Business
Stran & Company Reports Preliminary Selected Unaudited Results for the First Quarter of 2024
Year-over-year revenue expected to grow 17% compared to first quarter of 2023 Gross margin expected to increase by over 100 basis points versus first quarter
About this update from Stran & Company, Inc.
[{"type":"text","content":"Year-over-year revenue expected to grow 17% compared to first quarter of 2023 Gross margin expected to increase by over 100 basis points versus first quarter of 2023 Cash, cash equivalents and investments expected to increase to $20.2 million as of March 31, 2024, compared to $18.5 million at December 31, 2023 Quincy, MA, June 28, 2024 (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 reported preliminary selected unaudited results for the first quarter of 2024. “We are pleased to report we project strong growth for the first quarter of 2024,” commented Andy Shape, President and CEO of Stran. “Specifically, sales are expected to have increased approximately 17% over the same period last year, which reflects our continued addition of new customers and expansion of existing contracts with existing clients. We expect these results despite a challenging market for our industry, which reflects our strong reputation and increasing market share. In addition, we project that our gross margin improved by over 100 basis points for the quarter compared to the same quarter in the prior year. Lastly, we continue to maintain a strong balance sheet, as illustrated by the fact our cash, cash equivalents and investments are expected to have increased to $20.2 million as of March 31, 2024, compared to $18.5 million as of December 31, 2023. As previously reported, we have engaged Marcum LLP as our new independent public accounting firm, one of the top-ranked by market share and largest PCAOB-registered audit and accounting firms in the U.S., after we were required to dismiss our prior independent public accounting firm. We believe we are making rapid progress toward completing applicable quarterly reporting procedures with our new audit firm, and look forward to reporting our complete and final financial results for the first quarter upon completion of this process.” The selected unaudited results in this press release are preliminary and subject to the completion of accounting and interim review procedures and are therefore subject to adjustment. About StranFor over 29 years, Stran has grown to become a leader in the promotional products industry, specializing in co...