Q1 2025 Lakeland Industries Inc Earnings Call Transcript
Key Points
- Net sales for the first quarter of fiscal 2025 increased by 27% to $36.3 million compared to $28.7 million in the previous year.
- Strong growth in North American and Latin American operations, with 18% and 54% year-over-year increases, respectively.
- First quarter gross margins improved to 44.6%, an increase of 1.2 percentage points over the same period last year.
- Adjusted EBITDA for the first quarter of fiscal 2025 was $3.9 million, a 40% increase compared to $2.8 million for the first quarter of fiscal 2024.
- Successful integration of recent acquisitions, Pacific Helmets and Jolly Boots, which contributed $3.9 million or 11% of total Q1 FY25 sales.
- Asian business remained soft in the first quarter, impacting overall sales growth.
- Operating margins decreased slightly to 6.1% for the first quarter of fiscal 2025 compared to 6.8% for the first quarter of fiscal 2024.
- Higher SG&A costs negatively impacted operating profit, with a $3.5 million increase in expenses.
- Continued weakness in the disposables product line in Asia and Europe.
- Ongoing challenges with inventory reduction and generating cash flow, despite an $8.6 million reduction in inventory year-over-year.
Good day and welcome to the Lakeland Industries Fiscal 2025 first quarter financial results conference call. (Operator Instructions) During today's call, we may make statements relating to our goals and objectives for future operations, financial and business trends, business prospects and management's expectations for future performance that constitute forward-looking statements under federal securities laws.
Any such forward-looking statements reflect management's expectations based upon currently available information and are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our SEC filings.
Our actual results, performance or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.
On this call, we will also discuss financial measures derived from our financial statements that are not determined in accordance with US GAAP,
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