Naples Soap Company Reports First Quarter Results
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.
- Total sales increased by 18% to approximately $2.9 million.
- Store sales rose by 32%.
- Gross profit increased by 14% to about $2.2 million.
- Opened eleventh store in Kissimmee, Florida.
- Operating expenses rose by 38%, driven by public company costs and inflation.
- Net loss of approximately $140,000 exceeded the previously projected loss of $60,000.
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Total sales for the period ended
March 31, 2022 were approximately compared to approximately$2.9 million for the period ended$2.5 million March 31, 2021 , an18% increase. -
Store sales for the period ended
March 31, 2022 increased32% , compared to the period endedMarch 31, 2021 . -
Gross profit for the period ended
March 31, 2022 was approximately compared to$2.2 million for the period ended$1.9 million March 31, 2021 , a14% increase. -
Operating expenses for the period ended
March 31, 2022 increased approximately38% compared to the period endedMarch 31, 2021 . The increase was primarily driven by additional expenses related to being a public company, such as legal, audit, tax, etc. In addition, as a result of inflation being at a 40-year high and logistical challenges experienced throughoutthe United States , the Company had an increase in its cost of supplies and shipping. -
The aforementioned factors resulted in the Company experiencing a loss of approximately
for the period ended$140 thousand March 31, 2022 . The Company had previously projected a loss of approximately for the quarter.$60 thousand
In addition to the first quarter financial results,
“The first quarter is always a busy time for us with our
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are subject to uncertainty and may not come to fruition. Readers are cautioned not to place undue reliance on any forward-looking statement including statements that list numbers and dates.
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