Business
Lakeland Industries, Inc. Reports Fiscal 2023 Second Quarter Financial Results
Net sales of $28.2 million, up 3.3% sequentially and an increase of 2.6% year-over-yearHUNTSVILLE, AL / ACCESSWIRE / September 8, 2022 / Lakeland Industries,
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $28.2 million, up 3.3% sequentially and an increase of 2.6% year-over-yearHUNTSVILLE, AL / ACCESSWIRE / September 8, 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 second quarter ended July 31, 2022.Fiscal 2023 Second Quarter Financial Results HighlightsNet sales of $28.2 million, up 3.3% sequentially and an increase of 2.6% year-over-yearGross margin was 41.3%, above the Company's long-term target threshold of 40% and up from 40.5% in 1Q23Net loss of $0.9 million or ($0.11) per basic common share in 2Q23 after discrete tax provisionNon-GAAP net income* of $1.1 million or $0.15 per basic common share in 2Q23 consistent with $0.9 million or $0.13 per basic common share in 1Q23Earnings before interest, taxes, depreciation, and amortization (EBITDA)* of $2.1 million in 2Q23, compared to $1.9 million in 1Q23Completed $2.7 million of share repurchases during the quarterCurrency headwinds of $0.8 million, due primarily to fluctuation in the Chinese yuan\"Lakeland is pleased to have delivered another quarter of sequential improvement, characterized by quarter-over-quarter and year-over-year volume growth as well as maintaining a gross margin of over 40%,\" said Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries. \"While the pace of a global industrial recovery has been slower than originally anticipated, we are encouraged by our team's ability to improve profitability margins sequentially. However, as we look to the balance of the fiscal year, the magnitude and duration of a pending economic slowdown remains unknown, and we expect the impacts with regards to inflation and broader supply chain disruptions to continue to pressure the industrial environment. With this updated outlook now being contemplated, mindful of our focus on continuing to position Lakeland to execute on its long-term revenue growth targets while also maintaining our margin profile, we have begun to proactively rationalize operating expenses as maintaining our operational leverage remains a core priority for our teams.\"Roberson concluded, \"Despite a reallocation of resources in light of developing ...