NexCen Brands, Inc. (OTC:NEXC) has released the financial results for the first quarter of 2010. The company reported total revenues of $10.0 million, showing a 16% decrease from $12.0 million reported for the first quarter of 2009. The decrease in revenue is attributed to current economic conditions such as weak credit markets and softness in consumer spending and retail traffic. NexCen’s total operating expenses for the quarter were also reported to have decreased 18.6% to $8.3 million from $10.2 million for the year ago period. The full financial results are available for review online at http://www.nexcenbrands.com/ on the Investor Relations portion of the site.
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NexCen Brands, Inc. is a brand management company that owns and manages a portfolio of seven franchised brands. Five of the Company’s brands (Great American Cookies, Marble Slab Creamery, MaggieMoo’s, Pretzel Time and Pretzelmaker) are in the quick service restaurant (QSR) industry. The other two brands (The Athlete’s Foot and Shoebox New York) are in the retail footwear and accessories industry. All seven franchised brands are managed by NexCen Franchise Management, Inc. (NFM), a wholly owned subsidiary of NexCen Brands. On October 3, 2008, the Company sold the Waverly brand in the home goods industry. On December 24, 2008, it sold the Bill Blass brand in the apparel industry.
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