Published on 12 Apr 2024 on Zacks via Yahoo Finance

Lakeland's (LAKE) Earnings & Revenues Miss Estimates in Q4

Lakeland Industries, Inc. LAKE reported fourth-quarter fiscal 2024 (ended Jan 31, 2024) adjusted earnings of 22 cents per share, missing the Zacks Consensus Estimate of 30 cents.On a reported basis, the company reported a net loss of 13 cents per share, against net income of 2 cents per share in the year-ago quarter. Lakeland incurred a one-time charge of $2.7 million for excess and obsolete inventory during the quarter.Net sales of $31.2 million missed the Zacks Consensus Estimate of $33 million. However, the top line increased 7.7% from the year-ago quarter’s levels.

Inside the Headlines

In the reported quarter, the company’s domestic sales were $12.7 million, up 7.6% year over year. International sales increased 8.1% year over year to $18.6 million. Growth in sales across all regions of the world, excluding China, drove quarterly revenues.