Welcome to our dedicated page for Dogness (International) Corporation news (Ticker: DOGZ), a resource for investors and traders seeking the latest updates and insights on Dogness (International) Corporation stock.
Dogness (International) Corporation (NASDAQ: DOGZ) is a globally recognized developer and manufacturer of fashionable and high-quality pet products for both dogs and cats. Established in 2003 and headquartered in Dongguan, China, the company offers a diverse range of products including pet leashes, collars, harnesses, retractable leashes, and various intelligent pet products designed for convenience and pet well-being.
The company's intelligent pet products, such as app-controlled feeders, water fountains, and smart pet toys, are at the forefront of pet care innovation. Dogness also manufactures climbing hooks, pet shampoos, and other miscellaneous pet accessories. Their products are sold worldwide through a network of wholesalers and retailers, reaching markets in Mainland China, the United States, Europe, Australia, Canada, Japan, and more.
Dogness has a vertically integrated supply chain and invests significantly in research and development, holding over 200 patents and patents pending. Despite fierce competition and economic challenges, the company remains focused on expanding its market presence by developing new high-tech products and enhancing production efficiency. Recently, Dogness has implemented cost-saving measures and is exploring mergers and acquisitions to strengthen its industrial chain and improve profitability.
For the fiscal year ending June 30, 2023, Dogness reported a revenue decrease of approximately $9.5 million, or 35.1%, primarily due to reduced sales in both domestic and international markets. The company is addressing these challenges by leveraging online sales channels and targeting younger consumers with innovative smart pet products.
On November 6, 2023, Dogness announced a 1-for-20 share consolidation to comply with Nasdaq Marketplace Rule 5550(a)(2). This strategic move aims to maintain their Nasdaq listing by adjusting the authorized shares and par value. Moving forward, Dogness is committed to enhancing its brand identity, improving profit margins, and ensuring long-term growth through strategic initiatives.
On July 13, 2021, Dogness (International) Corporation (NASDAQ: DOGZ) announced its products are now available on HomeDepot.com, including the 3.2L Smart Fountain Plus and smart retractable leashes. The Smart Fountain encourages pets to drink more with a continuous flow of clean water, while the leashes are designed for durability and comfort. Dogness aims to enhance its market presence through collaborations with major retailers and online platforms, emphasizing innovation and product quality to increase shareholder value.
Dogness (International) Corporation (NASDAQ: DOGZ) announced the shipment of 700 cartons of traditional pet products to a strategic partner in Japan. This move comes amid strong demand in key markets including China, the U.S., and Europe. Dog ownership in Japan has surged, outnumbering children under 15, partly due to the COVID-19 pandemic. The company plans to enhance its product lineup with innovative smart pet technologies later this year. CEO Silong Chen emphasized the commitment to meet high demand and strengthen pet-owner bonds.
Dogness (International) Corporation (NASDAQ: DOGZ) announced the addition of three new distributors to support its growth in the intelligent pet products market. These distributors will enhance the company's presence in Europe and Asia, specifically Taiwan and Russia. In the six months ending December 31, 2020, Dogness achieved 47.5% of sales from exports across 25 countries. CEO Silong Chen emphasized the company's focus on innovation in pet care solutions, driven by increasing global pet ownership and spending trends. Dogness aims to leverage its technology to expand sales in key markets.
On June 23, 2021, Dogness (International) Corporation (NASDAQ: DOGZ) announced a significant order for its Smart CAM Treaters from a major U.S. retailer with nearly 600 locations, valued at approximately $1 million. This order is indicative of the strong demand for Dogness's innovative pet-tech products and reflects the company's sales momentum. The Smart CAM Treaters allow pet owners to interact with their pets remotely, enhancing care options as society reopens. Dogness emphasizes its capacity to meet higher order volumes through robust production and supply chain management.
Argus Research has updated its coverage on Dogness (International) Corporation (NasdaqGM: DOGZ), highlighting the company's return to profitability in the first half of fiscal 2021. This turnaround is attributed to increased demand for pet products during the COVID-19 pandemic and a 7% revenue growth, with smart pet product sales surging by 60%. Dogness now has $2.3 million in cash and raised $7.4 million in January 2021. Analysts project a fair value of $6.00 per share, noting current trading at a steep discount to industry averages.
Dogness (International) Corporation (NASDAQ: DOGZ) announced the delivery of over 3,000 programmable automatic dog and cat feeders in June 2021, with an additional 1,000 units expected shortly. This marks the product's entry into all of Petco's 1,600 retail locations and online. CEO Silong Chen praised the team for managing global supply chain challenges and meeting large-scale orders. Dogness emphasizes its commitment to fulfilling customer demand while ensuring product availability for growth.
Dogness (International) Corporation (NASDAQ: DOGZ) announced that Costco will feature its smart pet products in new stores in Little Rock, AR, and Moore, OK, starting next month. A larger rollout is planned for October in preparation for the holiday season. Featured products include the Smart Treat Dispenser, Smart Water Fountain Plus, and Smart Cam iPet Robot. CEO Silong Chen expressed excitement over the partnership, which aims to boost brand awareness and sales.
Dogness reported a 6.7% year-over-year revenue increase to $12.2 million, driven by a 60.3% surge in smart pet product sales. U.S. sales rose 41.7%, while China saw a 4.8% increase. Gross margin improved to 39.1%, with comprehensive income reaching $5.0 million compared to a $1.2 million loss the previous year. EPS rose to $0.03, up from a loss of $0.01. The company expands its distribution networks, including agreements with major retailers like Petco, Costco, and Chewy. Continuous product innovation is expected to further boost profitability.
Dogness (International) Corporation (NASDAQ: DOGZ) announced a significant follow-on order from Petco for its 6L programmable automatic dog/cat feeders, expanding sales across Petco's 1,600 retail locations. This follows a January 2021 order of over 4,000 units for the 2L feeders. Chairman Silong Chen highlighted the increasing demand for smart pet health solutions among pet owners. The feeder features include customizable feeding schedules, portion control, and a patented anti-jamming mechanism, positioning Dogness as a leader in pet-tech products.
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