Business
Lakeland Industries, Inc. Reports Fiscal 2024 Fourth Quarter Financial and Full Year Financial Results
Fiscal 2024 net sales of $124.7 million and gross margin of 41.1%Fire Services further supported by announced acquisitions of Jolly Boots and the LHD Group
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Fiscal 2024 net sales of $124.7 million and gross margin of 41.1%Fire Services further supported by announced acquisitions of Jolly Boots and the LHD Group fire and rescue business after year-end.FY 25 Revenue expected to be in the range of $140 million to $150 millionHUNTSVILLE, AL / ACCESSWIRE / April 10, 2024 / 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 2024 fourth quarter and full year ended January 31, 2024.Fiscal 2024 Fourth Quarter Financial Results Highlights and Recent DevelopmentsNet sales increased 7.7% to $31.2 million compared to $29 million last yearGross margin was 35.9% compared to 37.5% last yearThe Company took a one-time charge of $2.7 million for excess and obsolete inventory, which reduced the fourth-quarter gross margin by 8.7%. Excluding this one-time charge for inventory right-sizing, Q4-FY24 gross margin* would have been 44.6%Net income was a loss of ($1.0) million, or ($0.13) per basic and ($0.13) per diluted share, compared to net income of $0.2 million, or $0.02 per basic and diluted share, last yearAdjusted EBITDA excluding FX losses* was $3.4 million compared to $1.9 million last year with a margin* of 11.0% compared to 6.7% last year. Including FX losses, Adjusted EBITDA* was $1.8 million with a margin* of 5.7%Foreign currency exchange movements negatively impacted operating expenses and Adjusted EBITDA by $1.7 million compared to $0.1 million last year, due primarily to the Argentinian pesoCompleted acquisition of Jolly Scarpe boots and announced agreement to acquire LHD Group's fire and rescue business subsequent to quarter end, enhancing Lakeland's fire service offeringsFiscal 2024 Full Year Financial Results HighlightsNet sales increased 10.5% to $124.7 million compared to $112.8 million last yearGross margin was 41.1% compared to 40.6% last year. Excluding the $2.7 million one-time charge for inventory right-sizing, our full-year gross margin* would have been higher by 2.1%, or 43.2%Net income was $5.4 million or $0.74 per basic and $0.72 per diluted share, compared to net income of $1.9 million, or $0.25 per basic and $0.24 per diluted share last yearAdjusted EBITDA* excluding...