ToughBuilt (TBLT) Stock Rockets As Sales More Than Double

ToughBuilt Industries (NASDAQ: TBLT) is headed up in the premarket hours this morning, and in a big way. The company announced that sales on Amazon have seen a significant jump in the first half of 2021, exciting investors who are sending the stock for the moon. Here’s what’s happening:

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TBLT Announces Strong Sales

In a press release issued early this morning, ToughBuilt Industries announced that gross sales through the website came in at $5.48 million in the first half of 2021. 

That’s a massive increase of 118% over the $2.51 million generated in the first half of 2020. 

The company went on to say that the increase in sales reflects the strength of its brand among DIY builders throughout North America. 

Management Commentary

In a statement, Michael Panosian, CEO at TBLT, had the following to offer:

The significant momentum of our sales in the first half of 2021 reflects the increasing strength of our brand across all product lines with professional and DIY builders throughout North America. As our online presence expands into Canada and Mexico, and US sales continue to increase, we are simultaneously expanding our geographic footprint and launching new SKUs to capitalize on the strong demand for our innovative designs and features.

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The Bottom Line

The bottom line here is simple. The ToughBuilt brand is gaining steam among consumers who are looking for low-cost tools in order to do projects around their homes and offices. The company’s tools have proven to these consumers that they are tough enough to get the job done, but don’t come with the significantly high price tag associated with tools these days. 

As the company’s brand continues to penetrate this vast audience, sales are only likely to continue heading in the upward direction, making TBLT stock one to watch closely. 

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