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Naples Soap Company (OTC: GNSG) reported first-quarter results for the period ending March 31, 2022. Total sales increased by 18% to approximately $2.9 million, driven by a 32% rise in store sales. Gross profit rose 14% to roughly $2.2 million. However, operating expenses surged by 38%, primarily due to being a public company and inflation-related costs, leading to a net loss of about $140,000, exceeding the projected loss of $60,000. The company opened its eleventh store in Kissimmee, Florida, amidst strong seasonal sales patterns.
Naples Soap Company (OTC: GNSG) reported a robust 47% revenue increase for 2021, reaching
Naples Soap Company has opened its largest retail store at the Promenade at Sunset Walk in Kissimmee, Florida. The new 2,500 square foot location features modern décor and product demonstrations for a unique customer experience. The store offers over 300 company products and Florida-themed items, targeting millions of tourists visiting nearby attractions like Disney World. Founded in 2009, Naples Soap Company specializes in high-quality, natural skin and hair care products, aiming to enhance customer engagement and brand visibility.
Naples Soap Company, Inc. (OTC: GNSG) has announced that the OTC Markets Group has lifted the Caveat Emptor designation from its stock, allowing for open trading under Pink Sheet Current status. The CEO, Deanna Wallin, expressed readiness to expand storefront locations, wholesale partnerships, and online sales following this change. Additionally, the company plans to update its CUSIP number and stock symbol to align better with its branding within the first half of the year.
Naples Soap Company, a subsidiary of GNS Group, Inc. (OTC: GNSG), reported strong financial results for Q3 2021, achieving a 48% increase in total sales over the last twelve months, surpassing $10 million. Q3 2021 sales reached $2,262,402, a 49% rise year-over-year. Despite a seasonal loss of $26,716, the figure improved from previous losses. The company is expanding its product line and retail presence, planning to open three new stores in Florida. A corporate name change and new stock symbol are also in the works to better align with the brand.
Naples Soap Company, a subsidiary of GNS Group (OTC: GNSG), is set to upgrade its designation from CE to Yield on OTCMarkets.com, having completed necessary filings. The company is projected to exceed $10 million in revenue and expects profitability for the fiscal year ending December 31, 2021. Additionally, plans for a corporate name change aligned with Naples Soap Company branding have been announced, which will require a new stock trading symbol and CUSIP number, expected to initiate in Q4 of this year.
Naples Soap Company has announced the opening of a new retail location at the Promenade at Sunset Walk in Kissimmee, FL. The store, spanning over 2,500 square feet, will be the company's largest, aimed at attracting tourists and local shoppers alike. Founded in 2009, the company specializes in premium skin and hair care products made in the USA. The new store is expected to enhance brand visibility, leveraging the area's high tourist traffic near Disney World and other attractions. The company plans to open by year-end.
GNS Group, Inc. (OTC: GNSG) has successfully completed a reverse merger with Naples Soap Company, allowing GNSG to acquire 100% of the company's shares. Following this transaction, Deanna Wallin, founder of Naples Soap, becomes CEO and the largest shareholder of GNSG. Wallin highlights significant sales growth, with retail store sales increasing over 40% in the first half of 2021 compared to 2019, and a 253% rise in e-commerce orders since 2019. The company aims to update its financials to achieve Pink Current reporting status.
On June 28, 2021, Naples Soap Company announced a letter of intent to merge with GNS Group, Inc. (GNSG). Under this agreement, GNSG will acquire 100% of Naples Soap Company’s shares in exchange for GNSG shares. The companies aim to complete the merger within 10 days, following due diligence. Deanna Wallin, CEO of Naples Soap Company, expressed enthusiasm about the public listing opportunity and plans for growth capital, scaling operations, and potential acquisitions.
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