TBLT stock is moving higher in early trading from the company reporting sales growth from its Amazon store-fronts.
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), is an advanced product design, manufacturer and distributor with emphasis on innovative products, which is currently focused on tools and other accessories for the professional and do-it-yourself construction industries. Today, it announced that its U.S. and Canadian Amazon storefronts had sales of $0.7 million for the month of December 2019, an increase of $0.25 million, or a 55% increase in sales over the $0.45 million reported for November 2019 (at which pace, the Company will exceed the $5.4 million run rate announced based upon November 2019 sales).
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “We projected $550,000 in sales for the month of December through our North American Amazon storefronts and exceeded that by about 25%. Having gained the necessary experience in charting Amazon waters, we are doubling our efforts and investments to grow more aggressively with current lines and new product launches for years to come.”
On January 6, 2020, ToughBuilt Industries announced that its sales in the United Kingdom were $1,750,000 for 2019, as compared to $726,000 in 2018. Thus, year over year sales grew by $1,024,000 or 141%.
Chief Executive Officer Michael Panosian said, “Our over 100% growth in U.K. sales this year is a huge win for the Company. It shows the popularity of our products and brand acceptance in Western Europe, a market we are focused to grow quickly. We continue to expand to new U.K. retailers and to initiate strong sales within the rest of Western Europe. 2019 proves that we can gain market traction outside of North America and increase demand and sales for years to come. We are actively increasing our efforts and investing in infrastructure needed to grow rapidly.”
Back on December 10, 2019, ToughBuilt Industries announced that its U.S. and Canadian Amazon storefronts had sales of $450,000 for the month of November 2019 (or sales in the initial eight months of operation in excess of $2.25 million, up from the $1.8 million announced for the initial seven months of operation). This equated to an annualized run-rate of $5.4 million (based on November sales), which is 54% higher than the $3.5 million run-rate (based on October 2019 sales) announced last month. These sales were achieved with increased momentum in product demand over the past several months and rest on a foundation of an increase in product offerings to the Amazon storefronts.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “As we reported on November 26th, the initial seven months of operation of our North American storefronts had well exceeded expectations. We saw an even greater upward trajectory in November, with $41,567 on Black Friday and $53,840 on Cyber Monday, alone. Our December sales are off to an even stronger start with $154,097 in sales in the first six days, and over $550,000 in sales projected for the month of December. As we continue to show increased revenue for our products through our Amazon storefronts month over month, we look to a strong start to 2020 in our online sales and hope to see in our international storefronts increased sales based on our continued North American momentum.”