Lakeland Industries slumps as Q2 results disappoint

Lakeland Industries

10/09/2021 13:49

** Shares of apparel company  LAKE.O  down as much as 13.12%
at $20.77, among top pct losers on Nasdaq trading premarket
    ** Co posts smaller-than expected Q2 earnings, hurt by 
logistical challenges  urn:newsml:reuters.com:*:nL8N2QB64L
    ** Says Q2 revenue fell 21.6% to $27.47 mln from a year
earlier, missing Refinitiv IBES expectations of $33.28 mln
    ** Q2 sales were negatively affected by
larger-than-anticipated freight issues that culminated in excess
inventory within distribution channels in the U.S. - LAKE
    ** Stock was down ~12% YTD, as of last close 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))