Business
SPAR Group, Inc. Reports Fiscal 2022 Third Quarter Results
Quarterly Net Revenues $69.8 million, Up 3.6% or 7.2% Adjusted for Constant Currency Growth Reflects Strong Americas Business Fueled by In-Store Merchandising
About this update from Spar Group, Inc.
[{"type":"text","content":"Quarterly Net Revenues $69.8 million, Up 3.6% or 7.2% Adjusted for Constant Currency \nGrowth Reflects Strong Americas Business Fueled by In-Store Merchandising and Store Remodel Business\nAUBURN HILLS, Mich., Nov. 14, 2022 /PRNewswire/ -- SPAR Group, Inc. (NASDAQ: SGRP) (\"SPAR\", \"SPAR Group\" or the \"Company\"), a leading global provider of merchandising, marketing, and distribution services today reported financial and operating results for the third quarter and nine-month period ended September 30, 2022.\nMike Matacunas, the Company's President and Chief Executive Officer, commented, \"I am pleased with our revenue growth and continued gross profit performance. Our focus on the core business resulted in the U.S. merchandising business and remodel businesses growth of 15% and 62%, respectively, over last year. In addition, revenues in our two largest international businesses in Brazil and South Africa are up 13% and 8%, respectively, in constant currency. It is clear that our clients are responding to our efforts and awarding us a larger share of their business and overall market. The team is energized. \n\"Like all global companies, we are carefully monitoring our businesses in Asia Pacific, especially China, as the local Covid policies are different than in other parts of the world. Notwithstanding one-time expenses related to our strategic alternatives' initiative, as well as APAC's headwinds, I expect these to be temporary in nature, and we remain committed to driving greater profitability and bottom-line performance.\n\"I am enthusiastic about the balance of this year and bullish about our opportunities for 2023. I would like to thank all of our team, especially those in the field, for their dedication to SPAR and the work that they do every day for our clients. As our clients bring us more opportunity, we have more to do,\" concluded Matacunas. \nThird Quarter 2022 Financial Results\nNet revenues were $69.8 million, comprised of $53.7 million from Americas (77%) and $8.9 million from EMEA (13%), and $7.1 million from APAC (10%). Total net revenue increased by 3.6% (up 7.2% on a constant currency basis), Americas increased over the prior year by 7.8% (up 8.1% on a constant currency basis), EMEA decreased by 7.3% (up 8.3% on a constant currency basis), and APAC decreased by 9.8% (up 0.4% on a constant currency basis) f...