Business
Lakeland Industries, Inc. Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results
Fiscal 2023 net sales of $112.8 million and gross margin of 40.6%Expects continued momentum and growth in fiscal 2024HUNTSVILLE, AL / ACCESSWIRE / April 13,
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Fiscal 2023 net sales of $112.8 million and gross margin of 40.6%Expects continued momentum and growth in fiscal 2024HUNTSVILLE, AL / ACCESSWIRE / April 13, 2023 / 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 fourth quarter and full year ended January 31, 2023.Fiscal 2023 Fourth Quarter Financial Results HighlightsNet sales for the fourth quarter of fiscal year 2023 were $29.0 million, an increase of $2.2 million from the net sales of $26.8 million for the fourth quarter of fiscal year 2022. Compared to the fourth quarter of fiscal year 2022, sales increased in Europe, Latin America and the U.S., slightly offset by a year-over-year decline in Asia. Our European net sales include $1.3 million from our acquisition of Eagle Technical Products (\"Eagle\"), which we closed in December 2022. Gross margins for the fourth quarter of fiscal year 2023 were 37.5% compared to 39.2% for the fourth quarter of fiscal year 2022. Net income for the fourth quarter of fiscal year 2023 was $0.2 million or $0.03 per basic common share. Adjusted earnings before interest, taxes, depreciation, amortization, equity compensation, and non-recurring expenses (Adjusted EBITDA)* was $1.8 million in the fourth quarter of fiscal year 2023, compared to $2.9 million in the fourth quarter of fiscal year 2022.Fiscal 2023 Full Year Financial Results HighlightsNet sales for fiscal year 2023 were $112.8 million, a decrease of $5.6 million from $118.4 million for fiscal year 2022. Compared to fiscal year 2022, decreases in sales in Asia, caused by shutdowns and the absence of typical year-end stocking ahead of the Chinese New Year due to the country's \"Zero COVID Policy\", and Europe, due to recessionary economic conditions, more than offset year-over-year growth in North America. Gross margins for fiscal year 2023 decreased to 40.6% compared to 43.0% for fiscal year 2022 due primarily to strategic pricing relative to higher inventory levels in our disposable products and foreign currency headwinds. Net income for fiscal year 2023 was $1.9 million or $0.25 per basic common share. Adjusted EBITDA* was $9.6 million in fiscal year 2023, compared to $1...