Naples Soap Company Reports Record Revenues Driven by Same-Store Sales Increases

Rhea-AI Summary

Naples Soap Company, Inc. (NASDAQ: NASO) reported record revenues with a 21% year-over-year growth during the prime tourist season from November 2023 to March 2024. The company saw increases in gross and net profits, driven by new products that led to higher transaction-per-customer and reduced operating expenses.

Positive

• Record revenues with a 21% year-over-year growth

• Growth in gross and net profits

• New products driving higher transaction-per-customer

• Operating expenses decreased by 1%

• Expanding product line appealing to both loyalists and new customers

• Strong same-store sales growth due to increased average transaction-per-customer

Negative

• None.

• 21% year-over-year revenue growth during Southwest Florida’s prime tourist season from November 2023 to March 2024
• Growth in gross and net profits, as new products propelled higher transaction-per-customer and operating expenses decreased

NAPLES, Fla.--(BUSINESS WIRE)-- Naples Soap Company, Inc. (OTCQB: NASO), (“the Company”), a pioneering health and wellness brand that offers high-quality skin and hair care products throughout the United States, today announced key performance metrics for the 5-month tourism season from November 1, 2023 to March 31, 2024 in Southwestern Florida, where most of the Company’s physical retail stores are located.

Revenues increased to $6.4 million for the 5-month period, a $1.1 million or 21% rise, as compared to $5.3 million during the same period in 2022-2023. Gross margins grew to 76% during the 2023-2024 season, as compared to 70% in the prior year’s 5-month tourism season. Operating expenses decreased by 1% as compared to the prior year, resulting in an increase in net profit for the 5-month period ended March 31, 2024.

“Our expanding, well formulated and curated product line appeals to customers across the board, from our long-time brand loyalists to new shoppers alike, both online and in our physical stores. Higher average transaction-per-customer at our physical stores, combined with a recovered and now robust post-hurricane Ian Florida economy, were the drivers for our substantial increase in same-store sales,” stated Naples Soap Company Founder and CEO, Deanna Wallin.

“We have a fantastic team, from the friendly, knowledgeable staff at our physical stores, all the way to our executives at headquarters. Together, we are excited to launch numerous growth initiatives this year through new product lines, formulations, and distribution channels, all with the aim of providing wellness-conscious people with naturally better skin and self care products,” Wallin concluded.

For more information about Naples Soap Company’s products visit www.naplessoap.com.

Investors are welcome to visit www.ir.naplessoap.com.

About Naples Soap Company, Inc.

Founded in 2009 by Deanna Wallin, Naples Soap Company is a supplier of more than 400 bath, body and personal care products. Products are sold at the Company’s 13 retail locations in Florida and online 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 ir.naplessoap.com.

Forward-Looking Statements

This release includes certain statements that are "forward-looking statements.” All statements in this release, other than statements of historical fact, that address events or developments that are expected to occur, are forward-looking statements. Forward-looking statements are generally, but not always, identified by the words like “aim,” “believe,” “expect,” “intend,” “plan,” “will” and variations of the same. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include our need to obtain additional capital or financing to support our business plans, which may not be available on acceptable terms or at all, market prices, competition, risks inherent in the development and launch of potential products and in new market segments, risks relating to the establishment and maintenance of relationships with athletes, celebrities and influencers, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Naples Soap Company’s management on the date the statements are made. Except as required by applicable securities laws, Naples Soap Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507713341/en/

Deanna Wallin, CEO & Founder, Naples Soap Company, (239) 325-8263, investorrelations@naplessoap.com

Source: Naples Soap Company