Naples Soap Company Reports First Quarter Results

NAPLES, Fla.--(BUSINESS WIRE)-- Naples Soap Company, Inc (OTC: GNSG), a health and wellness brand that offers high-quality personal care products, including soap, hair, face and skin care products, today reported first quarter financial results for the period ending March 31, 2022.

• Total sales for the period ended March 31, 2022 were approximately $2.9 million compared to approximately $2.5 million for the period ended March 31, 2021, an 18% increase.
• Store sales for the period ended March 31, 2022 increased 32%, compared to the period ended March 31, 2021.
• Gross profit for the period ended March 31, 2022 was approximately $2.2 million compared to $1.9 million for the period ended March 31, 2021, a 14% increase.
• Operating expenses for the period ended March 31, 2022 increased approximately 38% compared to the period ended March 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 throughout the 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 $140 thousand for the period ended March 31, 2022. The Company had previously projected a loss of approximately $60 thousand for the quarter.

In addition to the first quarter financial results, Naples Soap Company opened its eleventh store location in Florida in March. The new store is located in Kissimmee, Fla. at the Promenade at Sunset Walk a shopping destination that attracts tourist and Orlando locals.

“The first quarter is always a busy time for us with our Florida stores, and this year was no different. Our stores are strategically located in tourist spots that attract ‘snowbirds’ seeking warmer weather,” said Deanna Wallin, Founder & CEO for Naples Soap Company. “Our focus for the second quarter will be managing our cost of goods, staffing our stores and warehouse, and launching a couple of new product lines that have been in development.”

About Naples Soap Company

Founded in 2009 by Deanna Wallin, Naples Soap Company is a producer of more than 300 bath, body and personal care products that are made in the USA. Products are sold at the Company’s 11 retail locations in Florida. Naples Soap Company products are sold online from the Company’s website at www.naplessoap.com, through other DTC (direct-to-consumer) channels such as Amazon.com and in more than 300 boutiques, spas and stores throughout the United States via the Company’s wholesale division. For more information about Naples Soap Company, visit www.naplessoap.com. (OTC: GNSG).

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220511006051/en/

Deanna Wallin, Founder and CEO

investorrelations@naplessoap.com | (239) 325-8263

Source: Naples Soap Company