Business
Dogness Reports Fiscal Year 2021 Financial Results
Revenue Increases 26.9% YoY to $24.3 Million 81.4% YoY Increase in Sales of Intelligent Pet Products Gross Margin Expands 282.8% YoY to $9.1 Million, with
About this update from Dogness (international) Corporation
[{"type":"text","content":"Revenue Increases 26.9% YoY to $24.3 Million 81.4% YoY Increase in Sales of Intelligent Pet Products Gross Margin Expands 282.8% YoY to $9.1 Million, with Gross Margin of 33.1% Compared to 9.0% a Year Ago Comprehensive Income Increases to $6.2 million from a Loss of $10.3 million a Year Ago EPS Grows to $0.05 per Basic and Diluted Share from a Loss of $0.33 per Basic and Diluted Share a Year Ago DONGGUAN, China, Oct. 29, 2021 /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 fiscal year ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nSilong Chen, Chairman and Chief Executive Officer of Dogness, commented, \"We are pleased with our continued strong growth but know it would have been even stronger if not dampened by the ongoing global logistics crisis. We simply cannot get products fast enough to sell. With that said, we were still able to drive strong growth with a 26.9% increase in revenue for fiscal year 2021 compared to fiscal year 2020. We are even more pleased with our expansion in gross margin and profitability. The quality of our revenue also improved, with a nearly 163% increase in sales volume for our intelligent pet products in fiscal year 2021 compared to fiscal year 2020. We have been prioritizing this important long-term growth opportunity and strategically shifted our resources to produce and promote the sales of higher margin intelligent pet products across our integrated Smart Pet Ecosystem, which includes innovative App-controlled pet feeders, pet water fountains, and smart pet toys.\" \n\"We have been working to mitigate the impact of COVID-19 and the supply chain shortages by expanding our sales through popular large retail and online shopping platforms. At the same time, we continue to upgrade our production lines to improve production efficiencies and lower costs. As a result, we were able to reduce our selling price for traditional pet products to help our customers, while still maintaining a healthy profit margin. Overall, our strategy and expanded product lines have been well received by customers worldwide, as reflected in the double-digit growth we achieved in our international sales and the m...