Charles Sternberg, Assistant Editor03.30.21
Scott’s Liquid Gold-Inc. has shared its operating results for the year ended December 31, 2020.
Net sales for the fourth quarter of 2020 were $9.1 million, an increase of $1 million compared to the fourth quarter of 2019.
Net sales for 2020 were $30.2 million, compared to $28.5 million in 2019. The company attributes this increase to its Kids N Pets, Biz and Dryel acquisitions, but says a decent portion of the benefit from those transactions was offset by Covid-related impacts.
Decreased foot traffic in stores selling hair and skin care products, work-from-home trends impacting dry shampoo and drying cleaning usage, and supply chain shortages and delays leading to missed distribution opportunities, hindered the company’s full net sales growth potential.
President and chief executive officer Mark Goldstein stated, “In 2020, we took significant steps to transform and grow our business for the long term. I am proud of the job the team did on its execution of these important strategic initiatives, as well as how the team responded to pandemic driven challenges.”
Given the supply chain and production challenges Scott’s continues to face in 2021, the company proactively worked with its financial partner UMB to negotiate additional flexibility with its loan covenants for the year.
Net sales for the fourth quarter of 2020 were $9.1 million, an increase of $1 million compared to the fourth quarter of 2019.
Net sales for 2020 were $30.2 million, compared to $28.5 million in 2019. The company attributes this increase to its Kids N Pets, Biz and Dryel acquisitions, but says a decent portion of the benefit from those transactions was offset by Covid-related impacts.
Decreased foot traffic in stores selling hair and skin care products, work-from-home trends impacting dry shampoo and drying cleaning usage, and supply chain shortages and delays leading to missed distribution opportunities, hindered the company’s full net sales growth potential.
President and chief executive officer Mark Goldstein stated, “In 2020, we took significant steps to transform and grow our business for the long term. I am proud of the job the team did on its execution of these important strategic initiatives, as well as how the team responded to pandemic driven challenges.”
Given the supply chain and production challenges Scott’s continues to face in 2021, the company proactively worked with its financial partner UMB to negotiate additional flexibility with its loan covenants for the year.
