Lakeland industries, inc. reports fiscal 2023 first quarter financial results

First quarter gross margin of 40.5% on gross profit of $11.1 million huntsville, al / accesswire / june 9, 2022 / lakeland industries, inc. (nasdaq:lake) (the "company" or "lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, today announced financial results for its fiscal 2023 first quarter ended april 30, 2022. fiscal 2023 first quarter financial results highlights net sales of $27.3 million, a decline of 20% compared to 1q22 as covid-19 specific demand continues to be largely absent from the company's results and core industrial demand slowly increases to pre-pandemic levels gross margin was 40.5%, above the company's long-term target threshold of 40%, signaling sustained profitability net income of $1.1 million or $0.15 per basic common share in 1q23, down from $5.0 million or $0.63 per basic common share in 1q22 earnings before interest, taxes, depreciation, and amortization (ebitda)* of $1.9 million in 1q23, down 73% from $7.1 million in 1q22 completed $0.4 million of share repurchases during the quarter "while supply chain disruptions and depressed levels of industrial demand impacted revenues, we are pleased to have delivered solid results in the first quarter, highlighted by a gross margin of over 40%," said charles d.
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