DALLAS, TX / ACCESSWIRE / September 12, 2019 / September 8, 2019 marked John R. Loftus' 1,000th day as Chief Executive Officer of DGSE Companies, Inc. (NYSE AMERICAN:DGSE) ("DGSE" or the "Company"). Following years of losses before his arrival, the board asked Mr. Loftus to step in and rescue the embattled retailer who at that time had limited cash and a depressed corporate culture.
After years of leadership pursuing a host of uncompleted ideas, DGSE determined to focus on the one thing we do best - recommerce. And in doing so, the Company intentionally sought to consider the interests of its customers, employees, community and environment in each decision. This approach quickly led to increased bottom-line profits, satisfying the Company's goal of delivering a profit in Mr. Loftus' first full quarter with the retailer.
Although DGSE had begun gaining traction with its core customers and seeing the benefits of this strategy, less than four months after Mr. Loftus transitioned into the role of CEO, analysts at S&P Global Market Intelligence had named DGSE the second most likely company to go bankrupt, behind Sears Holdings. Today, by comparison, under Loftus' leadership, DGSE continues to deliver profits for the brick-and-mortar retailer. The Company reported back-to-back profits in 2017 and 2018, first- and second-quarter profits in 2019, and is looking to expand its brick-and-mortar stores further.
During Mr. Loftus' first 1,000 days as CEO, DGSE has made significant achievements:
- Back-to-back profits in 2017 and 2018, and 1st & 2nd quarter profits in 2019.
- Grown by acquiring multiple recommerce businesses with potential long-term rewards.
- Continued operational improvements, including landing a SWATCH parts account.
For this dramatic turnaround, DGSE returned to its roots. "The DGSE brand is a trusted name in recommerce, so getting back to basics was paramount to our success," says Mr. Loftus. He added that "the recommerce business is strong, and DGSE is dedicated to expanding our presence in this sector for the benefit of our stakeholders and the environment."
Mr. Loftus takes a symbiotic approach to leadership and DGSE's business model. "If the Company wins, everybody wins," says Mr. Loftus. "Our ultimate goal is to grow - recommerce acquisitions are among the most effective ways to expand our business in a manner that benefits all of our stakeholders."
"Our plan for the next 1,000 days is to continue growing the brands we've acquired and make them stronger and more relevant in the marketplace. We'll also continue to look for other recommerce growth opportunities that can make an immediate impact on our bottom line to offer greater value to our stakeholders." says Mr. Loftus.
Investor Relations Contact:
David Vadala
Head of Investor Relations
DGSE Companies, Inc.
13022 Preston Rd Dallas, TX 75240
972-587-4049
investorrelations@dgse.com
This press release includes statements that may constitute "forward-looking" statements, including statements regarding the potential future growth, expansion and success of business strategies, acquisitions, and lines of business. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve 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, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
SOURCE: DGSE Companies, Inc.
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