Business
Naples Soap Company Reports Fourth Quarter and Full Year Financial Results for 2022
Naples Soap Company Reports Fourth Quarter and Full Year Financial Results for 2022.
About this update from Naples Soap Company Inc.
[{"type":"text","content":"\nNaples Soap Company, Inc. (OTC PINK: NASO), a health and wellness brand that offers high-quality skin and hair care products, today reported fourth quarter and full year 2022 financial results for the period ending December 31, 2022.\n\n“The final quarter of 2022 dealt the Company and many other Florida-based businesses with an unprecedented event,” said Deanna Wallin, CEO and Founder of Naples Soap Company. On September 28, 2022, Hurricane Ian made landfall in southwest Florida as a Category 4 hurricane and marched across the state leaving a path of destruction. “In our case, four of our 10 stores were flooded with between 18 inches and six feet of flood waters. Additionally, our ‘former’ warehouse lost sections of the roof, and our ‘new’ warehouse and two undamaged stores were without power for days following the storm.”\n\n“These challenges tested our fortitude, and I am extremely proud of how the Company performed in the face of adversity,” Wallin went on to say. “Before the winds died down, we put our extensive contingency plans into place and never lost sight of the importance of our pre-planned fourth quarter holiday initiatives.”\n\n\nDespite inflationary pressures, supply chain issues, changes in consumer spending habits and the negative impact of Hurricane Ian, 2022 total sales finished ahead of 2021. Total sales for the year ended December 31, 2022 were approximately $11.1 million compared to approximately $10.9 million for the year ended December 31, 2021, a 2% increase. Total sales for the fourth quarter of 2022 were approximately $3.1 million compared to approximately $3.4 million for the fourth quarter of 2021, a 9% decrease.\n\n\nStore sales for the year ended December 31, 2022 were $7.9 million compared to approximately $7.7 million for the year ended December 31, 2021, a 4% increase. Three of the Company’s busiest stores were closed for hurricane repairs during much of the fourth quarter, and tourist traffic in areas impacted by the storm was also down. These factors had a significant impact on the decrease in fourth quarter store sales. Store sales for the fourth quarter of 2022 were approximately $2.0 million compared to approximately $2.4 million for the fourth quarter of 2021, a 16% decrease.\n\n\nE-Commerce sales for the year w...