$SAMLSamsara Luggage Reports 700% Revenue Increase in 2023 Q1 Earnings
PR Newswire
NEW YORK, May 17, 2023
Samsara Luggage delivers solid first-quarter results due to continued sales in the luggage category and the expansion of its product line.
NEW YORK, May 17, 2023 /PRNewswire/ -- Samsara Luggage, Inc. ("Samsara Luggage", "Samsara" or the "Company") (OTC: SAML), maker of innovative travel products, today announced its financial results for the quarter ending March 31, 2023. The Company reported a revenue increase of 700% compared to the same period last year. Samsara Luggage also reported a gross profit margin of 41.13% during the three-month period ending March 31, 2023, compared to 35.48% during the same period last year. The increase in revenue during the quarter was primarily driven by sales of smart luggage and Samsara's newly launched STREET SMART collection of travel accessories.
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"Samsara's strong results in the first quarter is proof that we can navigate through the continued changes in the travel marketplace," says Atara Dzikowski, Co-founder and CEO, Samsara Luggage. "Our momentum is fueled by our ability to consistently launch new and innovative products that address the needs of the modern traveler. Looking ahead, we will continue to find ways to energize our brand and drive long-term growth for our travel community and valued shareholders."
In February of 2023, Samsara Luggage expanded its product line with the launch of STREET SMART travel accessories. The new line includes a curated collection of stylish and functional travel essentials, including sunglasses, scarves, and a portable power bank. The Company released the capsule collection to create a one-stop shop where customers could purchase necessities for their travels.
Samsara Luggage plans to continue to launch more innovative products that make travel more effortless in the future.
About Samsara Luggage:
Samsara Luggage, Inc. (OTCQB: SAML) is a smart luggage and travel lifestyle brand with a deep belief in creating a world where travel isn't a hassle, but rather an effortless, smart experience. By combining smart features, including Internet of Things (IoT) technology, innovative design and high-quality materials, Samsara is transforming the travel industry with its products. The company launched its first smart carry-on in 2017 and has since expanded its product offering with travel accessories and the Tag Smart collection, equipped with unmatched tracking capabilities. Samsara was named "Best of" by notable press outlets including Buy Side from WSJ, Forbes, Tom's Guide and Tech Republic. In the fall of 2022, the Tag Smart collection made its retail debut in select Tommy Bahama brick and mortar stores.
In February 2023, Samsara Luggage launched its STREET SMART accessory collection. The new category allows its community to shop for all their travel essentials to stay stylish from airport to landing.
To discover Samsara Luggage please visit www.samsaraluggage.com.
Connect with Samsara Luggage on LinkedIn, Facebook, Twitter, or Instagram.
Forward-Looking Statements:
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company's international manufacturing and supply chain, market acceptance of the Company's smart luggage, successfully implementing the Company's growth strategy, dependence on key Company personnel, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 3, 2023 (the "SEC"), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
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SOURCE Samsara Luggage Inc
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