Published on May 24, 2022.

The U.S.-based retailer and wholesale distributor of a range of leather and leathercraft related items has reported its first quarter 2022 results.

The company achieved net sales of US$20.5 million (down from US$21.4 million in 2021), a gross profit of US$11.9 million (down from US$12.2 million) and a gross margin of 58.2%.

Operating income for the quarter was US$08 million and net income came in at US$0.6 million or US$0.08 per diluted share.

CEO Janet Carr said: "After a strong 2021, our first-quarter sales softened, which we believe was largely due to lower consumer demand as a result of inflation and other global events, coupled with comparison to prior year Covid-era stimulus payments that fuelled sales. In addition, the decrease in sales was partly impacted by our change in promotional cadence versus the first quarter of 2021.

"Despite the challenges, we were able to deliver positive operating and net income and positive cash flow from operations while investing in inventory to mitigate increasing supply chain costs and lead times and increasing product costs.

“More importantly, we are really pleased with the significant improvements we've continued to make with all of the key consumer-facing aspects of the brand - maintaining competitive pricing while improving quality and assortment. We have kept our focus on making our customers happy while weathering restatement, Covid, inflation, war and other uncontrollable events."

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