LAKE - Lakeland Industries down ~7% on Q4 earnings miss

2023-04-14 11:01:13 ET

• Lakeland Industries ( NASDAQ: LAKE ) is trading 6.5% lower after the company missed Q4 estimates, hurt by lower sales in Asia.
• Revenue rose 8.2% Y/Y to $29M and missed estimates by $0.64M, while Q4 GAAP EPS of $0.03 missed by $0.19.
• "We were happy to see the increase in our North American sales for the quarter and fiscal year, and we will continue to build on this momentum. We expect sales growth to resume in Asia as China emerges from its zero-COVID policy and returns to normal buying patterns," the company said.
• "We expect to continue to reduce disposable inventory levels in the coming quarters, as Lakeland is committed to shifting its resources into higher-value products and markets."
• For the fiscal year, the Company repurchased $5.4M of common stock under its stock repurchase program .
• Earnings Call

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