Lakeland Industries: Soars as Q1 sales jump 85% on COVID-related demand

Lakeland Industries

09/06/2020 22:05

** Shares of U.S. safety garments maker  LAKE.O  up 33% at
$21.30 in extended trading; stock set to gain for third straight
session and open at over three-month high
    ** Q1 sales jump ~85% to $45.6 million; says
coronavirus-related demand added about $11.2 million to
first-quarter sales  urn:newsml:reuters.com:*:nACSwPcKPa
    ** The recovery from the pandemic in terms of demand for
personal protective equipment will be prolonged, extending into
Q4 - CEO Charles Roberson
    ** Says LAKE saw most significant demand growth in the U.S.
and China in Q1
    ** Reports Q1 EBITDA of $12.8 mln vs $68,000 yr earlier
    ** YTD, stock has risen ~48%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))