Naples Soap Company Reports Preliminary 2023 Record Revenues and 2024 Growth Outlook

Naples Soap Company, Inc. (OTCQB: NASO), (“the Company”), a pioneering health and wellness brand that offers high-quality skin and hair care products throughout the United States, today reported preliminary unaudited revenue and gross margins for the twelve months ended December 31, 2023 and its strategy for robust growth in 2024, 2025, and beyond.

2023 revenues were up 11% to $12.35 million over the prior year. Approximately $9.0 million, or 73%, of revenues were from Naples Soap Company’s thirteen physical stores in Florida, while $2.4 million, or 20%, was from direct-to-consumer sales on NaplesSoap.com, with the remaining 7% of revenues generated through wholesale to independent boutiques as well as other online direct-to-consumer sales channels. Gross margins by revenue source ranged from 60–80%, with NaplesSoap.com being the highest margin channel.

“During 2023 we continued to grow revenues and brand equity at Naples Soap Company through our traditional channels including our physical stores and ecommerce site. While this has served as a platform for solid consistent growth, we believe there is tremendous opportunity to scale revenues more rapidly through several strategic initiatives that we have been investing in and are set to launch this year,” stated Naples Soap Company CEO, Deanna Wallin. “These initiatives are expected to help us grow revenues into the $15 to $16 million range in 2024, when we expect to return to profitability, and revenues of over $20 million in 2025.”

Focus on ecommerce & social media sales: Naples Soap Company is a well-recognized brand in Florida with a very loyal customer base. Leveraging its warehouse, fulfillment and shipping infrastructure in 2024, Naples Soap Company intends to increase its push through social media, influencers, and digital advertising to drive national traffic to NaplesSoap.com, its highest margin channel which can also serve the largest audience. Driven by social media and convenience, online sales of personal care products continues to grow year over year, generating nearly $54 billion in the U.S. in 2023. This market is relatively untapped for Naples Soap Company and is expected to be a major driver of growth in 2024 and the years ahead.