Global Diversified Marketing Group Inc. reported results for its first fiscal quarter ending March 31, 2022.Quarterly results for the three months ending March 31, 2022, compared to three months ended March 31, 2021, were as follows:
- Revenue decreased to $332,885 compared to $823,400, a decrease of 59% over 2021 period.
- Gross profit margin decreased to 32.5% in 2022 compared to 40.5% in 2021.
- The net loss for the three months ending March 31, 2022, period was $203,794 compared to a net loss of $410,545 in the three months ended March 31, 2021. Excluding stock-based compensation both periods, the loss for the three-month period ended March 31, 2022, would have been a net loss of $199,279 compared to a profit of $74,993 during the comparable three-month period ended in 2021.
- The company moved to a larger warehouse facility in anticipation of higher future growth with expansion of its product lines.
Paul Adler, chairman and CEO, said in the announcement: “The retail environment and inflationary pressure during the last two years has proven to be challenging yet we have preserved and maintained our customer relationships and liquidity. We faced a new challenge in early 2022 with geo-political events which had transpired in the middle of first quarter. This had a negative effect on our quarterly results and contributed to a decrease in revenue. However, we still believe our strong foundation points to a stronger growth throughout the year. So far, we have seen a positive trend and Q2. Additionally, during the first quarter we leased our own warehouse facility and reduced our reliance on public warehousing. This move will enable us to accelerate our growth and improve efficiencies which should translate into higher growth.”
About Global Diversified Marketing Group
Headquartered in Island Park, NY, Global Diversified Marketing Group Inc. operates as a global multi-line consumer packaged goods (CPG) company with branded product lines and is a food and snack manufacturer, importer and distributor in the United States, Canada, and Europe. The company operates in the snacks market segment and offers Italian Wafers, Italian filled croissants, French Madeleines, Wafer Pralines, shelf-stable Macarons, and other gourmet snacks. The company sells its products directly through various distribution channels comprising specialty, grocery retailers, food-service distributors, direct store delivery (DSD) as well as the vending, pantry, and the micro market segment.