Business
Stran & Company Reports Preliminary Selected Unaudited Results for the Six Months Ended June 30, 2024
Revenue expected to grow approximately 10% compared to the first six months of 2023 Gross margin expected to increase to 31.7% for the first six months of
About this update from Stran & Company, Inc.
[{"type":"text","content":"Revenue expected to grow approximately 10% compared to the first six months of 2023 Gross margin expected to increase to 31.7% for the first six months of 2024 vs. 29.4% for the first six months of 2023 Cash, cash equivalents and investments expected to increase to $21.5 million as of June 30, 2024, compared to $18.5 million at December 31, 2023 Quincy, MA, Aug. 12, 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 six months ended June 30, 2024. “We experienced solid growth for the first half of 2024 and currently estimate revenue increased by more than 10% compared to the first six months of 2024, as we increased market share despite a challenging market for many of our competitors,” commented Andy Shape, President and CEO of Stran. “In addition, we project our gross profit margin increased to 31.7% for the six months ended June 30, 2024 compared to 29.4% for the same period last year. We attribute these results to the ongoing execution of our growth strategy, including onboarding new customers, increasing penetration within existing customers, implementing innovative technologies, and expanding our footprint nationwide. We have consistently maintained a strong balance sheet, and are proud to report cash, cash equivalents and investments increased to an estimated $21.5 million as of June 30, 2024, providing us a war chest to capitalize on synergistic and accretive M&A opportunities to complement our organic growth. Additionally, we are working diligently to finalize our financial statements and look forward to formally reporting the results upon completion of the 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 complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promoti...