In a challenging market environment, VOXX International Corporation's stock has reached a 52-week low, trading at $2.42. The consumer electronics company, known for its automotive and consumer accessories, has faced significant headwinds over the past year, reflected in a steep 1-year change with a decline of -73.48%. Investors have shown concern as the stock plummeted to this low point, marking a troubling period for the company amidst a broader industry downturn and economic pressures. VOXX's management is likely to be exploring strategic measures to navigate through these turbulent times and regain value for their shareholders.
In other recent news, VOXX International Corporation reported a decline in sales of 18% year-over-year to $91.7 million in its fiscal 2025 first-quarter results, largely due to a decrease in automotive OEM sales. However, the company is implementing strategies to enhance margins and reduce expenses, with a goal of returning to profitability within the current fiscal year. Gross margins have shown improvement to 27.7%, notably in the Premium Audio and Automotive segments. VOXX is also collaborating with Accordion to evaluate restructuring and optimize operations and supply chain management.
In the company's Annual Meeting, shareholders approved key proposals, including the election of seven board members, the 2024 Equity Incentive Plan, and the ratification of Grant Thornton LLP as the independent auditor for the upcoming fiscal year. The company also anticipates a 5% reduction in overhead in the second half of the year to improve margin and cost structure.
These are among the recent developments as VOXX positions itself for a stronger second half of the fiscal year. The company is taking steps to manage the supply chain more effectively and reduce warehousing expenses, including the implementation of an Oracle (NYSE:ORCL) Fusion ERP upgrade to improve automation and customer experience. VOXX plans to redirect capital towards stable, profitable, and growth-oriented programs.
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