Business
Stran & Company Announces 42% Increase in Revenue and Reports Profitable Net Earnings for the Third Quarter of 2023
Conference call to be held today at 10:00 AM ET QUINCY, Mass., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Stran & Company, Inc. ("Stran" or the "Company") (NASDAQ:
About this update from Stran & Company, Inc.
[{"type":"text","content":"Conference call to be held today at 10:00 AM ET\nQUINCY, Mass., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Stran & Company, Inc. (\"Stran\" or the \"Company\") (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today provided a business update and reported financial results for the three months ended September 30, 2023. Andy Shape, President and Chief Executive Officer of Stran, commented, “Following our business growth initiatives, we generated a 42% increase in revenue to a record $19.3 million for the third quarter of 2023. At the same time, our gross profit increased by 50% to $6.4 million, with gross profit margin increasing to 33% compared to 31% for the same period last year, and we booked net earnings of approximately $684,000. We believe our growth and net earnings this quarter reflect infrastructure and technology investments, marketing initiatives, and strategic acquisitions we have pursued in recent quarters while managing our expenses. Moreover, we are proud to have grown organic revenue 30% to $15.4 million for the third quarter of 2023 and achieved these results despite a challenging macroeconomic environment, reflecting our competitive position and increase in market share. As a result, we believe we are continuing to lead the highly fragmented, $25.8 billion promotional products industry through continued organic growth, coupled with a highly accretive acquisition strategy.” “Over the last eighteen months, we have completed four acquisitions and have now integrated all of these businesses into Stran. Each acquisition has brought assets that are significant to Stran, by expanding our geographic footprint, increasing our logistical capabilities, and bringing preferred clientele to our roster of clients. While we will continue to explore strategic M&A opportunities as they arise, our primary focus is organic growth and maximizing the potential of these acquisitions. By combining our M&A strategy with expanded sales and marketing programs, we have further developed our client base, as illustrated by a recent three-year contract estimated to provide up to several hundred thousand dollars in annual spending with a leading medical group. In addition, we recently expanded our relationship with an online sports and entertainmen...