Naples Soap Company Reports Results Through June 30, 2023
“We’re continuing to see the effects of high inflation on consumer spending, a slow-down in tourism and the lingering consequences of Hurricane Ian. These three factors have contributed to a decrease in our retail store sales and our wholesale business. Our e-commerce sales have been less impacted and are up for the year,” said Deanna Wallin, founder and CEO of Naples Soap Company. Total sales for the six months ended June 30, 2023 were approximately
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Retail store sales for the six months ended June 30, 2023 decreased
5% , compared to the six months ended June 30, 2022. Total retail store sales through June 30, 2023 totaled . It’s worth noting that the Company has been without one of its top performing stores due to Hurricane Ian damage. In the first half of 2022, the$4.14 million Sanibel store generated in sales. This store remains under construction with a projected reopening date of early 2024.$344 thousand -
Wholesale sales through June 30, 2023 represented
3.7% of total revenues or . For the six months ended June 30, 2023, the wholesale division sales decreased$211 thousand 11% , compared to the six months ended June 30, 2022. -
E-commerce sales, including direct-to-consumer and amazon.com sales, for the six months ended June 30, 2023 saw an increase of
7% compared to the six months ended June 30, 2022. Total E-commerce sales through June 30, 2023 totaled .$1.27 million
“In the second quarter of 2023, we focused much of our efforts on opening four new
The Company has worked diligently to manage its cost of goods by developing relationships with new manufacturers to bring in products at higher profit margins that complement the Company’s core product lines.
● The combined year-to-date gross margin percentage for retail stores has been steadily increasing since this initiative was put into place. The gross margin percentage was
● Gross profit for the six months ended June 30, 2023 was approximately
“In addition to managing our cost of goods, we remain focused on managing our overall expenses,” said Wallin. “Wages and benefits are very competitive in
Through other cost-cutting measures including new vendor relationships for supplies, the Company has decreased administrative expenses by
● Net income for the six months ended June 30, 2023 was a loss of approximately
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. Products are sold at the Company’s 13 retail locations in
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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Deanna Wallin, Founder and CEO
investorrelations@naplessoap.com | (239) 325-8263
Source: Naples Soap Company