Net Sales at Digital Brands Group were 3.4 million dollars in the third quarter, an increase of 58.3 percent year over year.
Gross profit margin was 48.3 percent versus 55.9 percent a year ago, a decrease of 7.6 percent in gross profit margin.
"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.
"We also reduced our debt significantly during the quarter, which allows us to factor our wholesale purchase orders. This enables us to transition to a positive working capital cycle from the negative working capital cycle we have historically operated our businesses,” added Davis.
The company reported a net loss of 4.9 million dollars or 9.26 dollars per diluted share, compared to 8.9 million dollars or 75.83 dollars per diluted share, a year ago.
Davis further said: "We launched the Bailey shop in October, which is a single e-commerce destination that features all our brands. We believe this shows the power of our initial vision and business model and sets a strong foundation to which we can add additional brands, like Sundry, as we bring them into our portfolio."