Business
Naples Soap Company Reports Results Through June 30, 2023
Naples Soap Company Reports Results Through June 30, 2023.
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 results for the period ending June 30, 2023.\n\n\n“We’re continuing to see the effects of high inflation on consumer spending, a slow-down in tourism and the lingering consequences of Hurricane Ian. These three factors have contributed to a decrease in our retail store sales and our wholesale business. Our e-commerce sales have been less impacted and are up for the year,” said Deanna Wallin, founder and CEO of Naples Soap Company. Total sales for the six months ended June 30, 2023 were approximately $5.62 million compared to approximately $5.77 million for the six months ended June 30, 2022, a 3% decrease.\n\n\n\nRetail store sales for the six months ended June 30, 2023 decreased 5%, compared to the six months ended June 30, 2022. Total retail store sales through June 30, 2023 totaled $4.14 million. It’s worth noting that the Company has been without one of its top performing stores due to Hurricane Ian damage. In the first half of 2022, the Sanibel store generated $344 thousand in sales. This store remains under construction with a projected reopening date of early 2024.\n\n\n\nWholesale sales through June 30, 2023 represented 3.7% of total revenues or $211 thousand. For the six months ended June 30, 2023, the wholesale division sales decreased 11%, compared to the six months ended June 30, 2022.\n\n\n\nE-commerce sales, including direct-to-consumer and amazon.com sales, for the six months ended June 30, 2023 saw an increase of 7% compared to the six months ended June 30, 2022. Total E-commerce sales through June 30, 2023 totaled $1.27 million.\n\n\n\n“In the second quarter of 2023, we focused much of our efforts on opening four new Florida locations. These locations were originally projected to open in the fourth quarter of 2022; however, due to developer-related construction delays and hurricane-related delays, the new stores opened approximately six months later than planned,” stated Deanna Wallin. “Our Santa Rosa Beach store located in the Panhandle of Florida opened in April of 2023. This location is a nice complement to our retail footprint because this region’s tourist season is during the summer, when we typically see a decline in to...