Dogness Benefits from Rebound in Pet Product Sales in Australian Market; Latest Market to Benefit from Post-COVID Reopening

Rhea-AI Summary

On January 23, 2023, Dogness (NASDAQ: DOGZ) reported a substantial rebound in pet product sales in Australia, benefiting from post-COVID market recovery. Sales to Australia more than doubled compared to the previous year, with the Australian pet market estimated to reach $3.9 billion in 2023. The company continues to grow through established partnerships and expanded distribution channels. CEO Silong Chen expressed optimism for 2023, emphasizing the company's commitment to high-quality pet products. Major customers include Petco, PetSmart, Costco, and online platforms like Amazon and Boqii.

Positive

• Sales to Australia more than doubled year-over-year.
• Australian pet market projected to reach $3.9 billion in 2023.
• Strong performance in the market due to established local partnerships.
• Expansion into more retail and online channels enhances growth potential.

Negative

• None.

News Market Reaction – DOGZ

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+0.27% Session move

In the trading session that priced this news, DOGZ gained 0.27%, reflecting a mild positive market reaction.

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PLANO, Texas, Jan. 23, 2023 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM/ODM and private label pet products, today announced it is benefitting from a significant rebound in pet product sales in the Australian market. This is the latest strategic market to benefit from a post-COVID reopening and return to a more normalized environment. This follows strong sales growth for the full calendar year 2022 ended December 31, 2022, with sales to Australia more than doubling prior year sales.

It is estimated that the Australian pet market will reach $3.9 billion in 2023, with the total number of pets in the country having increased from 28.5 million in 2019 to 30.4 million in 2021. (source: Mordor Intelligence)

Silong Chen, Chairman and Chief Executive Officer of Dogness, commented, "We are encouraged with our continued strong performance in the Australian market. By leveraging established local sales partners and expanding to more instore and online channels, we have quickly gained traction and considerable momentum for our intelligent pet products and our traditional pet product lines. Our commitment to developing attractive, high-quality products that ensure comfort to pets and sought after utility to pet parents sets Dogness apart and positions us well for continued success in Australia and all of the markets we serve worldwide, including China, the U.S. and Japan. We are confident entering 2023 and look forward to further building on our brand awareness and customer momentum."

Dogness has built an integrated sales platform across all channels, with major customers including Petco, PetSmart, Costco Wholesale Corporation, Xiuhu, Sam's Club, Walmart, Target, QVC^®, Pet Value, Pets at Home, PETZL, Petmate, Trendspark, Anyi Trading, IKEA, SimplyShe, and online shopping platforms, such as Amazon, Chewy.com, Boqii Holding Limited, Target.com, HomeDepot.com, Loews.com, Wayfair.com, JD, Tmall and Taobao, as well as live streaming sales platforms hosted by influencers.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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SOURCE Dogness International Corporation

FAQ

What factors are driving Dogness' growth in the Australian market?

Dogness is benefiting from a strong rebound in pet product sales and the post-COVID reopening, with established local sales partnerships and expanded distribution channels.

How much is the Australian pet market worth in 2023?

The Australian pet market is estimated to reach $3.9 billion in 2023.

What was the sales growth of Dogness in Australia?

Sales to Australia more than doubled compared to the previous year.

What are Dogness' main distribution partners?

Main partners include Petco, PetSmart, Costco, and major online platforms like Amazon and Boqii.

What is Dogness' stock symbol on NASDAQ?

Dogness' stock symbol is DOGZ.