Digital Brands Group reported a 48% year-over-year increase in net revenue to approximately $5.1 million in the first quarter, largely driven by the full results from the acquisition of Sundry. The company’s net loss decreased by 22% to $6.14 million due to a higher gross profit from the Sundry acquisition and reduced operating expenses. The loss from operations decreased by 36% to $3.58 million, while inventory fell by nearly 6% to $4.93 million. Digital Brands Group aims to achieve positive EBITDA by the fall and plans to launch a proprietary affiliate programme in August, expand its multi-brand store presence, and open five stores annually using free cash flow. The company believes it can operate over 50 stores.
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