Why has Dogness (International) Corporation (DOGZ) stock seen a decline of 2.44%?

Dogness (International) Corporation (DOGZ) saw a decline of 2.44% in the aftermarket. However, the last trading session concluded at $4.5 with a decrease of 0.44%.

Completion of $1 Million in Pet-Tech Shipments

DOGZ reported on 4th November 2021 that the company has completed over $1 million in pet-tech shipments to a major U.S. store. The customer is a well-known retailer in the United States, and it will offer the Dogness Smart CAM Treater as well as feature the company in its Christmas gift guide in-store and online. Moreover, this is an important milestone as the company continues to work closely with its customers and supply chain to secure inventory to satisfy holiday demand.

As DOGZ benefit from several drivers, demand is high throughout target geographic regions. Major shops are progressively implementing smart technology to satisfy the demands of their customers. This newest order, which was boosted by 15% above the original order quantity, illustrates the company’s tremendous growth and market advantage. Lastly, the staff continues to do an excellent job negotiating the worldwide supply chain to acquire the large product volumes big clients require.

Fiscal Year 2021 Financial Results

DOGZ announced the fiscal year 2021 financial results on 29th October 2021. According to the report issued by the company, the net revenues grew to $24.3 million whereas the sales of intelligent pet products happened to increase by 81.4%. The company is thrilled with sustained good growth. Moreover, DOGZ was able to achieve substantial revenue growth in the fiscal year 2021, with a 26.9% rise over the fiscal year 2020. The increase in gross margin and profitability has made the company to new levels of success.

Furthermore, revenue performance improved as well, with sales volume for intelligent pet products increasing by approximately 163 percent in the fiscal year 2021 over the fiscal year 2020. The company has carefully redirected the resources to create and promote the sales of relatively high intelligent pet items within the integrated Smart Pet Ecosystem, which encompasses revolutionary App-controlled pet feeders, pet water fountains, and smart pet toys.

Expansion of Intelligent Pet-Tech Products Lines

On 23rd September 2021, DOGZ announced that it is increasing the distribution of its intelligent pet-tech products. Boqii will now sell Dogness’ intelligent pet-tech products, such as Smart Fountains, Smart Feeders, and other items, as well as Dogness’ regular product line.

The company is excited to be expanding its partnership with Boqii, which shares a dedication to high-quality products and exceptional customer service. In China, one of the world’s largest and fastest-growing marketplaces, Boqii holds a dominant market position. Last but not least, the company is excited to expand on its reputation as a dependable supplier by providing Boqii’s clients with the sophisticated pet-tech items they need to improve their dogs’ health and quality of life.