Business
Naples Soap Company Reports Fourth Quarter and Full Year Financial Results for 2021
Naples Soap Company Reports Fourth Quarter and Full Year Financial Results for 2021.
About this update from Naples Soap Company Inc.
[{"type":"text","content":"\nNaples Soap Company, Inc (OTC: GNSG), a health and wellness brand that offers high-quality personal care products, including soap, hair, face and skin care products, today announced fourth quarter and full year 2021 financial results for the period ending December 31, 2021.\n\n“I am very pleased with the trajectory that we are on. 2020 was a strong year for our Company, and we topped those results yet again in 2021 thanks to robust sales in our retail footprint and our wholesale division. We experienced a 47% increase in total annual revenue for 2021 over 2020, surpassing $10 million in sales in 2021,” said Deanna Wallin, founder and Chief Executive Officer of Naples Soap Company. “Although we did not open any new stores in 2021, our retail sales were up over 71% compared to the prior year, which is one of the reasons why we are moving forward with plans to open three new stores in 2022. Just as we saw a return to in-person retail shopping, our wholesale division also experienced a lift in sales associated with that same trend. Our wholesale sales were up 41% from 2020 to 2021. We did experience some supply chain disruptions over the course of the year associated with packaging and raw material shortages. Still, we overcame these challenges and maintained a solid inventory of our core products to sell both in stores and online. Inflation remains at the forefront of our projections for 2022 as shipping expenses, manufacturing costs, employee costs and retail rents continue to increase. However, we are deeply focused on containing or offsetting these costs through improved efficiencies, manufacturing opportunities and inventory controls.”\n\nFull Year Results\n\nRevenue grew in 2021 by 47% to $10.9 million, led by a 71% growth in store sales. Wholesale revenue grew by 41%, and e-commerce revenue grew by 6.5%.\n\nOperating expenses increased by 36%, driven primarily by the higher cost in wages and benefits. Additionally, we remodeled our flagship store at Tin City in Naples, our Fishermen’s Village store in Punta Gorda and retrofitted several other locations with new fixtures and product displays. Marketing and advertising expenses also rose as we increased our digital outreach efforts through email campaigns, paid social advertising, third-party affiliates and website enhancements. Lastly, the Compa...