Posted December 11, 2020

Lakeland Industries sales soar

Protective clothing provider Lakeland Industries reported net sales for its fiscal 2021 third quarter of $41.5 million, up 50.9 percent compared with $27.5 million in the same period last year.

Net income of $9.3 million, or $1.16 per basic common share, was up from $1.1 million, or 14 cents, in last year's third quarter.

"Global economic activity began recovering in the third quarter which led to our traditional industrial business growing from the second quarter even though our base revenues remain below pre-pandemic levels," said Charles D. Roberson, president and CEO. "Our traditional core business touching industrial markets globally was off by an estimated 19 percent in the third quarter as compared to the prior year period but is expected to continue to improve from the lowest levels in the fiscal second quarter as COVID 19 sales taper off in the coming quarters."

He added that demand for disposable and chemical garments remains heightened, although the supply of product from manufacturers in key markets like the U.S. has been catching up with demand. Pricing and order flow are expected to remain elevated from pre-pandemic levels but are expected to decline moderately through mid-2021.

"We believe a new era of institutional cleaning and the need for PPE has begun to emerge and may provide for a large, permanent market opportunity long after the pandemic has subsided," Roberson said.