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Jewett-Cameron Trading Company (JCTC-10.98%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $9,267,001 from $9,805,841 in the same quarter the previous year. The decrease is attributed to inflationary pressures and lowered consumer confidence, particularly in the home improvement and pet sectors.
Cost of sales for the quarter was $7,573,099, representing 82% of sales, compared to 80% in the same quarter of the previous year. This increase in cost ratio is due to higher logistics and ocean shipping costs.
The company reported a gross profit of $1,693,902 for the quarter, compared to $1,956,081 in the previous year, with the decline attributed to increased costs and investment in new in-store fencing product display units.
Operating expenses decreased to $2,552,048 from $2,745,305, primarily due to a reduction in selling, general, and administrative expenses.
Net loss for the quarter was $658,717, compared to net income of $1,291,541 in the previous year. The prior year's income was boosted by a one-time arbitration settlement.
Cash and cash equivalents decreased to $3,039,391 from $4,853,367, while accounts receivable increased to $4,183,710 from $3,668,815.
Jewett-Cameron had a working capital of $19,726,137 as of November 30, 2024. The company maintains a line of credit with Northrim Funding Services but has not drawn on it to date.
The filing also details the company's focus on expanding its product lines and diversifying its supplier base to mitigate tariff impacts and improve margins.
Jewett-Cameron continues to face challenges from inflation, interest rate increases, and potential new tariffs, which could affect its operations and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jewett-Cameron Trading Company quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.