Today, VOXX International Corporation (NASDAQ: VOXX), a major producer and distributor of consumer and automotive technology for the international market, released its financial results for the third quarter of Fiscal 2023, which ended on November 30, 2022.

President and CEO Pat Lavelle commented on the company’s performance and future prospects, saying, “We were profitable in the third quarter as anticipated since our company benefited more from our efforts to increase gross margins and lower costs. However, due to the status of the world economy today and continuous supply chain problems, sales and profitability were drastically reduced. Although reported holiday sales increased, industry-wide CE sales decreased year over year due to lower consumer discretionary spending, retailers’ high inventory levels, and a fall in in-store retail visitation. Our Automotive Aftermarket and Premium Audio product sales were most negatively impacted by this, and we also had to deal with OEM clients closing production lines because of a chip shortage. We are getting ready in case the market continues to be slow.”

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We continue to be adamant that VOXX is well positioned for growth in the coming years, despite some short-term difficulties. Our brands, goods, distribution, and client relationships are stronger than ever, and we have been given important OEM contracts with long terms. To fulfil the demand from our North American clients and new distributors, we are also producing more Onkyo and Pioneer-related items. At the same time, we are getting ready to expand manufacturing to certain international markets. Other areas of our company are also primed for development as economies across the world stabilise in addition to the planned increase from Automotive OEM and the contributions from Onkyo and Pioneer. We are surviving the storm, taking what we can manage, and making sure we have the tools and flexibility to add value.”

Source: Prnewswire