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Stran & Company Inc. (SWAG0.00%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $18,827,000 from $15,971,000 in the same quarter the previous year. The increase is attributed to higher spending from existing clients and new customer acquisitions.
Cost of sales for the quarter was $13,213,000, representing 70.2% of sales, compared to 66.1% in the same quarter of the previous year. This increase in cost ratio is due to higher product costs from vendors.
The company reported a gross profit of $5,614,000 for the quarter, compared to $5,409,000 in the previous year, with the gross profit margin decreasing to 29.8% from 33.9%.
General and administrative expenses increased to $6,279,000 from $5,991,000, primarily due to organic business growth.
Net loss for the quarter was $487,000, compared to $484,000 in the previous year. The loss is attributed to increased operating expenses and cost of sales.
Cash provided by operating activities was $2,059,000, while cash used in investing and financing activities was $572,000 and $60,000, respectively.
Stran had total assets of $47,948,000 and total stockholders' equity of $35,246,000 as of March 31, 2024.
The filing also details the acquisition of assets from T R Miller Co., Inc., contributing to the sales increase.
The company continues to focus on expanding its customer base and enhancing its service offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stran & Company Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.