Lakeland Industries Stock Plummets After Q2 Miss

Lakeland Industries Inc LAKE reported a second-quarter FY22 sales decline of 21.5% year-on-year, to $27.50 million, missing the analyst consensus of $33.28 million.
The gross profit declined 26.6% Y/Y to $12.7 million, with the margin contracting 320 basis points to 46.3%.
The operating margin was 14.2%, and operating income for the quarter declined 60.2% to $3.9 million.
Lakeland Industries held $59.8 million in cash and equivalents as of July 31, 2021.
Adjusted EBITDA of $4.7 million fell 55.2% Y/Y.
EPS of $0.31 missed the consensus of $0.42.
"Fiscal 2022 second-quarter sales of $27.5 million were negatively affected by larger than anticipated freight issues that culminated in excess inventory within distribution channels in our largest global market, the U.S," said CEO Charles D. Roberson.
Price Action: LAKE shares are trading lower by 13.77% at $20.61 on the last check Friday.

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