NAPLES SOAP COMPANY INC - NASO STOCK NEWS

Naples Soap Company (OTC PINK: NASO) reported its financial results for Q4 and the full year ending December 31, 2022. Despite challenges from Hurricane Ian, which affected four stores and caused operational setbacks, total sales for 2022 increased by 2% to approximately $11.1 million. However, Q4 sales declined by 9% to $3.1 million. Store sales rose 4% for the year, but dropped 16% in Q4 due to closures for repairs. E-Commerce sales decreased slightly for the year but saw a 7% gain in Q4. Net income plummeted to a loss of $865,000 from a gain of $1.3 million in 2021. Operating expenses surged by 23% due to hurricane-related costs and store openings.

Naples Soap Company (OTC PINK: NASO) has reopened its stores in Southwest Florida after hurricane damage, except for the Sanibel location. The Fifth Avenue Naples store and the Tin City location reopened before Thanksgiving, while the Downtown Fort Myers store reopened on December 5, 2022. Founder and CEO Deanna Wallin expressed excitement about the reopening just in time for holiday sales, noting that November and December are peak months. The company has introduced a wide range of holiday merchandise to attract shoppers.

Naples Soap Company (OTC PINK: NASO) announced its third-quarter financial results for the period ending September 30, 2022. Total sales rose 2% to approximately $2.31 million, while sales for the first nine months increased 7% to about $8.08 million. Gross profit for the same period was approximately $5.81 million, a 2% increase. However, net income showed a loss of $130 thousand, a significant decline from a net income of $1.1 million in the previous year, partly due to external financial support received in 2021. The company noted rising costs due to inflation and supply-chain pressures.

Naples Soap Company (OTC PINK: NASO) reported second-quarter financial results for the period ending June 30, 2022. Total sales increased by 2% to approximately $2.85 million, with a 10% rise to $5.77 million for the six months. Gross profit also grew by 4% to about $4.18 million. However, net income dropped significantly by 53% to $318 thousand, attributed to rising operating expenses which surged 32% due to new retail store openings and relocation costs. The company faces ongoing challenges from inflation and supply-chain issues impacting margins and is strategizing to mitigate costs.

Naples Soap Company (OTC PINK: NASO) has announced the opening of a new store in Venice, Florida, specifically in the Wellen Park community. The store will occupy over 2,200 square feet and is set to open in Q4 2022, coinciding with the holiday shopping season. Founder Deanna Wallin noted the strategic importance of this location, bridging the gap between existing stores in Lakewood Ranch and Fishermen’s Village. The company is looking to hire full and part-time staff for this new location and others. Naples Soap Company offers a wide range of natural skin and hair care products, sold through various channels.

Naples Soap Company, Inc. (OTC PINK: NASO) has announced a name change from The GNS Group, Inc. to Naples Soap Company, Inc. This change will take effect at the market opening on May 23, 2022. Additionally, the stock ticker symbol will change from GNSG to NASO. Shares will continue to trade on the Pink Market, and the CUSIP number remains unchanged. Shareholders do not need to take any action regarding this update.

Founded in 2009, Naples Soap Company offers over 300 personal care products made in the USA, available through retail locations and online.