135
6,965 13,214 Total Company
Adjusted EBITDA $ 3,160 $ 1,755 $ 7,683 $
5,947
*For the nine months ended September 30, 2016, net sales and
Adjusted EBITDA reflect the operations of Robert Graham for the
nine months ended September 30, 2016, Hudson for the eight months
ended since January 28, 2016, and SWIMS for the two months ended
since July 18, 2016. For the nine months ended September 30, 2017,
net sales and Adjusted EBITDA include all three brands: Robert
Graham, Hudson and SWIMS. See further discussion at “Basis of
Presentation of Information” below.
**See “Adjusted EBITDA” below.
Third Quarter Financial Review
Total Company net sales for the three months ended September 30,
2017, increased 3% to $42.4 million, reflecting a 1% increase in
Wholesale segment sales and a 5% increase in Consumer Direct
segment sales. The Wholesale increase was driven by over 40% growth
at SWIMS, as well as by modest growth from the Hudson brand,
primarily at full price Specialty doors. The increase in the
Consumer Direct segment was led by e-commerce sales growth of 12%.
In addition, comparable store sales in the Robert Graham business
grew 3%, driven by full price stores. Comparable Consumer Direct
growth was driven primarily by improvements in conversion rates and
units per transaction across the brands.
As a result of Hurricanes Harvey and Irma, which severely
impacted the Texas and Florida markets during August and September
of this year, Robert Graham store sales were negatively impacted by
approximately $300,000. The hurricanes also negatively impacted the
Company’s Wholesale business due to cancellations of approximately
$450,000 across brands, which the Company honored, and inbound
inventory receipt delays of $400,000, which shipped into the
subsequent quarter.
Gross profit was $18.1 million, compared to $15.7 million in the
third quarter of fiscal 2016. The increase was primarily attributed
to the operation of SWIMS, which was non-comparable for 18 days of
the quarter in 2017 and added $2.5 million of margin improvement
versus the same quarter last year. In 2016, SWIMS did not
contribute any gross profit due to the significant inventory
step-up to fair value at acquisition date that was sold through
during the quarter. Robert Graham posted the balance of the
improvement for the third quarter, despite a smaller top line, as
it operated with better initial markups and lower markdowns than
the prior year’s quarter. Total Company gross margin was 42.6%
compared to 38.1% in the third quarter of 2016. As a result of
Hurricanes Harvey and Irma, gross profit in the Robert Graham
business was negatively impacted by approximately $225,000 and
wholesale gross profit was impacted by approximately $425,000.
Selling, general and administrative expenses for the three
months ended September 30, 2017, were $15.3 million compared to
$16.5 million in the same period of the prior year. The reduction
relates to the timing of marketing expenses at Hudson, which
shifted from the third quarter to the fourth quarter, as well as
from lower professional fees related to corporate overhead and the
reduction of one-time costs related to the SWIMS acquisition.
Selling, general and administrative expense rate decreased to 36.2%
from 40.0% in the third quarter of 2016.
Operating income was $1.2 million for the three months ended
September 30, 2017. This compares to an operating loss of $2.4
million for the same period last year.
Adjusted EBITDA was $3.2 million as compared to $1.8 million in
the same quarter last year. As a result of Hurricanes Harvey and
Irma, Adjusted EBITDA was negatively impacted by approximately
$500,000.
Nine Month Financial Review
Total Company net sales for the nine months ended September 30,
2017, increased 11% to $118.9 million compared to $107.2 million
for same period in the prior year, reflecting an 11% increase in
Wholesale segment sales and a 10% increase in Consumer Direct
segment sales.
Gross profit was $52.9 million for the nine months ended
September 30, 2017, compared to $44.5 million for the same period
last year. Total Company gross margin was 44.5% compared to 41.5%
for the nine months ended September 30, 2016.
Selling, general and administrative expenses for the nine months
ended September 30, 2017 were $47.6 million compared to $47.0
million for the same period of the prior year. Selling, general and
administrative expense rate decreased to 40.0% from 43.9% in the
nine months ended September 30, 2016.
Operating income was $0.7 million for the nine months ended
September 30, 2017. This compares to operating losses of $7.3
million for the same period last year.
Basis of Presentation of Information
As previously disclosed, on January 28, 2016, the Company
completed the acquisition (the “RG Merger”) of all
outstanding equity interests of RG Parent LLC and its subsidiaries,
or the Robert Graham business (“RG”). Because RG was deemed
the accounting acquirer for financial reporting purposes, the
assets, liabilities and operations of the Company prior to January
28, 2016 that are reflected in the financial statements for the
nine months ended September 30, 2016 reflect only RG’s financial
condition and results of operations and do not include Hudson or
SWIMS. More specifically, the Company’s consolidated financial
statements, as presented in part in this press release, included:
(i) from January 1, 2016 up to the day prior to the closing of the
RG Merger on January 28, 2016, the results of operations and cash
flows of RG; (ii) from and after the RG Merger’s closing date on
January 28, 2016, the results of continuing operations, cash flows
and, as applicable, the assets and liabilities of the combined
Company, comprising the Company’s Hudson business and RG; (iii)
from and after the RG Merger’s closing date on January 28, 2016,
the results of the discontinued operations from the Company’s
previously owned Joe’s brand retail stores that later closed by
February 29, 2016; and (iv) from and after the acquisition of SWIMS
on July 18, 2016, the results of continuing operations and cash
flows and, as applicable, the assets and liabilities of SWIMS.
About Differential Brands Group
Differential Brands Group Inc. (NASDAQ:DFBG) is a platform that
focuses on branded operating companies in the premium apparel,
footwear and accessories sectors. Our focus is on organically
growing our brands through a global, omni-channel distribution
strategy while continuing to seek opportunities to acquire
accretive, complementary, premium brands.
Our current brands are Hudson®, a designer and marketer of
women’s and men’s premium, branded denim and apparel, Robert
Graham®, a sophisticated, eclectic apparel and accessories brand
seeking to inspire a global movement, and SWIMS®, a Scandinavian
lifestyle brand best known for its range of fashion-forward,
water-friendly footwear, apparel and accessories. For more
information, please visit Differential's website at:
www.differentialbrandsgroup.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The matters discussed
in this release involve estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this release that
are not purely historical facts are forward-looking statements,
including statements containing the words “may,” “will,” “expect,”
“anticipate,” “intend,” “estimate,” “continue,” “believe,” “plan,”
“project,” “will be,” “will continue,” “will likely result” or
similar expressions. Any forward-looking statement inherently
involves risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that
would cause or contribute to such differences include, but are not
limited to: the risk of intense competition in the denim and
premium lifestyle apparel industries; the risk that the Company
incurred substantial indebtedness in connection with the
acquisition of RG, and, to a lesser extent, SWIMS, which the
Company may need to refinance or on which the Company may default;
the risks associated with the Company’s foreign sourcing of its
products and the implementation of foreign production for Hudson’s
products, including in light of potential changes in international
trade relations brought on by the new U.S. presidential
administration; the effects of the RG Merger and acquisition of
SWIMS on the Company’s financial results, business performance and
product offerings and risks associated with successfully
integrating these businesses to achieve cost savings and synergies;
risks associated with the Company’s third-party distribution
system; the risk that the Company will be unsuccessful in gauging
fashion trends and changing customer preferences; the risk that
changes in general economic conditions, consumer confidence or
consumer spending patterns, including consumer demand for denim and
premium lifestyle apparel, will have a negative impact on the
Company’s financial performance or strategies and the Company’s
ability to generate cash flows from its operations to service its
indebtedness; the risk that the credit ratings of the combined
company or its subsidiaries, including the Hudson, RG and SWIMS
businesses, may be different from what the Company expects; risks
related to the Company’s ability to respond to the business
environment and fashion trends; risks related to continued
acceptance of the Company’s brands in the marketplace; risks
related to the Company’s reliance on a small number of large
customers; risks related to the Company’s ability to implement
successfully any growth or strategic plans; risks related to the
Company’s ability to manage its inventory effectively; the risk of
cyber-attacks and other system risks; risks related to the
Company’s ability to continue to have access on favorable terms to
sufficient sources of liquidity necessary to fund ongoing cash
requirements of its operations or new acquisitions; risks related
to the Company’s ability to continue to have access on favorable
terms to sufficient sources of liquidity necessary to fund ongoing
cash requirements of its operations or new acquisitions; risks
related to the Company’s pledge of all its tangible and intangible
assets as collateral under its financing agreements; risks related
to the Company’s ability to generate positive cash flow from
operations; risks related to a possible oversupply of denim in the
marketplace; and other risk. The Company discusses certain of these
and other risk factors more fully in its filings with the SEC,
including its annual report on Form 10-K for the fiscal year ended
December 31, 2016 and subsequent reports filed with the SEC, and
this release should be read in conjunction with those reports
through the date of this release. The Company urges you to consider
all of these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this
release.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Since the Company operates in a rapidly changing environment, new
risk factors can arise and it is not possible for the Company’s
management to predict all such risk factors, nor can the Company’s
management assess the impact of all such risk factors on the
Company’s business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
The Company’s future results, performance or achievements could
differ materially from those expressed or implied in these
forward-looking statements. The Company does not undertake any
obligation to publicly revise these forward-looking statements to
reflect events or circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events, except as may be
required by law.
DIFFERENTIAL BRANDS GROUP INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) Three months ended September
30, Nine months ended September 30, 2017
2016 2017 2016 (unaudited)
(unaudited) Net sales $ 42,389 $ 41,160 $ 118,944 $ 107,248 Cost of
goods sold 24,334 25,491 66,067
62,731 Gross profit 18,055 15,669 52,877
44,517 Operating expenses Selling, general and
administrative 15,334 16,456 47,633 47,049 Depreciation and
amortization 1,493 1,593 4,526 4,456 Retail store impairment
— — — 279 Total
operating expenses 16,827 18,049
52,159 51,784 Operating income (loss) from
continuing operations 1,228 (2,380 ) 718 (7,267 ) Interest expense
2,262 2,090 6,536 5,426 Other (income) expense, net (12 )
121 (1 ) 121 Loss from
continuing operations before income taxes (1,022 ) (4,591 ) (5,817
) (12,814 ) Income tax (benefit) provision (839 )
(1,770 ) 776 (1,193 ) Loss from continuing
operations (183 ) (2,821 ) (6,593 ) (11,621 ) Loss from
discontinued operations, net of tax — —
— (1,286 ) Net loss $ (183 ) $ (2,821 ) $
(6,593 ) $ (12,907 ) Loss from continuing operations
$ (0.01 ) $ (0.22 ) $ (0.50 ) $ (0.95 ) Loss from discontinued
operations - - -
(0.11 ) Loss per common share - basic and diluted $ (0.01 ) $ (0.22
) $ (0.50 ) $ (1.06 ) Weighted average shares outstanding
Basic 13,322 12,953 13,306 12,222 Diluted 13,322 12,953 13,306
12,222
As a Percent of Sales
Three months ended September 30,
Nine months ended September 30, 2017
2016 2017 2016 (unaudited) (unaudited)
Net sales 100.0 % 100.0 % 100.0 % 100.0
% Cost of goods sold 57.4 % 61.9 % 55.5 %
58.5 % Gross profit 42.6 % 38.1 % 44.5 % 41.5 %
Operating expenses Selling, general and administrative 36.2 % 40.0
% 40.0 % 43.9 % Depreciation and amortization 3.5 % 3.9 % 3.8 % 4.2
% Retail store impairment 0.0 % 0.0 % 0.0 %
0.3 % Total operating expenses 39.7 % 43.9 % 43.9 % 48.3 %
Operating income (loss) from continuing operations
2.9 % -5.8 % 0.6 % -6.8 % Interest expense 5.3
% 5.1 % 5.5 % 5.1 % Other (income) expense, net 0.0 %
0.3 % 0.0 % 0.1 % Loss from continuing operations
before income taxes -2.4 % -11.2 % -4.9 % -11.9 % Income tax
(benefit) provision -2.0 % -4.3 % 0.7 %
-1.1 % Loss from continuing operations -0.4 % -6.9 % -5.5 % -10.8 %
Loss from discontinued operations, net of tax 0.0 %
0.0 % 0.0 % -1.2 % Net loss -0.4 % -6.9
% -5.5 % -12.0 %
Adjusted EBITDA
Three months ended September 30,
Nine months ended September 30, 2017
2016 2017 2016 (unaudited, in
thousands) (unaudited, in thousands) Reconciliation of GAAP net
loss from continuing operations to Adjusted EBITDA: GAAP net loss
from continuing operations $ (183 ) $ (2,821 ) $ (6,593 ) $ (11,621
) Adjustments: (Benefit) provision for income taxes (839 )
(1,770 ) 776 (1,193 ) Interest expense 2,262 2,090 6,536 5,426
Non-cash stock compensation (a) 439 333 1,339 1,352 Depreciation
and amortization 1,493 1,593 4,526 4,456 Acquisition-related costs
(b) — 915 — 3,888 Retail store impairment (c) — — — 279
Restructuring (d) — 18 933 1,559 Non-cash inventory expense (e) —
1,276 — 1,659 Store closure costs (f) — — 67 21 Legal settlement
costs (g) — — 100 — Foreign currency loss (12 ) 121
(1 ) 121 Total Adjustments 3,343 4,576 14,276 17,568
Adjusted
EBITDA (1) $ 3,160 $ 1,755 $ 7,683 $ 5,947
__________________________
(1) Adjusted EBITDA is defined as net loss from continuing
operations, excluding: income taxes, interest income or expense,
non-cash stock compensation, depreciation and amortization,
acquisition-related costs, retail store impairment, restructuring
costs, non-cash inventory expenses, store closure costs, legal
settlement costs and gain or loss related to foreign currency
transactions. Management uses Adjusted EBITDA as a measure of
operating performance to assist in comparing performance from
period to period on a consistent basis and to identify business
trends relating to the Company’s financial condition and results of
operations. The Company believes Adjusted EBITDA provides
additional information for determining its ability to meet future
debt service requirements and capital expenditures. (a)
Represents stock compensation expense related to the grant of
restricted stock units and stock options. (b) Represents
acquisition-related costs related to legal, advisory and accounting
services in connection with the RG Merger and SWIMS acquisition.
These costs are not representative of the Company’s day-to-day
business. (c) Represents impairment of retail store leasehold
improvements related to one store. (d) Represents restructuring
charges for severance, termination of consulting arrangements and
recruiting costs related to a change in management and the RG
Merger, and additional costs incurred related to launching the new
Hudson e-commerce website and moving e-commerce distribution in
house. (e) Represents a non-cash inventory expense of Hudson and
SWIMS inventory acquired and stepped up to fair value that was sold
during the three and nine months ended September 30, 2016. (f)
Represents the write-off of assets related to one store in which
the lease was cancelled during the first quarter of fiscal 2017 and
the operating loss related to the lease termination of one store
that closed in the second quarter of fiscal 2016. (g) Represents
the amount recorded during the second quarter of 2017 for a legal
matter related to the prior period that is now estimable.
DIFFERENTIAL BRANDS GROUP INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (amounts in thousands, except
share data) September 30,
December 31, September 30, 2017
2016 2016 (unaudited) (unaudited)
ASSETS
Current assets Cash and cash equivalents $ 2,792 $ 6,476 $ 4,424
Accounts receivable, net 23,732 20,225 22,345 Inventories, net
38,004 23,977 29,849 Prepaid expenses and other current assets
5,170 4,249 2,607 Total
current assets 69,698 54,927 59,225 Property and equipment, net
9,287 10,620 12,897 Goodwill 8,471 8,271 10,728 Intangible assets,
net 90,414 91,886 91,758 Other assets 515 467
493 Total assets $ 178,385 $ 166,171
$ 175,101
LIABILITIES AND EQUITY
Current liabilities Accounts payable and accrued expenses $ 26,218
$ 19,930 $ 23,873 Short-term convertible notes 13,565 13,137 12,777
Current portion of long-term debt 2,188 1,250 1,063 Total current
liabilities 41,971 34,317 37,713 Deferred rent 3,591 3,636 3,641
Line of credit 20,819 12,742 13,590 Convertible notes 13,549 12,660
12,452 Long-term debt, net of current portion 45,444 47,218 47,445
Deferred income taxes, net 12,880 11,074 10,378 Other liabilities
— — 81 Total liabilities
138,254 121,647 125,300
Equity Series A convertible preferred stock 5 5 5 Common
stock 1,333 1,324 1,309 Additional paid-in capital 60,384 59,154
58,616 Accumulated other comprehensive income (loss) 740 (221 ) 704
Accumulated deficit (22,331 ) (15,738 )
(10,833 ) Total equity 40,131 44,524
49,801 Total liabilities and equity $ 178,385
$ 166,171 $ 175,101
DIFFERENTIAL
BRANDS GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands, unaudited) Nine
months ended September 30, 2017 2016 CASH
FLOWS FROM OPERATING ACTIVITIES Loss from continuing operations $
(6,593 ) $ (11,621 ) Adjustments to reconcile net loss from
continuing operations to net cash used in operating activities:
Depreciation and amortization 4,526 4,456 Retail store impairment —
279 Amortization of deferred financing costs 326 261 Amortization
of convertible notes discount 516 610 Paid-in-kind interest 1,206
284 Stock-based compensation 1,339 1,352 Provision for bad debts
181 131 Amortization of inventory step up — 1,659 Deferred taxes
1,648 (1,159 ) Changes in operating assets and liabilities:
Accounts receivable (3,493 ) (7,798 ) Inventories (13,823 ) (1,195
) Prepaid expenses and other assets (916 ) 276 Accounts payable and
accrued expenses 7,943 (6,982 ) Deferred rent (38 )
73 Net cash used in continuing operating activities (7,178 )
(19,374 ) Net cash used in discontinued operating activities
— (1,384 ) Net cash used in operating activities
(7,178 ) (20,758 ) CASH FLOWS FROM INVESTING
ACTIVITIES Cash paid in reverse acquisition with Robert Graham, net
of cash acquired — (6,538 ) Refund (payment) of security deposit 7
(37 ) Purchases of property and equipment (777 ) (1,337 ) Cash paid
for the acquisition of SWIMS, net of cash acquired —
(11,828 ) Net cash used in investing activities (770
) (19,740 ) CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Series A convertible preferred stock, net
of offering costs — 49,881 Proceeds from term debt — 50,000
Repayment of long-term debt (938 ) (375 ) Proceeds from line of
credit, net 7,420 14,143 Proceeds from short-term convertible notes
— 13,000 Repayment of terminated line of credit and loan payable —
(23,349 ) Payment of deferred financing costs (124 ) (1,584 )
Redemption of unit holders — (58,218 ) (Repayment of) proceeds from
customer cash advances (1,707 ) 812 Payment of accrued distribution
to members — (1,366 ) Taxes paid in lieu of shares issued for
stock-based compensation (267 ) — Net cash
provided by financing activities 4,384 42,944
Effect of exchange rate changes on cash and cash
equivalents (120 ) 12 NET CHANGE IN
CASH AND CASH EQUIVALENTS (3,684 ) 2,458 CASH AND CASH
EQUIVALENTS, at beginning of period 6,476
1,966 CASH AND CASH EQUIVALENTS, at end of period $ 2,792
$ 4,424
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures that
exclude the (i) effect of transaction expenses associated with the
RG Merger and SWIMS acquisition (including acquisition-related
costs, restructuring costs and the non-cash inventory expense of
the Hudson inventory acquired and stepped up to fair value that was
sold) during the three and nine months ended September 30, 2016 and
(ii) other provisions and expenses during the three and nine months
ended September 30, 2017 and 2016. Generally, a non-GAAP financial
measure is a numerical measure of a company’s historical or future
financial performance, financial position, or cash flows that
either excludes or includes amounts which are not normally excluded
or included in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles generally accepted in the United States (GAAP).
Management uses these non-GAAP financial measures to evaluate the
performance of the business over time on a consistent basis,
identify business trends relating to the financial condition and
results of operations and make business decisions. The Company
believes that providing non-GAAP measures is useful to provide a
consistent basis for investors to understand the Company’s
financial performance in comparison to historical periods and to
allow investors to evaluate the performance using the same
methodology and information as that used by management. However,
investors need to be aware that non-GAAP measures are subject to
inherent limitations because they do not include all of the
expenses included under GAAP and they involve the exercise of
judgment of which charges are excluded from the non-GAAP financial
measure. Investors should consider these non-GAAP financial
measures in addition to, and not as substitutes for or superior to,
the Company’s other measures of the Company’s financial performance
that the Company prepares in accordance with GAAP. Further,
non-GAAP information may be different from the non-GAAP information
provided by other companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20171114006238/en/
Investor Relations:Differential Brands Group Inc.Bob Ross, Chief
Financial Officer323.558.5115
Differential Brands Group Inc. (NASDAQ:DFBG)
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