Inventory De-stocking Slows FGI Revenues

FGI Industries Ltd., a global supplier of kitchen and bath products, had revenue of $31.8 million for the fourth quarter of 2022, a decrease of 39.1 per cent compared to revenue in the fourth quarter of 2021. The loss was partially due to continued inventory de-stocking across all segments. Sanitary revenue for the quarter decreased $13.9 million to $20.2 million; bath furniture decreased $6.4 million to $6.1 million; and other revenue was essentially flat year over year at $5.4 million. The company had an overall gross profit of $7.5 million for the fourth quarter, a decrease of 0.4 per cent compared to the prior-year period. Gross profit margin increased 920 basis points to 23.7 per cent. Overall net income was $0.7 million compared to $1 million in the prior-year period.