Happi Staff08.12.20
Scott’s Liquid Gold-Inc. has reported its operating results for the three months ended June 30, 2020.
Net sales for the second quarter of 2020 were $6.1 million, a decrease of $0.3 million compared to the same period in 2019. According to the company, this decrease was primarily attributable to decreased Batiste Dry Shampoo sales as a result of COVID-driven customer closures, a decrease in 7th Heaven skin care sachet sales due to the termination of our distribution agreement with Montagne Jeunesse and a decrease in Denorex and other product sales resulting from supply chain issues spawned by COVID-19.
“With several of our key retail customers shutdown during Q2 by the pandemic, this quarter was challenging for Scott’s. Combined with lower store traffic and several key COVID-driven raw material shortages, our Q2 revenues declined,” said Mark E. Goldstein, CEO and chairman.
Net sales for the first half of 2020 were $13.9 million, an increase of $0.8 million compared to the same period in 2019. This was primarily attributable to the Kids N Pets acquisition and the new SLG One product, partially offset by a decrease in Batiste Dry Shampoo sales, MJ sales and Alpha Skin Care sales to China.
“We’ve taken several key steps to drive shareholder value in the past nine months. We’ve acquired three strong brands in Kids N Pets, Biz, and Dryel to both grow and diversify our portfolio. We’ve entered into new financing agreements and relationships to facilitate those deals and position us for future growth. Our execution in outsourcing both production and distribution has been solid, and we are excited about our long-term cost structure,” Goldstein added. “Our focus for the second half of 2020 is on execution - bringing Biz and Dryel fully onto the Scott’s platform and optimizing our new manufacturing and distribution processes. Successful execution will drive increased cash flow and debt reduction.”
Net sales for the second quarter of 2020 were $6.1 million, a decrease of $0.3 million compared to the same period in 2019. According to the company, this decrease was primarily attributable to decreased Batiste Dry Shampoo sales as a result of COVID-driven customer closures, a decrease in 7th Heaven skin care sachet sales due to the termination of our distribution agreement with Montagne Jeunesse and a decrease in Denorex and other product sales resulting from supply chain issues spawned by COVID-19.
“With several of our key retail customers shutdown during Q2 by the pandemic, this quarter was challenging for Scott’s. Combined with lower store traffic and several key COVID-driven raw material shortages, our Q2 revenues declined,” said Mark E. Goldstein, CEO and chairman.
Net sales for the first half of 2020 were $13.9 million, an increase of $0.8 million compared to the same period in 2019. This was primarily attributable to the Kids N Pets acquisition and the new SLG One product, partially offset by a decrease in Batiste Dry Shampoo sales, MJ sales and Alpha Skin Care sales to China.
“We’ve taken several key steps to drive shareholder value in the past nine months. We’ve acquired three strong brands in Kids N Pets, Biz, and Dryel to both grow and diversify our portfolio. We’ve entered into new financing agreements and relationships to facilitate those deals and position us for future growth. Our execution in outsourcing both production and distribution has been solid, and we are excited about our long-term cost structure,” Goldstein added. “Our focus for the second half of 2020 is on execution - bringing Biz and Dryel fully onto the Scott’s platform and optimizing our new manufacturing and distribution processes. Successful execution will drive increased cash flow and debt reduction.”
