Business
Dogness Reports Fiscal Six Months 2022 Financial Results
Highlights for the Six Months Ended December 31, 2021 48.4% Revenue Increase YoY to $18.2 Million192.6% Increase YoY in Sales of Intelligent Pet Products47.8%
About this update from Dogness (international) Corporation
[{"type":"text","content":"Highlights for the Six Months Ended December 31, 2021\n48.4% Revenue Increase YoY to $18.2 Million192.6% Increase YoY in Sales of Intelligent Pet Products47.8% Gross Profit Expansion YoY to $7.1 MillionPLANO, Texas, May 26, 2022 /PRNewswire/ -- Dogness (International) Corporation (\"Dogness\" or the \"Company\") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced its unaudited financial results for the six months ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nSilong Chen, Chairman and Chief Executive Officer of Dogness, commented, \"We achieved over 48% revenue growth for the six months ended December 31, 2021 compared to the prior period, led by the 192.6% sales increase of Dogness' intelligent pet products. Our team is flawlessly executing on our expanded product development and increased distribution to capture a greater share of the higher global demand for pet products. Our strategic decision to dedicate greater resources to produce and promote sales of higher margin intelligent pet products paid off with a 154.8% increase in sales volume for intelligent pet products for the six months ended December 31, 2021, as compared to the same period last year. Sales of our intelligent pet products accounted for approximately 54.5 % of total sales during the six months ended December 31, 2021, up from approximately 27.6% in the year ago period.\"\n\"We continued to expand our sales channels to more leading online and digital shopping platforms, as well as live streaming sales platforms hosted by influencers. These ecommerce sales normally have higher profit margin than traditional sales channels. The combination of our strategies led to a 58.0% increase in our average selling price during the six months ended December 31, 2021, as compared to the same period of 2020. At the same time, we continue to upgrade our production lines for traditional pet products to improve productivity and lower production costs. As a result, we have been able to lower our selling price for traditional pet products, but still maintain healthy profit margins. In addition, our sales strategy for traditional pet products helped us to successfully retain existing customers, attract new customers, and increase awareness for our intelligent pet products.\"\nSilong Chen, ...