Business
Lakeland Industries, Inc. Reports Fiscal 2023 First Quarter Financial Results
First quarter gross margin of 40.5% on gross profit of $11.1 millionHUNTSVILLE, AL / ACCESSWIRE / June 9, 2022 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"First quarter gross margin of 40.5% on gross profit of $11.1 millionHUNTSVILLE, AL / ACCESSWIRE / June 9, 2022 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, today announced financial results for its fiscal 2023 first quarter ended April 30, 2022.Fiscal 2023 First Quarter Financial Results HighlightsNet sales of $27.3 million, a decline of 20% compared to 1Q22 as COVID-19 specific demand continues to be largely absent from the Company's results and core industrial demand slowly increases to pre-pandemic levelsGross margin was 40.5%, above the Company's long-term target threshold of 40%, signaling sustained profitabilityNet income of $1.1 million or $0.15 per basic common share in 1Q23, down from $5.0 million or $0.63 per basic common share in 1Q22Earnings before interest, taxes, depreciation, and amortization (EBITDA)* of $1.9 million in 1Q23, down 73% from $7.1 million in 1Q22Completed $0.4 million of share repurchases during the quarter\"While supply chain disruptions and depressed levels of industrial demand impacted revenues, we are pleased to have delivered solid results in the first quarter, highlighted by a gross margin of over 40%,\" said Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries. \"As we look ahead, order quantities and frequency are increasing in the U.S. and Europe, indicating that overstocked inventory in these markets continues to diminish, setting the stage for growth going forward. Additionally, and most importantly, we have sustained a strong level of profitability as measured by our gross profit margin performance. From here, as our revenue levels grow from the post-pandemic baseline that we have established, we expect to benefit from additional operating leverage as we continue to execute on our strategic objectives.\"Roberson continued, \"With that said, while our actions to mitigate supply chain disruptions have been largely successful, we are still encountering limited and intermittent supply issues that we must continue to navigate through careful inventory management and pricing actions. Despite these challenges, we remain confident in our ability to deliver long-term growth and reach our three-to-fiv...