Lakeland Industries (LAKE) 10-K21 Apr 222022 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jan. 31, 2022	Apr. 11, 2022	Jul. 31, 2021
Cover [Abstract]
Entity Registrant Name	LAKELAND INDUSTRIES, INC.
Entity Central Index Key	0000798081
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--01-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jan. 31, 2022
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		8,555,672
Entity Public Float			$ 205.2
Document Annual Report	true
Document Transition Report	false
Entity File Number	0-15535
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-3115216
Entity Interactive Data Current	Yes
Icfr Auditor Attestation Flag	true
City Area Code	256
Local Phone Number	350-3873
Security 12b Title	Common Stock
Trading Symbol	LAKE
Security Exchange Name	NASDAQ
Entity Address Address Line 1	1525 Perimeter Parkway
Entity Address City Or Town	Suite 325 Huntsville
Entity Address State Or Province	AL
Auditor Firm Id	34
Auditor Location	Memphis, Tennessee
Entity Address Postal Zip Code	35806
Auditor Name	Deloitte & Touche LLP

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 118,386	$ 159,000
Cost of goods sold	67,473	79,717
Gross profit	50,913	79,283
Operating expenses	34,866	35,397
Operating profit	16,047	43,886
Other income, net	121	50
Interest expense	(15)	(23)
Income before taxes	16,153	43,913
Income tax expense	4,781	8,583
Net income	$ 11,372	$ 35,330
Net income per common share:
Basic	$ 1.44	$ 4.43
Diluted	$ 1.41	$ 4.34
Weighted average common shares outstanding:
Basic	7,900,131	7,977,683
Diluted	8,053,876	8,141,189

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 11,372	$ 35,330
Other comprehensive income:
Foreign currency translation adjustments	114	1,150
Comprehensive income	$ 11,486	$ 36,480

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Current assets
Cash and cash equivalents	$ 52,719	$ 52,596
Accounts receivable, net of allowance for doubtful accounts of $666 and $700 at January 31, 2022 and 2021, respectively	14,771	21,702
Inventories	47,711	43,566
Prepaid VAT and other taxes	1,675	1,343
Other current assets	3,770	4,134
Total current assets	120,646	123,341
Property and equipment, net	8,714	9,819
Operating leases right-of-use assets	5,296	2,347
Deferred tax assets	2,072	2,731
Other assets	1,361	1,312
Investments	2,704	0
Total assets	140,793	139,550
Current liabilities
Accounts payable	5,855	7,397
Accrued compensation and benefits	3,225	4,694
Other accrued expenses	1,372	1,793
Income tax payable	321	1,534
Current maturity of long-term debt	0	0
Current portion of operating lease liability	1,242	768
Total current liabilities	12,015	16,185
Long-term portion of operating lease liability	3,678	1,613
Total liabilities	15,693	17,799
Stockholders' equity
Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued)	0	0
Common stock, $0.01 par; authorized 20,000,000 shares, Issued 8,555,672 and 8,498,457; outstanding 7,615,967 and 7,984,518 at January 31, 2022 and 2021, respectively	86	85
Treasury stock, at cost; 939,705 and 509,242 shares at January 31, 2022 and 2021, respectively	(14,206)	(5,023)
Additional paid-in capital	77,826	76,781
Retained earnings	62,892	51,520
Accumulated other comprehensive loss	(1,498)	(1,612)
Total stockholders' equity	125,100	121,751
Total liabilities and stockholders' equity	$ 140,793	$ 139,550

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jan. 31, 2022	Jan. 31, 2021
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 666	$ 700
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,500,000	1,500,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,555,672	8,498,457
Common stock, shares outstanding	7,615,967	7,984,518
Treasury stock, shares	939,705	509,242

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive loss
Balance, shares at Jan. 31, 2020		8,481,665	509,242
Balance, amount at Jan. 31, 2020	$ 85,052	$ 85	$ (5,023)	$ 75,171	$ 17,581	$ (2,762)
Impact of immaterial restatement (see Note 1)	(1,391)		$ 0	0	(1,391)	0
Balance, January 31,2020, shares		8,481,665	(509,242)
Balance, January 31,2020, amount	83,661	$ 85	$ (5,023)	75,171	16,190	(2,762)
Net Income	35,330	0	0	0	35,330	0
Other comprehensive loss	1,150	$ 0	0	0	0	1,150
Restricted stock issued, shares		16,792
Restricted stock issued, amount	0	$ 0	0	0	0	0
Restricted stock plan	1,726	0	0	1,726	0	0
Return of shares in lieu of payroll tax withholding	(116)	0	0	(116)	0	0
Treasury stock purchased, amount	0	0	0	0	0	0
Balance, amount at Jan. 31, 2021	121,751	$ 85	$ (5,023)	76,781	51,520	(1,612)
Balance, shares at Jan. 31, 2021		8,498,457	509,242
Net Income	11,372	$ 0	$ 0	0	11,372	0
Restricted stock issued, shares		57,215
Restricted stock issued, amount	1	$ 1	0	0	0	0
Restricted stock plan	1,667	0	$ 0	1,667	0	0
Return of shares in lieu of payroll tax withholding	(622)			(622)
Treasury stock purchased, shares			(430,463)
Treasury stock purchased, amount	(9,183)		$ (9,183)
Other comprehensive income	114	0	0	0	0	114
Balance, amount at Jan. 31, 2022	$ 125,100	$ 86	$ (14,206)	$ 77,826	$ 62,892	$ (1,498)
Balance, shares at Jan. 31, 2022		8,555,672	939,705

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net income	$ 11,372	$ 35,330
Adjustments to reconcile net income to net cash provided by operating activities
Provision for (recovery of) doubtful accounts	(34)	203
Deferred income taxes	659	2,909
Depreciation and amortization	1,868	1,965
Stock based and restricted stock compensation	1,667	1,727
Loss on disposal of property and equipment	39	7
Equity in (earnings) loss of equity investment	79	0
(Increase) decrease in operating assets:
Accounts receivable	6,732	(3,980)
Inventories	(4,413)	814
Prepaid VAT and other taxes	(333)	(115)
Other current assets	271	(1,698)
Increase (decrease) in operating liabilities:
Accounts payable	(1,533)	191
Accrued expenses and other liabilities	(3,178)	3,283
Operating lease liabilities	(411)	30
Net cash provided by operating activities	12,782	40,666
Cash flows from investing activities:
Purchases of property and equipment	(801)	(1,662)
Investments	(2,783)
Net cash used in investing activities	(3,584)	(1,662)
Cash flows from financing activities
Loan repayments, short-term	0	(1,161)
Purchase of Treasury Stock under stock repurchase program	(9,183)	0
Shares returned to pay employee taxes under restricted stock program	(622)	(116)
Net cash used in financing activities	(9,805)	(1,277)
Effect of exchange rate changes on cash and cash equivalents	727	263
Net increase in cash and cash equivalents	123	37,990
Cash and cash equivalents at beginning of year	52,596	14,606
Cash and cash equivalents at end of year	52,719	52,596
Cash paid for interest	15	23
Cash paid for taxes	5,315	3,561
Noncash investing and financing activities
Leased assets obtained in exchange for operating lease liabilities	$ 3,368	$ 437

BUSINESS AND SUMMARY OF SIGNIFI

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jan. 31, 2022
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Lakeland Industries, Inc. and Subsidiaries (“Lakeland,” the “Company,” “we,” “our” or “us”), a Delaware corporation organized in April 1986, manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. Sales are made to more than 50 countries, the majority of which were into China, countries within the European Economic Community (“EEC”), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India and countries within Southeast Asia. For purposes of this Form 10-K, FY refers to a fiscal year ended January 31; for example, FY22 refers to the fiscal year ended January 31, 2022. Basis of Presentation The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The following is a description of the Company’s significant accounting policies. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is reasonably possible that events could occur during the upcoming year that could change such estimates. Cash and Cash Equivalents The Company considers highly liquid temporary cash investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of money market funds. Accounts Receivable, Net . Inventories Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out or moving average basis) or net realizable value. Adjustments are recorded for slow-moving, obsolete or unusable inventory. We assess our inventory for estimated obsolescence or unmarketable inventory and write down the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future sales and supply on-hand, if necessary. If actual market conditions are less favorable than those projected by management, additional inventory adjustments may be required. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. Leasehold improvements and leasehold costs are amortized over the term of the lease or service lives of the improvements, whichever is shorter. The costs of additions and improvements which substantially extend the useful life of a particular asset are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the account, and the gain or loss on disposition is reflected in operating income. Assets held for sale are measured at the lower of carrying value or fair value less cost to sell. Gains or losses are recognized for any subsequent changes to fair value less cost to sell. However, gains are limited to cumulative losses previously recognized. Assets classified as held for sale are not depreciated. Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The Company measures any potential impairment on a projected undiscounted cash flow method. Estimating future cash flows requires the Company’s management to make projections that can differ materially from actual results. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Revenue Recognition Substantially all the Company’s revenue is derived from product sales, which consist of sales of the Company’s personal protective wear products to distributors. The Company considers purchase orders to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year, and virtually all of the Company’s contracts are short-term. The Company recognizes revenue for the transfer of promised goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company typically satisfies its performance obligations in contracts with customers upon shipment of the goods. Generally, payment is due from customers within 30 to 90 days of the invoice date, and the contracts do not have significant financing components. The Company elected to account for shipping and handling activities as a fulfillment cost rather than a separate performance obligation. Shipping and handling costs associated with outbound freight are included in operating expenses, and for the years ended in FY22 and FY21 aggregated approximately $2.9 million and $3.9 million, respectively. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. The transaction price includes estimates of variable consideration, related to rebates, allowances, and discounts that are reductions in revenue. All estimates are based on the Company’s historical experience, anticipated performance, and the Company’s best judgment at the time the estimate is made. Estimates for variable consideration are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. All the Company’s contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. The Company has seven revenue generating reportable geographic segments under ASC Topic 280 “Segment Reporting” and derives its sales primarily from its limited use/disposable protective clothing and secondarily from its sales of reflective clothing, high-end chemical protective suits, firefighting and heat protective apparel, reusable woven garments and gloves and arm guards. The Company believes disaggregation of revenue by geographic region and product line best depicts the nature, amount, timing, and uncertainty of its revenue and cash flows (see table below). Net sales by geographic region and by product line are included below: Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by product lines: Disposables $ 67.2 $ 103.8 Chemical 24.5 31.2 Fire 8.2 7.5 Gloves 2.2 3.1 High Visibility 5.6 4.4 High Performance Wear 3.6 2.3 Wovens 7.1 6.7 Consolidated external sales $ 118.4 $ 159.0 Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by region: USA $ 47.6 $ 70.6 Other foreign 7.1 9.0 Europe (UK) 10.3 16.8 Mexico 4.1 5.7 Asia 29.8 31.2 Canada 8.2 13.6 Latin America 11.3 12.1 Consolidated external sales $ 118.4 $ 159.0 Advertising Costs Advertising costs are expensed as incurred and included in operating expenses on the consolidated statement of income. Advertising and co-op costs amounted to $0.5 million and $0.7 million in FY22 and FY21, respectively, net of a co-op advertising allowance received from a supplier. Stock-Based Compensation The Company records the cost of stock-based compensation plans based on the fair value of the award on the grant date. For awards that contain a vesting provision, the cost is recognized over the requisite service period (generally the vesting period of the equity award) which approximates the performance period. For awards based on services already rendered, the cost is recognized immediately. Income Taxes The Company is required to estimate its income taxes in each of the jurisdictions in which it operates as part of preparing the consolidated financial statements. This involves estimating the actual current tax in addition to assessing temporary differences resulting from differing treatments for tax and financial accounting purposes. These differences, together with net operating loss carryforwards and tax credits, are recorded as deferred tax assets or liabilities on the Company’s consolidated balance sheet. A judgment must then be made of the likelihood that any deferred tax assets will be recovered from future taxable income. A valuation allowance may be required to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines that it may not be able to realize all or part of its deferred tax asset in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to income in the period of such determination. The Company recognizes tax positions that meet a “more likely than not” minimum recognition threshold. If necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the consolidated balance sheets. Foreign Operations and Foreign Currency Translation The Company maintains manufacturing operations in Mexico, India, Argentina, Vietnam and the People’s Republic of China and can access independent contractors in China, Vietnam, Argentina and Mexico. It also maintains sales and distribution entities located in India, Canada, the U.K., Chile, China, Argentina, Russia, Kazakhstan, Uruguay, Australia and Mexico. The Company is vulnerable to currency risks in these countries. The functional currency for the United Kingdom subsidiary is the Euro; the trading company in China, the RMB; the Russian operation, the Russian Ruble, and the Kazakhstan operation the Kazakhstan Tenge. All other operations have the US dollar as its functional currency. Pursuant to US GAAP, assets and liabilities of the Company’s foreign operations with functional currencies, other than the US dollar, are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the periods. Translation adjustments are reported in accumulated other comprehensive loss, a separate component of stockholders’ equity. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the consolidated statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction income (loss) included in net income for the years ended January 31, 2022 and 2021, were approximately $0.3 million and ($0.5) million, respectively. Fair Value of Financial Instruments US GAAP defines fair value, provides guidance for measuring fair value and requires certain disclosures utilizing a fair value hierarchy which is categorized into three levels based on the inputs to the valuation techniques used to measure fair value. The following is a brief description of those three levels: Level1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level3: Unobservable inputs that reflect management’s own assumptions. There were no foreign currency forward or hedge contracts at January 31, 2022 or January 31, 2021. The financial instruments of the Company classified as current assets or liabilities, including cash and cash equivalents, accounts receivable, short-term borrowings, borrowings under revolving credit facility, accounts payable and accrued expenses, are recorded at carrying value, which approximates fair value based on the short-term nature of these instruments. Net Income Per Share Net income per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted net income per share are based on the weighted average number of common shares and common stock equivalents. The diluted net income per share calculation takes into account unvested restricted shares and the shares that may be issued upon exercise of stock options, reduced by shares that may be repurchased with the funds received from the exercise, based on the average price during the fiscal year. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Recently Adopted Accounting Standards In 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting in response to the risk of cessation of the London Interbank Offered Rate (LIBOR). This amendment provides for optional expedients and exceptions for applying generally accepted accounting principles to contracts and hedging relationships that are affected by LIBOR and other reference rates. The ASU generally allows for a hedge accounting to continue if the hedge was highly effective or met other standards prior to reference rate reform. Entities are permitted to apply the amendments to all contracts, cash flow and net investment hedge relationships that exist as of March 12, 2020. The relief provided in this ASU is only available for a limited time, generally through December 31, 2022. Our debt agreement that utilizes LIBOR has not yet discontinued the use of LIBOR and, therefore, this ASU is not yet effective for us. To the extent our debt arrangements change to another accepted rate, we will utilize the relief available in this ASU. No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s consolidated financial statements. Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements In connection with the preparation of the consolidated financial statements for the fiscal year ended January 31, 2022, the Company identified errors in its previously filed annual consolidated financial statements and unaudited quarterly consolidated financial statements. The errors were not material to any individual prior quarterly or annual period. The prior period errors were related to assumptions and estimates made related to intercompany profit in ending inventory, use of a blended rate to calculate state net operating losses within the income tax provision and assumptions made concerning compensation information used to calculate employee benefits in one of our foreign entities. These errors accumulated over time and prior to the beginning of FY 2022. In accordance with SEC Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements (codified as Topic 1-N), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued consolidated financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial errors for the corresponding periods. Accordingly, for these prior periods we revised the affected line items of our consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of stockholders’ equity, and consolidated statements of cash flows. The correction of the errors resulted in a $1.4 million decrease in retained earnings as of January 31, 2020. The effects of the correction of immaterial errors on the impacted accounts within the Consolidated Balance Sheets were as follows (in thousands): January 31, 2021 As Previously Reported Adjustment As Revised Inventories $ 43,833 ($267) $ 43,566 Deferred tax assets 2,839 (108 ) 2,731 Total Assets 139,925 (375 ) 139,550 Accrued compensation and benefits 3,902 792 4,694 Total Liabilities 17,007 792 17,799 Retained earnings 52,687 (1,167 ) 51,520 Total Stockholders’ Equity $ 122,918 ($1,167) $ 121,751 The effects of the correction of immaterial errors on the impacted accounts within the Consolidated Statements of Income were as follows (in thousands): Year ended January 31, 2021 As Previously Reported Adjustment As Revised Cost of goods sold $ 79,750 ($33) $ 79,717 Income before taxes 43,880 (33 ) 43,913 Income tax expense 8,774 (191 ) 8,583 Net income 35,106 224 35,330 Basic net income per common share $ 4.40 $ 0.03 $ 4.43 Diluted income per common share $ 4.31 $ 0.03 $ 4.34 The effects of the correction of immaterial errors on the impacted accounts within the Consolidated Statements of Cash Flows were as follows (in thousands): Year ended January 31, 2021 As Previously Reported Adjustment As Revised Net income $ 35,106 $ 224 $ 35,330 Deferred taxes 3,103 (194 ) 2,909 Inventory 547 267 814 Accrued expenses and other liabilities 3,580 (297 ) 3,283 Net cash provided by operating activities 40,666 --- 40,666

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Jan. 31, 2022
INVENTORIES
INVENTORIES	2. INVENTORIES Inventories consist of the following (in $000s): January 31, 2022 2021 Raw materials $ 20,231 $ 18,941 Work-in-process 626 409 Finished goods 29,910 26,780 Excess and obsolete adjustments (3,056 ) (2,564 ) $ 47,711 $ 43,566

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
PROPERTY AND EQUIPMENT, NET	Jan. 31, 2022
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	3. PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following: Useful Life in Years January 31, 2022 2021 (000’s) (000’s) Machinery and equipment 3-10 $ 4,826 $ 5,095 Furniture and fixtures 3-10 1,067 1,065 Leasehold improvements Lease term 2,237 1,735 Computer hardware and software 3 4,741 4,652 Land and building 20-30 9,183 9,183 22,054 21,730 Less accumulated depreciation and amortization (13,372 ) (12,007 ) Construction-in-progress 32 96 $ 8,714 $ 9,819 Depreciation and amortization expense for FY22 and FY21 amounted to $1.9 million and $2.0 million, respectively.

INVESTMENTS

INVESTMENTS	12 Months Ended
INVESTMENTS	Jan. 31, 2022
INVESTMENTS
INVESTMENTS	4. INVESTMENTS On October 18, 2021, the Company entered into an Investment Agreement (the “Investment Agreement”) with Inova Design Solutions Ltd, a private limited company incorporated under the laws of England and Wales and headquartered in the United Kingdom, doing business as Bodytrak ® Bodytrak provides wearable monitoring solutions for customers in industrial health, safety, defense and first responder markets wanting to achieve better employee health and performance. Bodytrak’s solution is provided as a platform as a service (PaaS), delivering real-time data and cloud-based analytics, and hardware that includes a patented earpiece for, physiological monitoring and audio communications. The Series A Shares issued to the Company at the closing represent approximately 11.43% of Bodytrak’s total share capital. Under the terms of the Investment Agreement, the Company may also elect, within 30 months of the date of the initial investment, to acquire up to an additional 381,679 Series A Shares of Bodytrak for £1,500,000 (approximately $2.0 million at current exchange rates) assuming all 381,679 Series A Shares are acquired by the Company), which would result in the Company owning an aggregate of 18.42% of Bodytrak’s share capital, assuming no other shares are issued by Bodytrak. The investment in Bodytrak will be accounted for under the equity method given our board representation and the resulting ability to exercise significant influene. A substantial portion of our investment represents differences in our investment and our share of the underlying recognized net assets of Bodytrak. These differences are predominately attributable to non-amortizing intangible assets, including internally developed intellectual property, of Bodytrak. For the period October 18, 2021 (date of investment) through January 31, 2022, the Company recognized a loss of $0.1 million as the Company’s share of Bodytrak’s net loss. The loss is reflected in other income (expense), net in the consolidated statements of income.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
LONG-TERM DEBT	Jan. 31, 2022
LONG-TERM DEBT
LONG-TERM DEBT	5. LONG-TERM DEBT Revolving Credit Facility On June 25, 2020, the Company entered into a Loan Agreement (the “Loan Agreement”) with Bank of America (“Lender”). The Loan Agreement provides the Company with a secured (i) $12.5 million revolving credit facility, which includes a $5.0 million letter of credit sub-facility. The Company may request from time to time an increase in the revolving credit loan commitment of up to $5.0 million (for a total commitment of up to $17.5 million). Borrowing pursuant to the revolving credit facility is subject to a borrowing base amount calculated as (a) 80% of eligible accounts receivable, as defined, plus (b) 50% of the value of acceptable inventory, as defined, minus (c) certain reserves as the Lender may establish for the amount of estimated exposure, as reasonably determined by the Lender from time to time, under certain interest rate swap contracts. The borrowing base limitation only applies during periods when the Company’s quarterly funded debt to EBITDA ratio, as defined, exceeds 2.00 to 1.00. The credit facility will mature on June 25, 2025. Borrowings under the revolving credit facility bear interest at a rate per annum equal to the sum of the LIBOR Daily Floating Rate (“LIBOR”), plus 125 basis points. LIBOR is subject to a floor of 100 basis points. All outstanding principal and unpaid accrued interest under the revolving credit facility is due and payable on the maturity date. On a one-time basis, and subject to there not existing an event of default, the Company may elect convert up to $5 million of the then outstanding principal of the revolving credit facility to a term loan facility with an assumed amortization of 15 years and the same interest rate and maturity date as the revolving credit facility. The Loan Agreement provides for an annual unused line of credit commitment fee, payable quarterly, of 0.25%, based on the difference between the total credit line commitment and the average daily amount of credit outstanding under the facility during the preceding quarter. On June 18, 2021, the Company entered into an Amendment No. 1 to Loan Agreement (the “Amendment”) with the Lender, which modifies certain terms of the Company’s existing Loan Agreement with the Lender. The Amendment increases the credit limit under the Loan Agreement’s senior secured revolving credit facility from $12.5 million to $25.0 million. The Amendment also amends the covenant in the Loan Agreement that restricts acquisitions by the Company or its subsidiaries in order to allow, without the prior consent of the Lender, acquisitions of a business or its assets if there is no default under the Loan Agreement and the aggregate consideration does not exceed $7.5 million for any individual acquisition or $15.0 million on a cumulative basis for all such acquisitions. The Loan Agreement requires the Company to maintain a Funded Debt to EBITDA (as each such term is defined in the Loan Agreement) ratio of 3.0 to 1.0 or less and a Basic Fixed Charge Coverage Ratio (as defined in the Loan Agreement) of at least 1.15 to 1.0. The Loan Agreement also contains customary covenants, including covenants that, among other things, limit or restrict the Company’s and/or the Company’s subsidiaries’ ability, subject to certain exceptions and qualifications, to incur liens or indebtedness, pay dividends, or merge, consolidate or sell or otherwise transfer assets. The Company was in compliance with all of its debt covenants as of January 31, 2022. The Company made certain representations and warranties to the Lender in the Loan Agreement that are customary for credit arrangements of this type. The Company also agreed to maintain, as of the end of each fiscal quarter, a minimum “basic fixed charge coverage ratio” (as defined in the Loan Agreement) of at least 1.15 to 1.00 and a “funded debt to EBITDA ratio” (as defined in the Loan Agreement) not to exceed 3.00 to 1.00, in each case for the trailing 12-month period ending with the applicable quarterly reporting period. The Company also agreed to certain negative covenants that are customary for credit arrangements of this type, including restrictions on the Company’s ability to enter into mergers, acquisitions or other business combination transactions, conduct its business, grant liens, make certain investments, make substantial change in the present executive or management personnel and incur additional indebtedness, which negative covenants are subject to certain exceptions. The Loan Agreement contains customary events of default that include, among other things (subject to any applicable cure periods and materiality qualifier), non-payment of principal, interest or fees, defaults under related agreements with the Lender, cross-defaults under agreements for other indebtedness, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgements and material adverse change. Upon the occurrence of an event of default, the Lender may terminate all loan commitments, declare all outstanding indebtedness owing under the Loan Agreement and related documents to be immediately due and payable, and may exercise its other rights and remedies provided for under the Loan Agreement. In connection with the Loan Agreement, the Company entered into with the Lender (i) a security agreement dated June 25, 2020, pursuant to which the Company granted to the Lender a first priority perfected security interest in substantially all of the personal property and the intangibles of the Company, and (ii) a pledge agreement, dated June 25, 2020, pursuant to which the Company granted to the Lender a first priority perfected security interest in the stock of its subsidiaries (limited to 65% of those subsidiaries that are considered “controlled foreign subsidiaries” as set forth in the Internal Revenue Code and regulations). The Company’s obligations to the Lender under the Loan Agreement are also secured by a negative pledge evidenced by a Non-encumbrance Agreement covering the real property owned by the Company in Decatur, Alabama As of January 31, 2022, the Company had no borrowings outstanding on the letter of credit sub-facility and no borrowings outstanding under the revolving credit facility. Prior to the execution of the Loan Agreement with Bank of America, the Company repaid a $1.2 million term loan that was outstanding under a similar agreement with SunTrust Bank. The Company has terminated the borrowing agreement with SunTrust Bank. Borrowings in UK On December 31, 2014, the Company and Lakeland Industries Europe, Ltd, (“Lakeland UK”), a wholly owned subsidiary of the Company, amended the terms of its existing line of credit facility with HSBC Bank to provide for (i)a one-year extension of the maturity date of the existing financing facility to December 19, 2016, (ii) an increase in the facility limit from £1,250,000 (approximately USD $1.9 million, based on exchange rates at time of closing) to £1,500,000 (approximately USD $2.3 million, based on exchange rates at time of closing), and (iii) a decrease in the annual interest rate margin from 3.46% to 3.0%. In addition, pursuant to a letter agreement dated December 5, 2014, the Company agreed that £400,000 (approximately USD $0.6 million, based on exchange rates at time of closing) of the note payable by the UK subsidiary to the Company shall be subordinated in priority of payment to the subsidiary’s obligations to HSBC under the financing facility. On December 31, 2016, Lakeland UK entered into an extension of the maturity date of its existing facility with HSBC Invoice Finance (UK) Ltd. to December 19, 2017. Other than the extension of the maturity date and a reduction of the service charge from 0.9% to 0.85%, all other terms of the facility remained the same. On December 4, 2017 the facility was extended to March 31, 2018 for the next review period. On March 9, 2019 the facility was extended to March 31, 2020 and on March 6, 2020 further extended to March 31, 2021 with no additional changes to the terms. On April 6, 2021 the facility was extended to March 31, 2022 and to reflect a reduction of the service charge from 0.85% to 0.765%. The agreement can be terminated with three months notice. There were no borrowings outstanding under this facility at January 31, 2022 and January 31, 2021. The amounts due from HSBC of $1.2 million and $2.0 million as of January 31, 2022, and January 31, 2021, respectively, is included in other current assets on the accompanying consolidated balance sheets.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
CONCENTRATION OF RISK	Jan. 31, 2022
CONCENTRATION OF RISK
CONCENTRATION OF RISK	6. CONCENTRATION OF RISK Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents, and trade receivables. Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. The Company does not require customers to post collateral. The Company’s foreign financial depositories are Bank of America; China Construction Bank; Bank of China; China Industrial and Commercial Bank; HSBC (UK); Rural Credit Cooperative of Shandong; Postal Savings Bank of China; Punjab National Bank; HSBC in India, Argentina and UK; Raymond James in Argentina; TD Canada Trust; Banco Itaú S.A., Banco Credito Inversione in Chile; Banco Mercantil Del Norte SA in Mexico; ZAO KB Citibank Moscow in Russia, and JSC Bank Centercredit in Kazakhstan. The Company monitors its financial depositories by their credit rating which varies by country. In addition, cash balances in banks in the United States of America are insured by the Federal Deposit Insurance Corporation subject to certain limitations. There was approximately $13.3 million total included in the U.S. bank accounts and approximately $39.9 million total in foreign bank accounts as of January 31, 2022, of which $52.0 million was uninsured. Major Customer No customer accounted for more than 10% of net sales during FY22 and FY21. Major Supplier No vendor accounted for more than 10% of purchases during FY22 and FY21.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Jan. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY On June 21, 2017, the stockholders of the Company approved the Lakeland Industries, Inc. 2017 Equity Incentive Plan (the “2017 Plan”). The executive officers and all other employees and directors of the Company, including its subsidiaries, are eligible to participate in the 2017 Plan. The 2017 Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”), except that with respect to all non-employee directors, the Committee shall be deemed to include the full Board. The 2017 Plan provides for the grant of equity-based compensation in the form of stock options, restricted stock, restricted stock units, performance shares, performance units, or stock appreciation rights (“SARs”). On June 16, 2021, the stockholders of the Company approved Amendment No. 1 (the “Amendment”) to the 2017 Plan. The Amendment increases the number of shares of common stock, par value $0.01 per share (the “Common Stock”), of the Company reserved for issuance under the Plan by 480,000 shares. An aggregate of 840,000 shares of the Company’s common stock are authorized for issuance under the 2017 Plan, subject to adjustment as provided in the 2017 Plan for stock splits, dividends, distributions, recapitalizations and other similar transactions or events. If any shares subject to an award are forfeited, expire, lapse or otherwise terminate without issuance of such shares, such shares shall, to the extent of such forfeiture, expiration, lapse or termination, again be available for issuance under the 2017 Plan. The Company recognized total stock-based compensation costs, which are reflected in operating expenses (in 000’s): Year Ended January 31, 2022 2021 2017 Plan: Total restricted stock and stock option programs $ 1,667 $ 1,727 Total income tax expense recognized for stock-based compensation arrangements $ 350 $ 363 Restricted Stock Under the 2017 Plan, as described above, the Company awarded performance-based and service-based shares of restricted stock and restricted stock units to eligible employees and directors. The following table summarizes the activity under the 2017 Plan for the year ended January 31, 2022. This table reflects the amount of awards granted at the number of shares that would be vested if the Company were to achieve the maximum performance level under the December 2019, April 2020 and June 2021 grants. Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2021 245,210 30,930 276,140 $ 13.24 Awarded 46,202 14,970 61,172 $ 24.84 Vested (58,574 ) (30,930 ) (89,504 ) Forfeited ---- ---- ---- Outstanding at January 31, 2022 232,838 14,970 247,808 $ 20.89 The actual number of shares of common stock of the Company, if any, to be earned by the award recipients is determined over a three year performance measurement period based on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow for the December 2019, April 2020 and June 2021 grants. The performance targets have been set for each of the Minimum, Target, and Maximum levels. The actual performance amount achieved is determined by the Committee and may be adjusted for items determined to be unusual in nature or infrequent in occurrence, at the discretion of the Committee. The compensation cost is based on the fair value at the grant date, is recognized over the requisite performance/service period using the straight-line method, and is periodically adjusted for the probable number of shares to be awarded. As of January 31, 2022, unrecognized stock-based compensation expense totaled $1.6 million pursuant to the 2017 Plan based on outstanding awards under the Plan. This expense is expected to be recognized over approximately two years. Stock Repurchase Program On February 17, 2021, the Company’s Board of Directors approved a stock repurchase program under which the Company may repurchase up to $5 million of its outstanding common stock. On July 6, 2021, the Board of Directors authorized an increase in the Company’s current stock repurchase program under which the Company may repurchase up to an additional $5 million of its outstanding common stock (the "Existing Shares Repurchase Program") Shares repurchased in FY22 totaled 430,463 shares at a cost of $9.2 million leaving $0.8 million remaining under the stock repurchase program at January 31, 2022. On April 7, 2022, the Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $5 million of its outstanding common stock (the “New Share Repurchase Program”). The New Share Repurchase Program will become effective upon the completion of the Existing Share Repurchase Program, which has approximately $800,000 remaining for repurchases as of April 21, 2022. The New Share Repurchase Program has no expiration date but may be terminated by the Board of Directors at any time.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Jan. 31, 2022
INCOME TAXES
INCOME TAXES	8. INCOME TAXES The provision for income taxes is based on the following pretax income (loss): Years Ended January 31, Domestic and Foreign Pretax Income 2022 2021 Domestic $ 1,519 $ 8,147 Foreign 14,634 35,766 Total $ 16,153 $ 43,913 Years Ended January 31, 2022 2021 Income Tax Expense (Benefit) Current: Federal ($171) $ 41 State and other taxes 88 54 Foreign 4,205 5,483 Total Current Tax Expense $ 4,122 $ 5,578 Deferred: Domestic $ 526 $ 3,005 Foreign 133 ---- Total Deferred Tax Expense $ 659 $ 3,005 Total Income Taxes $ 4,781 $ 8,583 The following is a reconciliation of the effective income tax rate to the Federal statutory rate: Years Ended January 31, 2022 2021 Statutory rate 21.00 % 21.00 % State Income Taxes, Net of Federal Tax Benefit (0.01 ) 0.90 Adjustment to Deferred (0.26 ) 0.29 GILTI 4.11 4.43 Permanent Differences (0.83 ) (0.09 ) Valuation Allowance-Deferred Tax Asset 4.81 2.20 Foreign Tax Credit (7.34 ) (7.61 ) Argentina Flow Through Loss 1.36 0.58 Foreign Dividend & Subpart F (5.27 ) 2.14 Foreign Rate Differential 9.22 (4.01 ) Change in State Apportionment Rate 3.52 - Other (0.71 ) (0.28 ) Effective Rate 29.60 % 19.55 % The tax effects of temporary cumulative differences which give rise to deferred tax assets are summarized as follows: Years Ended January 31, 2022 2021 Deferred tax assets: Inventories $ 806 $ 955 US tax loss carryforwards, including work opportunity credit 167 167 Accounts receivable and accrued rebates 145 378 Accrued compensation and other 211 446 India reserves - US deduction 32 43 Equity based compensation 807 535 Foreign tax credit carry-forward 3,209 2,430 State and local carry-forwards 16 287 Depreciation and amortization (186 ) (265 ) Prepaid expenses (219 ) (121 ) Brazil write-down 196 220 Right-of-use asset (738 ) (239 ) Operating lease liability 762 241 Other 93 93 Deferred tax asset 5,282 5,170 Less valuation allowance (3,210 ) (2,439 ) Net deferred tax asset $ 2,072 $ 2,731 Tax Reform On December 22, 2017, federal tax reform legislation was enacted in the United States, resulting in significant changes from previous tax law. The 2017 Tax Cuts and Jobs Act (the Tax Act) reduced the federal corporate income tax rate to 21% from 35% effective January 1, 2018. The Tax Act requires us to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, re-measuring our US deferred tax assets as well as reassessing the net realizability of our deferred tax assets. The Company completed this re-measurement and reassessment in FY18. While the Tax Act provides for a modified territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. Re-measurement and reassessment of the GILTI tax resulted in a charge to tax expense of $0.7 million and $1.1 million in FY22 and FY21, respectively. The Company intends to account for the GILTI tax in the period in which it is incurred. Though this non-cash expense (due to available NOL’s) had a materially negative impact on FY22 earnings, the Tax Act also changes the taxation of foreign earnings, and companies generally will not be subject to United States federal income taxes upon the receipt of dividends from foreign subsidiaries. We previously considered substantially all of the earnings in our non-U.S. subsidiaries to be indefinitely reinvested outside the U.S. and, accordingly, recorded no deferred income taxes on such earnings. At this time, the applicable provisions of the Tax Act have been fully analyzed and our intention with respect to unremitted foreign earnings is to continue to indefinitely reinvest outside the U.S. those earnings needed for working capital or additional foreign investment. The Company strategically employs a dividend plan with respect to our non-U.S. subsidiaries subject to subsidiary profitability, cash requirements and withholding taxes. During FY22 the Company’s subsidiaries in Canada, Uruguay and Hong Kong declared and paid dividends of $2.6 million, $1.0 million and $4.4 million respectively. Withholding taxes totaling $0.2 million are included in income tax expense. No dividends were proposed by management or declared by our Board of Directors for our China subsidiary in FY22 or FY21. Income Tax Audits The Company is subject to US federal income tax, as well as income tax in multiple US state and local jurisdictions and a number of foreign jurisdictions. Returns for the years since FY18 are still open based on statutes of limitation only. Chinese tax authorities have performed limited reviews on all Chinese subsidiaries as of tax years 2008 through 2018 with no significant issues noted and we believe our tax positions are reasonably stated as of January 31, 2022. Weifang Meiyang Products Co., Ltd. (“Meiyang”), one of our Chinese operations, was changed to a trading company from a manufacturing company in Q1 FY16 and all direct workers and equipment were transferred from Meiyang to Weifang Lakeland Safety Products Co., Ltd., (“WF”), another entity of our Chinese operation thereby reducing our tax exposure. The 2021 tax review will be performed before May 30, 2022 in China. Change in Valuation Allowance We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. The valuation allowance for the year ended January 31, 2022 and January 31, 2021 was $3.2 million and $2.4 million, respectively.

NET INCOME PER SHARE

NET INCOME PER SHARE	12 Months Ended
NET INCOME PER SHARE	Jan. 31, 2022
Net income per common share:
NET INCOME PER SHARE	9. NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share as follows: Years Ended January 31, (000’s except share information) 2022 2021 Numerator – Net Income $ 11,372 $ 35,330 Denominator for basic net income per share (weighted-average shares which reflect 939,705 and 509,242 treasury shares at January 31, 2022 and 2021, respectively) 7,900,131 7,977,683 Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options 153,745 163,506 Denominator for diluted net income per share (adjusted weighted average shares) 8,053,876 8,141,189 Basic net income per share $ 1.44 $ 4.43 Diluted net income per share $ 1.41 $ 4.34

DERIVATIVE INSTRUMENTS AND FORE

DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE	12 Months Ended
DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE	Jan. 31, 2022
DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE
DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE	10. Derivative Instruments and Foreign Currency Exposure The Company is exposed to foreign currency risk. Management has commenced a derivative instrument program to partially offset this risk by purchasing forward contracts to sell the Canadian Dollar and the Euro other than the cash flow hedge discussed below. Such contracts are largely timed to expire with the last day of the fiscal quarter, with a new contract purchased on the first day of the following quarter, to match the operating cycle of the Company. We designated the forward contracts as derivatives but not as hedging instruments, with loss and gain recognized in current earnings. The Company accounts for its foreign exchange derivative instruments by recognizing all derivatives as either assets or liabilities at fair value, which may result in additional volatility in current period earnings or other comprehensive income, depending whether the instrument was designated as a cash flow hedge, as a result of recording recognized and unrecognized gains and losses from changes in the fair value of derivative instruments. We have one type of derivatives to manage the risk of foreign currency fluctuations. We enter into forward contracts with financial institutions to manage our currency exposure related to net assets and liabilities denominated in foreign currencies. Those forward contract derivatives, not designated as hedging instruments, were generally settled quarterly. Gain and loss on those forward contracts are included in current earnings. There were no outstanding forward contracts at January 31, 2022 or 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jan. 31, 2022
Commitments and contingencies
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been or is probable of being incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. General litigation contingencies The Company is involved in various litigation proceedings arising during the normal course of business which, in the opinion of the management of the Company, will not have a material effect on the Company’s financial position, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of these matters. As of January 31, 2022, to the best of the Company’s knowledge, there were no significant outstanding claims or litigation. Leases We lease real property, equipment and automobiles. The Company made the accounting policy election to account for short-term leases as described herein. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of the Company’s real estate leases are classified as operating leases. Most of our real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional four to five years. The exercise of lease renewal options is at the Company’s discretion. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. Lease cost The components of lease expense are included on the consolidated statement of operations as follows (in 000’s): Classification Year Ended January 31, 2022 Year Ended January 31, 2021 Operating lease cost Cost of goods sold $ 656 $ 727 Operating expenses $ 908 $ 625 Short-term lease cost $ 114 $ 176 Weighted-average lease terms and discount rates are as follows: January 31, 2022 January 31, 2021 Weighted-average remaining lease term (years) Operating leases 8.25 3.96 Weighted-average discount rate Operating leases 4.32 % 7.15 % Supplemental cash flow information related to leases were as follows (in 000’s): Year Ended January 31, 2022 Year Ended January 31, 2021 Cash paid for amounts included in the measurement of lease liabilities; Operating cash flows from operating leases $ 406 $ 1,154 Leased assets obtained in exchange for new operating lease liabilities $ 3,368 $ 981 Maturity of Lease Liabilities Maturity of lease liabilities as of January 31, 2022 was as follows (in $000’s): Year ending January 31, Operating Leases 2023 $ 1,242 2024 850 2025 484 2026 452 2027 446 Thereafter 2,215 Total lease payments 5,689 Less: Interest 769 Present value of lease liability $ 4,920

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Jan. 31, 2022
SEGMENT REPORTING
SEGMENT REPORTING	12. SEGMENT REPORTING Domestic and international sales from continuing operations are as follows in millions of dollars: 2022 2021 Domestic $ 47.61 $ 70.59 International 70.78 88.41 Total $ 118.39 $ 159.00 We manage our operations by evaluating each of our geographic locations. Our US operations include a facility in Alabama (primarily the distribution to customers of the bulk of our products and the light manufacturing of our chemical, wovens, reflective, and fire products). The Company also maintains one manufacturing company in China (primarily disposable and chemical suit production), a manufacturing facility in Mexico (primarily disposable, reflective, fire and chemical suit production), a manufacturing facility in Vietnam (primarily disposable production) and a small manufacturing facility in India. Our China facilities produce the majority of the Company’s products and China generates a significant portion of the Company’s international revenues. We evaluate the performance of these entities based on operating profit, which is defined as income before income taxes, interest expense and other income and expenses. We have sales forces in the USA, Canada, Mexico, Europe, Latin America, India, Russia, Kazakhstan and China, which sell and distribute products shipped from the United States, Mexico, India or China. The table below represents information about reported segments for the years noted therein: Year Ended January 31, 2022 2021 (in millions of dollars) Net Sales USA Operations (including Corporate) $ 51.44 $ 73.91 Other foreign 9.73 11.89 Europe (UK) 10.31 16.80 Mexico 5.23 6.80 Asia 75.82 91.03 Canada 8.20 13.61 Latin America 11.80 12.40 Less intersegment sales (54.14 ) (67.44 ) Consolidated sales $ 118.39 $ 159.00 External Sales USA Operations (including Corporate) $ 47.61 $ 70.59 Other foreign 7.07 9.03 Europe (UK) 10.31 16.80 Mexico 4.06 5.70 Asia 29.80 31.22 Canada 8.20 13.61 Latin America 11.34 12.05 Consolidated external sales $ 118.39 $ 159.00 Intersegment Sales USA Operations (including Corporate) $ 3.83 $ 3.32 Other foreign 2.66 2.87 Mexico 1.17 1.10 Asia 46.02 59.80 Canada — — Latin America 0.46 0.35 Consolidated intersegment sales $ 54.14 $ 67.44 Year Ended January 31, 2022 2021 (in millions of dollars) Operating Profit (Loss): USA Operations (including Corporate) $ (4.09 ) $ 8.38 Other foreign 1.84 4.68 Europe (UK) 1.18 4.83 Mexico (1.01 ) — Asia 13.89 21.95 Canada 1.07 2.28 Latin America 2.35 3.59 Less intersegment (profit) loss 0.82 (1.82 ) Consolidated operating profit $ 16.05 $ 43.89 Depreciation and Amortization Expense: USA Operations (including Corporate) $ 0.88 $ 0.87 Other foreign 0.07 0.05 Europe (UK) - 0.01 Mexico 0.20 0.18 Asia 0.58 0.73 Canada 0.11 0.09 Latin America 0.03 0.04 Less intersegment ---- (0.01 ) Consolidated depreciation and amortization expense $ 1.87 $ 1.96 Year Ended January 31, 2022 2021 (in millions of dollars) Total Assets: USA Operations (including Corporate) $ 77.76 $ 76.22 Other foreign 9.32 8.74 Europe (UK) 8.79 11.33 Mexico 5.24 5.68 Asia 66.97 64.39 Canada 4.99 8.03 Latin America 7.46 7.07 Less intersegment (39.74 ) (41.91 ) Consolidated assets $ 140.79 $ 139.55 Total Assets Less Intersegment: USA Operations (including Corporate) $ 53.36 $ 51.74 Other foreign 8.92 8.37 Europe (UK) 8.79 11.33 Mexico 5.06 5.62 Asia 52.26 47.49 Canada 4.99 8.03 Latin America 7.41 6.97 Consolidated assets $ 140.79 $ 139.55 Property and Equipment: USA Operations (including Corporate) $ 2.78 $ 3.05 Other foreign 0.25 0.25 Europe (UK) — — Mexico 2.15 2.34 Asia 2.42 2.94 Canada 0.95 1.06 Latin America 0.07 0.08 Less intersegment 0.09 0.09 Consolidated long-lived assets $ 8.71 $ 9.81 Capital Expenditures: USA Operations (including Corporate) $ 0.64 $ 0.59 Other foreign 0.04 0.15 Europe (UK) ---- - Mexico 0.03 0.35 Asia 0.06 0.49 Canada 0.03 — Latin America ---- 0.08 Consolidated capital expenditure $ 0.80 $ 1.66

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION	12 Months Ended
QUARTERLY FINANCIAL INFORMATION	Jan. 31, 2022
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION	13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of net income for interim periods including, the result of the correction of immaterial errors discussed in Note 1. “Business and Summary of Significant Accounting Policies.” These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2021 and July 31, 2021 and $0.4 million for the quarter ended April 30, 2021. These corrections increased income tax expense by $0.03 million for the quarter ended October 31, 2021, decreased income tax expense by $0.3 million for the quarter ended July 31, 2021 and increased income tax expense by $0.03 million for the quarter ended April 30, 2021. These corrections increased net income by $0.1 million for the quarter ended October, 31, 2021 and increased net income by $0.4 million for the quarters ended July 31, 2021 and April 30, 2021. Basic EPS increased $0.01 for the quarter ended October 31, 2021,by $0.05 for the quarters ended July 31, 2021 and April 30, 2021. Diluted EPS increased $0.01 for quarter ended October 31, 2021, increased $0.05 for the quarter ended July 31, 2021 and increased $0.04 for the quarter April 30, 2021. These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020. These corrections increased cost of goods sold by $0.2 million for the quarter ended January 31, 2021. These corrections decreased income tax expense by $0.05 million for the quarters ended January 31, 2021, October, 31, 2020, July 31, 2020 and April 30, 2020. These corrections decreased net income by $0.1 million for the quarter ended January 31, 2021. These corrections increased net income by $0.1 million for the quarters ended October, 31, 2020, July 31, 2020 and April 30, 2020. Basic EPS decreased $0.02 for the quarter ended January 31, 2021. Basic EPS increased $0.02 for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020. Diluted EPS decreased $0.02 for the quarter ended January 31, 2021. Diluted EPS increased $0.02 for the quarters ended October 31, 2020 and April 30, 2020 and increased $0.01 for the quarter ended July 31, 2020. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present unaudited quarterly financial information for the periods presented: Fiscal Year 2022 In thousands except EPS Fourth Quarter Ended January 31, 2022 Third Quarter Ended October 31, 2021 Second Quarter Ended July 31, 2021 First Quarter Ended April 30, 2021 Net sales $ 26,796 $ 30,032 $ 27,466 $ 34,092 Cost of goods sold 16,289 17,262 14,609 19,313 Operating profit 1,124 4,226 4,066 6,631 Income tax expense 744 1,328 1,094 1,615 Net income 507 2,895 2,968 5,002 Weighted average shares used in computing basic EPS 7,832,621 7,849,591 7,982,995 7,989,215 Weighted average shares used in computing diluted EPS 7,992,499 7,998,965 8,141,107 8,143,805 Basic EPS $ 0.06 $ 0.37 $ 0.37 $ 0.63 Diluted EPS $ 0.06 $ 0.36 $ 0.36 $ 0.61 Fiscal Year 2021 In thousands except EPS Fourth Quarter Ended January 31, 2021 Third Quarter Ended October 31, 2020 Second Quarter Ended July 31, 2020 First Quarter Ended April 30, 2020 Net sales $ 36,946 $ 41,451 $ 35,021 $ 45,582 Cost of goods sold 19,060 19,688 17,606 23,363 Operating profit 9,064 12,568 9,809 12,445 Income tax expense 1,340 3,189 377 3,677 Net income 7,725 9,387 9,461 8,757 Weighted average shares used in computing basic EPS 7,982,018 7,979,902 7,976,275 7,972,423 Weighted average shares used in computing diluted EPS 8,182,337 8,123,848 8,079,744 8,044,849 Basic EPS $ 0.97 $ 1.18 $ 1.19 $ 1.10 Diluted EPS $ 0.94 $ 1.16 $ 1.17 $ 1.09

BUSINESS AND SUMMARY OF SIGNI_2

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 31, 2022
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Business	Lakeland Industries, Inc. and Subsidiaries (“Lakeland,” the “Company,” “we,” “our” or “us”), a Delaware corporation organized in April 1986, manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. Sales are made to more than 50 countries, the majority of which were into China, countries within the European Economic Community (“EEC”), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India and countries within Southeast Asia. For purposes of this Form 10-K, FY refers to a fiscal year ended January 31; for example, FY22 refers to the fiscal year ended January 31, 2022.
Basis of Presentation	The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The following is a description of the Company’s significant accounting policies.
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates and Assumptions	The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is reasonably possible that events could occur during the upcoming year that could change such estimates.
Cash and Cash Equivalents	The Company considers highly liquid temporary cash investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of money market funds.
Accounts Receivable, net	Accounts Receivable, Net .
Inventories	Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out or moving average basis) or net realizable value. Adjustments are recorded for slow-moving, obsolete or unusable inventory. We assess our inventory for estimated obsolescence or unmarketable inventory and write down the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future sales and supply on-hand, if necessary. If actual market conditions are less favorable than those projected by management, additional inventory adjustments may be required.
Property and Equipment	Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. Leasehold improvements and leasehold costs are amortized over the term of the lease or service lives of the improvements, whichever is shorter. The costs of additions and improvements which substantially extend the useful life of a particular asset are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the account, and the gain or loss on disposition is reflected in operating income. Assets held for sale are measured at the lower of carrying value or fair value less cost to sell. Gains or losses are recognized for any subsequent changes to fair value less cost to sell. However, gains are limited to cumulative losses previously recognized. Assets classified as held for sale are not depreciated.
Impairment of Long-Lived Assets	The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The Company measures any potential impairment on a projected undiscounted cash flow method. Estimating future cash flows requires the Company’s management to make projections that can differ materially from actual results. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset.
Revenue Recognition	Substantially all the Company’s revenue is derived from product sales, which consist of sales of the Company’s personal protective wear products to distributors. The Company considers purchase orders to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year, and virtually all of the Company’s contracts are short-term. The Company recognizes revenue for the transfer of promised goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company typically satisfies its performance obligations in contracts with customers upon shipment of the goods. Generally, payment is due from customers within 30 to 90 days of the invoice date, and the contracts do not have significant financing components. The Company elected to account for shipping and handling activities as a fulfillment cost rather than a separate performance obligation. Shipping and handling costs associated with outbound freight are included in operating expenses, and for the years ended in FY22 and FY21 aggregated approximately $2.9 million and $3.9 million, respectively. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. The transaction price includes estimates of variable consideration, related to rebates, allowances, and discounts that are reductions in revenue. All estimates are based on the Company’s historical experience, anticipated performance, and the Company’s best judgment at the time the estimate is made. Estimates for variable consideration are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. All the Company’s contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. The Company has seven revenue generating reportable geographic segments under ASC Topic 280 “Segment Reporting” and derives its sales primarily from its limited use/disposable protective clothing and secondarily from its sales of reflective clothing, high-end chemical protective suits, firefighting and heat protective apparel, reusable woven garments and gloves and arm guards. The Company believes disaggregation of revenue by geographic region and product line best depicts the nature, amount, timing, and uncertainty of its revenue and cash flows (see table below). Net sales by geographic region and by product line are included below: Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by product lines: Disposables $ 67.2 $ 103.8 Chemical 24.5 31.2 Fire 8.2 7.5 Gloves 2.2 3.1 High Visibility 5.6 4.4 High Performance Wear 3.6 2.3 Wovens 7.1 6.7 Consolidated external sales $ 118.4 $ 159.0 Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by region: USA $ 47.6 $ 70.6 Other foreign 7.1 9.0 Europe (UK) 10.3 16.8 Mexico 4.1 5.7 Asia 29.8 31.2 Canada 8.2 13.6 Latin America 11.3 12.1 Consolidated external sales $ 118.4 $ 159.0
Advertising Costs	Advertising costs are expensed as incurred and included in operating expenses on the consolidated statement of income. Advertising and co-op costs amounted to $0.5 million and $0.7 million in FY22 and FY21, respectively, net of a co-op advertising allowance received from a supplier.
Stock-Based Compensation	The Company records the cost of stock-based compensation plans based on the fair value of the award on the grant date. For awards that contain a vesting provision, the cost is recognized over the requisite service period (generally the vesting period of the equity award) which approximates the performance period. For awards based on services already rendered, the cost is recognized immediately.
Income Taxes	The Company is required to estimate its income taxes in each of the jurisdictions in which it operates as part of preparing the consolidated financial statements. This involves estimating the actual current tax in addition to assessing temporary differences resulting from differing treatments for tax and financial accounting purposes. These differences, together with net operating loss carryforwards and tax credits, are recorded as deferred tax assets or liabilities on the Company’s consolidated balance sheet. A judgment must then be made of the likelihood that any deferred tax assets will be recovered from future taxable income. A valuation allowance may be required to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines that it may not be able to realize all or part of its deferred tax asset in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to income in the period of such determination. The Company recognizes tax positions that meet a “more likely than not” minimum recognition threshold. If necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the consolidated balance sheets.
Foreign Operations and Foreign Currency Translation	The Company maintains manufacturing operations in Mexico, India, Argentina, Vietnam and the People’s Republic of China and can access independent contractors in China, Vietnam, Argentina and Mexico. It also maintains sales and distribution entities located in India, Canada, the U.K., Chile, China, Argentina, Russia, Kazakhstan, Uruguay, Australia and Mexico. The Company is vulnerable to currency risks in these countries. The functional currency for the United Kingdom subsidiary is the Euro; the trading company in China, the RMB; the Russian operation, the Russian Ruble, and the Kazakhstan operation the Kazakhstan Tenge. All other operations have the US dollar as its functional currency. Pursuant to US GAAP, assets and liabilities of the Company’s foreign operations with functional currencies, other than the US dollar, are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the periods. Translation adjustments are reported in accumulated other comprehensive loss, a separate component of stockholders’ equity. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the consolidated statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction income (loss) included in net income for the years ended January 31, 2022 and 2021, were approximately $0.3 million and ($0.5) million, respectively.
Fair Value of Financial Instruments	US GAAP defines fair value, provides guidance for measuring fair value and requires certain disclosures utilizing a fair value hierarchy which is categorized into three levels based on the inputs to the valuation techniques used to measure fair value. The following is a brief description of those three levels: Level1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level3: Unobservable inputs that reflect management’s own assumptions. There were no foreign currency forward or hedge contracts at January 31, 2022 or January 31, 2021. The financial instruments of the Company classified as current assets or liabilities, including cash and cash equivalents, accounts receivable, short-term borrowings, borrowings under revolving credit facility, accounts payable and accrued expenses, are recorded at carrying value, which approximates fair value based on the short-term nature of these instruments.
Net Income Per Share	Net income per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted net income per share are based on the weighted average number of common shares and common stock equivalents. The diluted net income per share calculation takes into account unvested restricted shares and the shares that may be issued upon exercise of stock options, reduced by shares that may be repurchased with the funds received from the exercise, based on the average price during the fiscal year.
Recent Accounting Pronouncements	The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.
Recently Adopted Accounting Standards	In 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740)
New Accounting Pronouncements Not Yet Adopted	In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting in response to the risk of cessation of the London Interbank Offered Rate (LIBOR). This amendment provides for optional expedients and exceptions for applying generally accepted accounting principles to contracts and hedging relationships that are affected by LIBOR and other reference rates. The ASU generally allows for a hedge accounting to continue if the hedge was highly effective or met other standards prior to reference rate reform. Entities are permitted to apply the amendments to all contracts, cash flow and net investment hedge relationships that exist as of March 12, 2020. The relief provided in this ASU is only available for a limited time, generally through December 31, 2022. Our debt agreement that utilizes LIBOR has not yet discontinued the use of LIBOR and, therefore, this ASU is not yet effective for us. To the extent our debt arrangements change to another accepted rate, we will utilize the relief available in this ASU. No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s consolidated financial statements.
Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements	In connection with the preparation of the consolidated financial statements for the fiscal year ended January 31, 2022, the Company identified errors in its previously filed annual consolidated financial statements and unaudited quarterly consolidated financial statements. The errors were not material to any individual prior quarterly or annual period. The prior period errors were related to assumptions and estimates made related to intercompany profit in ending inventory, use of a blended rate to calculate state net operating losses within the income tax provision and assumptions made concerning compensation information used to calculate employee benefits in one of our foreign entities. These errors accumulated over time and prior to the beginning of FY 2022. In accordance with SEC Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements (codified as Topic 1-N), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued consolidated financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial errors for the corresponding periods. Accordingly, for these prior periods we revised the affected line items of our consolidated balance sheets, consolidated statements of income and comprehensive income, consolidated statements of stockholders’ equity, and consolidated statements of cash flows. The correction of the errors resulted in a $1.4 million decrease in retained earnings as of January 31, 2020. The effects of the correction of immaterial errors on the impacted accounts within the Consolidated Balance Sheets were as follows (in thousands): January 31, 2021 As Previously Reported Adjustment As Revised Inventories $ 43,833 ($267) $ 43,566 Deferred tax assets 2,839 (108 ) 2,731 Total Assets 139,925 (375 ) 139,550 Accrued compensation and benefits 3,902 792 4,694 Total Liabilities 17,007 792 17,799 Retained earnings 52,687 (1,167 ) 51,520 Total Stockholders’ Equity $ 122,918 ($1,167) $ 121,751 The effects of the correction of immaterial errors on the impacted accounts within the Consolidated Statements of Income were as follows (in thousands): Year ended January 31, 2021 As Previously Reported Adjustment As Revised Cost of goods sold $ 79,750 ($33) $ 79,717 Income before taxes 43,880 (33 ) 43,913 Income tax expense 8,774 (191 ) 8,583 Net income 35,106 224 35,330 Basic net income per common share $ 4.40 $ 0.03 $ 4.43 Diluted income per common share $ 4.31 $ 0.03 $ 4.34

BUSINESS AND SUMMARY OF SIGNI_3

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jan. 31, 2022
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Disaggregation of revenue	Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by product lines: Disposables $ 67.2 $ 103.8 Chemical 24.5 31.2 Fire 8.2 7.5 Gloves 2.2 3.1 High Visibility 5.6 4.4 High Performance Wear 3.6 2.3 Wovens 7.1 6.7 Consolidated external sales $ 118.4 $ 159.0 Year Ended January 31, (in millions of dollars) 2022 2021 External Sales by region: USA $ 47.6 $ 70.6 Other foreign 7.1 9.0 Europe (UK) 10.3 16.8 Mexico 4.1 5.7 Asia 29.8 31.2 Canada 8.2 13.6 Latin America 11.3 12.1 Consolidated external sales $ 118.4 $ 159.0
Schedule of consolidated balance sheets	January 31, 2021 As Previously Reported Adjustment As Revised Inventories $ 43,833 ($267) $ 43,566 Deferred tax assets 2,839 (108 ) 2,731 Total Assets 139,925 (375 ) 139,550 Accrued compensation and benefits 3,902 792 4,694 Total Liabilities 17,007 792 17,799 Retained earnings 52,687 (1,167 ) 51,520 Total Stockholders’ Equity $ 122,918 ($1,167) $ 121,751
Schedule of consolidated statements of income	Year ended January 31, 2021 As Previously Reported Adjustment As Revised Cost of goods sold $ 79,750 ($33) $ 79,717 Income before taxes 43,880 (33 ) 43,913 Income tax expense 8,774 (191 ) 8,583 Net income 35,106 224 35,330 Basic net income per common share $ 4.40 $ 0.03 $ 4.43 Diluted income per common share $ 4.31 $ 0.03 $ 4.34
Schedule consolidated statements of cash flows	Year ended January 31, 2021 As Previously Reported Adjustment As Revised Net income $ 35,106 $ 224 $ 35,330 Deferred taxes 3,103 (194 ) 2,909 Inventory 547 267 814 Accrued expenses and other liabilities 3,580 (297 ) 3,283 Net cash provided by operating activities 40,666 --- 40,666

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Jan. 31, 2022
INVENTORIES
Schedule of inventory	January 31, 2022 2021 Raw materials $ 20,231 $ 18,941 Work-in-process 626 409 Finished goods 29,910 26,780 Excess and obsolete adjustments (3,056 ) (2,564 ) $ 47,711 $ 43,566

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT, NET (Tables)	Jan. 31, 2022
PROPERTY AND EQUIPMENT, NET (Tables)
Property and equipment	Useful Life in Years January 31, 2022 2021 (000’s) (000’s) Machinery and equipment 3-10 $ 4,826 $ 5,095 Furniture and fixtures 3-10 1,067 1,065 Leasehold improvements Lease term 2,237 1,735 Computer hardware and software 3 4,741 4,652 Land and building 20-30 9,183 9,183 22,054 21,730 Less accumulated depreciation and amortization (13,372 ) (12,007 ) Construction-in-progress 32 96 $ 8,714 $ 9,819

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jan. 31, 2022
STOCKHOLDERS' EQUITY
Schedule of share-based compensation, restricted stock units award activity	Year Ended January 31, 2022 2021 2017 Plan: Total restricted stock and stock option programs $ 1,667 $ 1,727 Total income tax expense recognized for stock-based compensation arrangements $ 350 $ 363
Schedule of stock option activity	Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2021 245,210 30,930 276,140 $ 13.24 Awarded 46,202 14,970 61,172 $ 24.84 Vested (58,574 ) (30,930 ) (89,504 ) Forfeited ---- ---- ---- Outstanding at January 31, 2022 232,838 14,970 247,808 $ 20.89

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Jan. 31, 2022
INCOME TAXES
Provision for income taxes	Years Ended January 31, Domestic and Foreign Pretax Income 2022 2021 Domestic $ 1,519 $ 8,147 Foreign 14,634 35,766 Total $ 16,153 $ 43,913
Schedule of Income Tax Expense (Benefit)	Years Ended January 31, 2022 2021 Income Tax Expense (Benefit) Current: Federal ($171) $ 41 State and other taxes 88 54 Foreign 4,205 5,483 Total Current Tax Expense $ 4,122 $ 5,578 Deferred: Domestic $ 526 $ 3,005 Foreign 133 ---- Total Deferred Tax Expense $ 659 $ 3,005 Total Income Taxes $ 4,781 $ 8,583
Schedule of effective income tax rate reconciliation	Years Ended January 31, 2022 2021 Statutory rate 21.00 % 21.00 % State Income Taxes, Net of Federal Tax Benefit (0.01 ) 0.90 Adjustment to Deferred (0.26 ) 0.29 GILTI 4.11 4.43 Permanent Differences (0.83 ) (0.09 ) Valuation Allowance-Deferred Tax Asset 4.81 2.20 Foreign Tax Credit (7.34 ) (7.61 ) Argentina Flow Through Loss 1.36 0.58 Foreign Dividend & Subpart F (5.27 ) 2.14 Foreign Rate Differential 9.22 (4.01 ) Change in State Apportionment Rate 3.52 - Other (0.71 ) (0.28 ) Effective Rate 29.60 % 19.55 %
Schedule of deferred tax assets and liabilities	Years Ended January 31, 2022 2021 Deferred tax assets: Inventories $ 806 $ 955 US tax loss carryforwards, including work opportunity credit 167 167 Accounts receivable and accrued rebates 145 378 Accrued compensation and other 211 446 India reserves - US deduction 32 43 Equity based compensation 807 535 Foreign tax credit carry-forward 3,209 2,430 State and local carry-forwards 16 287 Depreciation and amortization (186 ) (265 ) Prepaid expenses (219 ) (121 ) Brazil write-down 196 220 Right-of-use asset (738 ) (239 ) Operating lease liability 762 241 Other 93 93 Deferred tax asset 5,282 5,170 Less valuation allowance (3,210 ) (2,439 ) Net deferred tax asset $ 2,072 $ 2,731

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	12 Months Ended
NET INCOME PER SHARE (Tables)	Jan. 31, 2022
Net income per common share:
Schedule of earnings per share, basic and diluted	Years Ended January 31, (000’s except share information) 2022 2021 Numerator – Net Income $ 11,372 $ 35,330 Denominator for basic net income per share (weighted-average shares which reflect 939,705 and 509,242 treasury shares at January 31, 2022 and 2021, respectively) 7,900,131 7,977,683 Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options 153,745 163,506 Denominator for diluted net income per share (adjusted weighted average shares) 8,053,876 8,141,189 Basic net income per share $ 1.44 $ 4.43 Diluted net income per share $ 1.41 $ 4.34

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jan. 31, 2022
Commitments and contingencies
Schedule of lease rental cost	Classification Year Ended January 31, 2022 Year Ended January 31, 2021 Operating lease cost Cost of goods sold $ 656 $ 727 Operating expenses $ 908 $ 625 Short-term lease cost $ 114 $ 176
Weighted-average lease terms and discount rates	January 31, 2022 January 31, 2021 Weighted-average remaining lease term (years) Operating leases 8.25 3.96 Weighted-average discount rate Operating leases 4.32 % 7.15 %
Supplemental cash flow information related to leases	Year Ended January 31, 2022 Year Ended January 31, 2021 Cash paid for amounts included in the measurement of lease liabilities; Operating cash flows from operating leases $ 406 $ 1,154 Leased assets obtained in exchange for new operating lease liabilities $ 3,368 $ 981
Maturity of lease liabilities	Year ending January 31, Operating Leases 2023 $ 1,242 2024 850 2025 484 2026 452 2027 446 Thereafter 2,215 Total lease payments 5,689 Less: Interest 769 Present value of lease liability $ 4,920

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Jan. 31, 2022
SEGMENT REPORTING
Schedule of revenue from external customers geographic areas	2022 2021 Domestic $ 47.61 $ 70.59 International 70.78 88.41 Total $ 118.39 $ 159.00
Segment information	Year Ended January 31, 2022 2021 (in millions of dollars) Net Sales USA Operations (including Corporate) $ 51.44 $ 73.91 Other foreign 9.73 11.89 Europe (UK) 10.31 16.80 Mexico 5.23 6.80 Asia 75.82 91.03 Canada 8.20 13.61 Latin America 11.80 12.40 Less intersegment sales (54.14 ) (67.44 ) Consolidated sales $ 118.39 $ 159.00 External Sales USA Operations (including Corporate) $ 47.61 $ 70.59 Other foreign 7.07 9.03 Europe (UK) 10.31 16.80 Mexico 4.06 5.70 Asia 29.80 31.22 Canada 8.20 13.61 Latin America 11.34 12.05 Consolidated external sales $ 118.39 $ 159.00 Intersegment Sales USA Operations (including Corporate) $ 3.83 $ 3.32 Other foreign 2.66 2.87 Mexico 1.17 1.10 Asia 46.02 59.80 Canada — — Latin America 0.46 0.35 Consolidated intersegment sales $ 54.14 $ 67.44 Year Ended January 31, 2022 2021 (in millions of dollars) Operating Profit (Loss): USA Operations (including Corporate) $ (4.09 ) $ 8.38 Other foreign 1.84 4.68 Europe (UK) 1.18 4.83 Mexico (1.01 ) — Asia 13.89 21.95 Canada 1.07 2.28 Latin America 2.35 3.59 Less intersegment (profit) loss 0.82 (1.82 ) Consolidated operating profit $ 16.05 $ 43.89 Depreciation and Amortization Expense: USA Operations (including Corporate) $ 0.88 $ 0.87 Other foreign 0.07 0.05 Europe (UK) - 0.01 Mexico 0.20 0.18 Asia 0.58 0.73 Canada 0.11 0.09 Latin America 0.03 0.04 Less intersegment ---- (0.01 ) Consolidated depreciation and amortization expense $ 1.87 $ 1.96 Year Ended January 31, 2022 2021 (in millions of dollars) Total Assets: USA Operations (including Corporate) $ 77.76 $ 76.22 Other foreign 9.32 8.74 Europe (UK) 8.79 11.33 Mexico 5.24 5.68 Asia 66.97 64.39 Canada 4.99 8.03 Latin America 7.46 7.07 Less intersegment (39.74 ) (41.91 ) Consolidated assets $ 140.79 $ 139.55 Total Assets Less Intersegment: USA Operations (including Corporate) $ 53.36 $ 51.74 Other foreign 8.92 8.37 Europe (UK) 8.79 11.33 Mexico 5.06 5.62 Asia 52.26 47.49 Canada 4.99 8.03 Latin America 7.41 6.97 Consolidated assets $ 140.79 $ 139.55 Property and Equipment: USA Operations (including Corporate) $ 2.78 $ 3.05 Other foreign 0.25 0.25 Europe (UK) — — Mexico 2.15 2.34 Asia 2.42 2.94 Canada 0.95 1.06 Latin America 0.07 0.08 Less intersegment 0.09 0.09 Consolidated long-lived assets $ 8.71 $ 9.81 Capital Expenditures: USA Operations (including Corporate) $ 0.64 $ 0.59 Other foreign 0.04 0.15 Europe (UK) ---- - Mexico 0.03 0.35 Asia 0.06 0.49 Canada 0.03 — Latin America ---- 0.08 Consolidated capital expenditure $ 0.80 $ 1.66

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
QUARTERLY FINANCIAL INFORMATION (Tables)	Jan. 31, 2022
QUARTERLY FINANCIAL INFORMATION (Tables)
Quarterly financial information	Fiscal Year 2022 In thousands except EPS Fourth Quarter Ended January 31, 2022 Third Quarter Ended October 31, 2021 Second Quarter Ended July 31, 2021 First Quarter Ended April 30, 2021 Net sales $ 26,796 $ 30,032 $ 27,466 $ 34,092 Cost of goods sold 16,289 17,262 14,609 19,313 Operating profit 1,124 4,226 4,066 6,631 Income tax expense 744 1,328 1,094 1,615 Net income 507 2,895 2,968 5,002 Weighted average shares used in computing basic EPS 7,832,621 7,849,591 7,982,995 7,989,215 Weighted average shares used in computing diluted EPS 7,992,499 7,998,965 8,141,107 8,143,805 Basic EPS $ 0.06 $ 0.37 $ 0.37 $ 0.63 Diluted EPS $ 0.06 $ 0.36 $ 0.36 $ 0.61 Fiscal Year 2021 In thousands except EPS Fourth Quarter Ended January 31, 2021 Third Quarter Ended October 31, 2020 Second Quarter Ended July 31, 2020 First Quarter Ended April 30, 2020 Net sales $ 36,946 $ 41,451 $ 35,021 $ 45,582 Cost of goods sold 19,060 19,688 17,606 23,363 Operating profit 9,064 12,568 9,809 12,445 Income tax expense 1,340 3,189 377 3,677 Net income 7,725 9,387 9,461 8,757 Weighted average shares used in computing basic EPS 7,982,018 7,979,902 7,976,275 7,972,423 Weighted average shares used in computing diluted EPS 8,182,337 8,123,848 8,079,744 8,044,849 Basic EPS $ 0.97 $ 1.18 $ 1.19 $ 1.10 Diluted EPS $ 0.94 $ 1.16 $ 1.17 $ 1.09

BUSINESS AND SUMMARY OF SIGNI_4

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Net sales	$ 118,386	$ 159,000
Fire [Member]
Net sales	8,200	7,500
USA [Member]
Net sales	47,600	70,600
Consolidated external sales
Net sales	118,400	159,000
Other Foreign [Member]
Net sales	7,100	9,000
Europe (UK) [Member]
Net sales	10,300	16,800
Mexico [Member]
Net sales	4,100	5,700
Asias [Member]
Net sales	29,800	31,200
Canada [Member]
Net sales	8,200	13,600
Latin Americas [Member]
Net sales	11,300	12,100
High Performance Wear [Member]
Net sales	3,600	2,300
Disposables
Net sales	67,200	103,800
Chemical
Net sales	24,500	31,200
Gloves
Net sales	2,200	3,100
Hi-Vis
Net sales	5,600	4,400
Wovens
Net sales	$ 7,100	$ 6,700

BUSINESS AND SUMMARY OF SIGNI_5

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
Inventories		$ 43,566
Deferred tax assets	$ 2,072	2,731
Total Assets	140,793	139,550
Accrued compensation and benefits		4,694
Total Liabilities	15,693	17,799
Retained earnings	62,892	51,520
Total Stockholders' Equity	125,100	121,751	$ 85,052
Inventories	$ 2,704	0
Adjustment [Member]
Deferred tax assets		108
Total Assets		375
Accrued compensation and benefits		792
Total Liabilities		792
Retained earnings		(1,167)
Total Stockholders' Equity		(1,167)
Inventories		267
Previously Reported [Member]
Deferred tax assets		2,839
Total Assets		139,925
Accrued compensation and benefits		3,902
Total Liabilities		17,007
Retained earnings		52,687
Total Stockholders' Equity		122,918
Inventories		$ 43,833

BUSINESS AND SUMMARY OF SIGNI_6

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Cost of goods sold		$ 79,717
Income before taxes		43,913
Income tax expense	$ 4,781	8,583
Net income	$ 11,372	$ 35,330
Basic net income per common share	$ 1.44	$ 4.43
Diluted income per common share	$ 1.41	$ 4.34
Adjustment [Member]
Cost of goods sold		$ 33
Income before taxes		(33)
Income tax expense		(191)
Net income		$ 224
Basic net income per common share		$ 0.03
Diluted income per common share		$ 0.03
Previously Reported [Member]
Cost of goods sold		$ 79,750
Income before taxes		8,774
Income tax expense		43,880
Net income		$ 35,106
Basic net income per common share		$ 4.40
Diluted income per common share		$ 4.31

BUSINESS AND SUMMARY OF SIGNI_7

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Net income	$ 11,372,000	$ 35,330,000
Deferred taxes		2,909,000
Inventory	(4,413,000)	814,000
Accrued expenses and other liabilities		3,283,000
Net cash provided by operating activities	$ 12,782,000	40,666,000
Adjustment [Member]
Net income		224,000
Deferred taxes		(194,000)
Inventory		267,000
Accrued expenses and other liabilities		(297,000)
Net cash provided by operating activities		0
Previously Reported [Member]
Net income		35,106,000
Deferred taxes		3,103,000
Inventory		547,000
Accrued expenses and other liabilities		3,580,000
Net cash provided by operating activities		$ 40,666,000

BUSINESS AND SUMMARY OF SIGNI_8

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Shipping and handling costs	$ 2.9	$ 3.9
Foreign currency transaction income (loss)	0.3	(0.5)
Advertising cost	$ 0.5	$ 0.7
Decrease in retained earnings			$ 1.4

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
INVENTORIES
Raw materials	$ 20,231	$ 18,941
Work-in-process	626	409
Finished goods	29,910	26,780
Excess and obsolete reserves	(3,056)	(2,564)
Inventories, net	$ 47,711	$ 43,566

PROPERTY AND EQUIPMENT NET (Det

PROPERTY AND EQUIPMENT NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Property, plant and equipment, gross	$ 22,054	$ 21,730
Construction-in-progress	32	96
Less accumulated depreciation and amortization	(13,372)	(12,007)
Property, plant and equipment, net	8,714	9,819
Machinery and Equipment
Property, plant and equipment, gross	$ 4,826	5,095
Machinery and Equipment \| Minimum
Property, plant and equipment, useful life	3 years
Machinery and Equipment \| Maximum
Property, plant and equipment, useful life	10 years
Furniture and Fixtures
Property, plant and equipment, gross	$ 1,067	1,065
Furniture and Fixtures \| Minimum
Property, plant and equipment, useful life	3 years
Furniture and Fixtures \| Maximum
Property, plant and equipment, useful life	10 years
Leasehold Improvements
Property, plant and equipment, gross	$ 2,237	1,735
Property, plant and equipment, useful life	Lease term
Computer Hardware and Software
Property, plant and equipment, gross	$ 4,741	4,652
Property, plant and equipment, useful life	3 years
Land and Building
Property, plant and equipment, gross	$ 9,183	$ 9,183
Land and Building \| Minimum
Property, plant and equipment, useful life	20 years
Land and Building \| Maximum
Property, plant and equipment, useful life	30 years

PROPERTY AND EQUIPMENT NET (D_2

PROPERTY AND EQUIPMENT NET (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2020
PROPERTY AND EQUIPMENT, NET
Depreciation and amortization expense	$ 1.9	$ 2

Investments (Details Narrative)

Investments (Details Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Investments (Details Narrative) - USD ($) $ in Millions	Oct. 18, 2021	Jan. 31, 2022	Jan. 31, 2021
Other income (expense)		$ 0.1
Convertible series A shares issued		0	0
Investment Agreement [Member] \| Bodytrak's [Member]
Payment of related party shares exchanged	$ 2.8
Current exchange rates	$ 2
Percentages of total share capital	11.43%
Ownership percentage	18.42%
Additional shares of Series A	381,679
Series A shares acquired	381,679
Convertible series A shares issued	508,905

LongTerm Debt (Details Narrativ

LongTerm Debt (Details Narrative) - USD ($) $ in Millions	Dec. 05, 2014	Dec. 31, 2016	Dec. 31, 2014	Jan. 31, 2022	Jan. 31, 2021	Jun. 25, 2020	Dec. 19, 2016
Annual unused line of credit commitment fee, payable quarterly				The Loan Agreement provides for an annual unused line of credit commitment fee, payable quarterly, of 0.25%, based on the difference between the total credit line commitment and the average daily amount of credit outstanding under the facility during the preceding quarter.
Granted Lender a first priority perfected security interest						65.00%
Aggregate cumulative consideration				$ 15
SunTrust Bank [Member]
Repayment of debt				1.2
HSBC Bank [Member]
Amendments in line of credit facility		Lakeland UK entered into an extension of the maturity date of its existing facility with HSBC Invoice Finance (UK) Ltd. to December 19, 2017.	a one-year extension of the maturity date of the existing financing facility to December 19, 2016
Increase in line of credit facility			$ 1.9				$ 2.3
Decrease in annual interest rate			3.46%				3.00%
Note payable	$ 0.6
Service charges		0.90%					0.85%
Due amount				1.2	$ 2
Loan Agreement \| Minimum [Member]
Revolving credit facility				12.5
Loan Agreement \| Maximum [Member]
Aggregate cumulative consideration				7.5
Revolving credit facility				$ 25
Loan Agreement \| Bank Of America
Warranties to the Lender in the Loan Agreement				The Company may request from time to time an increase in the revolving credit loan commitment of up to $5.0 million (for a total commitment of up to $17.5 million). Borrowing pursuant to the revolving credit facility is subject to a borrowing base amount calculated as (a) 80% of eligible accounts receivable, as defined, plus (b) 50% of the value of acceptable inventory, as defined, minus (c) certain reserves as the Lender may establish for the amount of estimated exposure, as reasonably determined by the Lender from time to time, under certain interest rate swap contracts. The borrowing base limitation only applies during periods when the Company’s quarterly funded debt to EBITDA ratio, as defined, exceeds 2.00 to 1.00.
Revolving credit facility				$ 12.5
Credit sub facility				$ 5
Credit facility mature date				Jun. 25, 2025

Concentration of Risk (Details

Concentration of Risk (Details Narrative) $ in Millions	12 Months Ended
Concentration of Risk (Details Narrative) $ in Millions	Jan. 31, 2022USD ($)
Cash balances in banks in the United States of America	$ 13.3
Cash balances in foreign bank accounts	39.9
Uninsured amount	$ 52
Major Customer [Member]
Concentration risk of net sales	10.00%
Major Supplier [Member]
Concentration risk of net sales	10.00%

Stockholders Equity (Details)

Stockholders Equity (Details) - 2017 Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Total stock-based compensation	$ 1,667	$ 1,727
Total income tax benefit recognized for stock-based compensation arrangements	$ 350	$ 363

Stockholders Equity (Details 1)

Stockholders Equity (Details 1)	12 Months Ended
Stockholders Equity (Details 1)	Jan. 31, 2022$ / sharesshares
Total [Member]
Outstanding at January 31, 2020	276,140
Awarded	61,172
Outstanding at January 31, 2021	247,808
Weighted Average Grant Date Fair Value [Member]
Outstanding at January 31, 2020 \| $ / shares	$ 13.24
Awarded \| $ / shares	24.84
Outstanding at January 31, 2021 \| $ / shares	$ 20.89
Performance Based [Member]
Outstanding at January 31, 2020	245,210
Awarded	46,202
Vested	58,574
Outstanding at January 31, 2021	232,838
Service Based [Member]
Outstanding at January 31, 2020	30,930
Awarded	14,970
Vested	30,930
Outstanding at January 31, 2021	14,970

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	Jul. 06, 2021	Feb. 17, 2021	Jan. 31, 2022	Jan. 31, 2021	Jun. 16, 2021
Common stock reserve for issuance					480,000
Common stock par value			$ 0.01	$ 0.01	$ 0.01
Existing Share Repurchase Program				$ 800,000
Common stock, shares authorized			20,000,000	20,000,000
2017 Plan [Member]
Common stock, shares authorized			840,000
Other Compensation Plans/Programs [Member]
Unrecognized stock-based compensation expense			$ 1,600,000
Stock Repurchase Program [Member]
Remaining value of repurchase of outstanding common stock			800,000
Inclusive of commissions			$ 9,200,000
Repurchase of outstanding common stock			430,463
Repurchase of outstanding common stock, amount	$ 5,000,000	$ 5,000,000	$ 5,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Pretax income (loss)	$ 16,153	$ 43,913
Income Tax Expense (Benefit) Current:
Federal	(171)	41
State and other taxes	88	54
Foreign	4,205	5,483
Current income tax expense (benefit)	4,122	5,578
Income Tax Expense (Benefit) Deferred:
Domestic	526	3,005
Foreigns	133
Total Deferred Tax Expense	659	3,005
Total	4,781	8,583
Domestic Tax Authority [Member]
Pretax income (loss)	1,519	8,147
Foreign Tax Authority [Member]
Pretax income (loss)	$ 14,634	$ 35,766

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	12 Months Ended
INCOME TAXES (Details 1)	Jan. 31, 2022	Jan. 31, 2021
INCOME TAXES
Statutory rate	21.00%	21.00%
State Income Taxes, Net of Federal Tax Benefit	0.01%	0.90%
Adjustment to Deferred	(0.26%)	0.29%
GILTI	4.11%	4.43%
Permanent Differences	(0.83%)	(0.09%)
Valuation Allowance-Deferred Tax Asset	4.81%	2.20%
Foreign Tax Credit	(7.34%)	(7.61%)
Argentina Flow Through Loss	1.36%	0.58%
Foreign Dividend & Subpart F	(5.27%)	2.14%
Foreign Rate Differential	9.22%	(4.01%)
Change in State Apportionment Rate	3.52%	0.00%
Other	(0.71%)	0.28%
Effective rate	29.60%	19.55%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Jan. 31, 2022	Jan. 31, 2021
Deferred tax assets:
Inventories	$ 806,000	$ 955,000
US tax loss carryforwards, including work opportunity credit	167,000	167,000
Accounts receivable and accrued rebates	145,000	378,000
Accrued compensation and other	211,000	446,000
India reserves - US deduction	32,000	43,000
Equity based compensation	807,000	535,000
Foreign tax credit carry-forward	3,209,000	2,430,000
State and local carry-forwards	16,000	287,000
Depreciation and amortization	(186,000)	(265,000)
Prepaid expenses	(219,000)	(121,000)
Brazil write-down	196,000	220,000
Right-of-use asset	(738,000)	(239,000)
Operating lease liability	762,000	241,000
Other	93	93
Deferred tax asset	5,282,000	5,170,000
Less valuation allowance	(3,210,000)	(2,439,000)
Net deferred tax asset	$ 2,072,000	$ 2,731,000

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES (Details Narrative) - USD ($) $ in Millions	Jan. 31, 2022	Jan. 31, 2021
Withholding tax expense	$ 0.2
Change in valuation allowance	$ 3.2	$ 2.4
Federal corporate income tax rate	21.00%	35.00%
Tax expense charge	$ 0.7	$ 1.1
Canada [Member]
Dividend paid	2.6
Uruguay [Member]
Dividend paid	1
Hongkong [Member]
Dividend paid	$ 4.4

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Net income per common share:
Net income	$ 11,372	$ 35,330
Denominator for basic net income per share (weighted-average shares which reflect 509,242 shares in the treasury at January 31, 2021 and 2020)	7,900,131	7,977,683
Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options	153,745	163,506
Denominator for diluted net income per share (adjusted weighted average shares)	8,053,876	8,141,189
Basic net income per share	$ 1.44	$ 4.43
Diluted net income per share	$ 1.41	$ 4.34

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Short-term lease cost	$ 114	$ 176
Operating expenses	34,866	35,397
Cost of goods sold	67,473	79,717
Operating Lease [Member]
Operating expenses	908	625
Cost of goods sold	$ 656	$ 727

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details 2)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details 2)	Jan. 31, 2022	Jan. 31, 2021
Commitments and contingencies
Weighted-average remaining lease term (years) operating leases	8 years 3 months	3 years 11 months 15 days
Weighted-average discount rate operating leases	4.32%	7.15%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Commitments and contingencies
Operating cash flows from operating leases	$ 406	$ 1,154
Leased assets obtained in exchange for new operating lease liabilities	$ 3,368	$ 981

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (Details 4) $ in Thousands	Jan. 31, 2022USD ($)
Commitments and contingencies
2023	$ 1,242
2024	850
2025	484
2026	452
2027	446
Thereafter	2,215
Total lease payments	5,689
Less: interest	769
Present value of lease liability	$ 4,920

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Total [Member]
Net sales from continuing operations	$ 118,390	$ 159,000
USA [Member]
Net sales from continuing operations	47,610	70,780
International
Net sales from continuing operations	$ 70,590	$ 88,410

SEGMENT REPORTING (Details 1)

SEGMENT REPORTING (Details 1) - USD ($)	12 Months Ended
SEGMENT REPORTING (Details 1) - USD ($)	Jan. 31, 2022	Jan. 31, 2021
Operating profit	$ 16,047,000	$ 43,886,000
Depreciation and amortization expense	1,868,000	1,965,000
Property and equipment	8,714,000	9,819,000
Total assets	140,793,000	139,550,000
Income tax expense (benefit)	4,781,000	8,583,000
Total [Member]
Net sales	118,390,000	159,000,000
External sales	118,390,000	159,000,000
Intersegment sales	54,140,000	67,440,000
Operating profit	16,050,000	43,890,000
Depreciation and amortization expense	1,870,000	1,960,000
Capital expenditures	800,000	1,660,000
Total assets less intersegment	140,790,000	139,550,000
Property and equipment	8,710,000	9,810,000
Total assets	140,790,000	139,550,000
Other Foreign [Member]
Net sales	9,730,000	11,890,000
External sales	7,070,000	9,030,000
Intersegment sales	2,660,000	2,870,000
Operating profit	1,840,000	4,680,000
Depreciation and amortization expense	70,000	50,000
Capital expenditures	40,000	150,000
Total assets less intersegment	8,920,000	8,370,000
Property and equipment	250,000	250,000
Total assets	9,320,000	8,740,000
Asia [Member]
Net sales	75,820,000	91,030,000
External sales	29,800,000	31,220,000
Intersegment sales	46,020,000	59,800,000
Operating profit	13,890,000	21,950,000
Depreciation and amortization expense	580,000	730,000
Capital expenditures	60,000	490,000
Total assets less intersegment	52,260,000	47,490,000
Property and equipment	2,420,000	2,940,000
Total assets	66,970,000	64,390,000
Latin America [Member]
Net sales	11,800,000	12,400,000
External sales	11,340,000	12,050,000
Intersegment sales	460,000	350,000
Operating profit	2,350,000	3,590,000
Depreciation and amortization expense	30,000	40,000
Capital expenditures	0	80,000
Total assets less intersegment	7,410,000	6,970,000
Property and equipment	70,000	80,000
Total assets	7,460,000	7,070,000
Intersegment [Member]
Net sales	(54,140,000)	(67,440,000)
Operating profit	820,000	(1,820,000)
Depreciation and amortization expense	0	10,000
Property and equipment	90,000	90,000
Total assets	39,740,000	41,910,000
Income tax expense (benefit)	0	(230,000)
USA [Member]
Net sales	47,610,000	73,910,000
External sales	47,610,000	70,590,000
Intersegment sales	3,830,000	3,320,000
Operating profit	(4,090,000)	8,380,000
Depreciation and amortization expense	880,000	870,000
Capital expenditures	640,000	590,000
Total assets	77,760,000	76,220,000
Total assets less intersegment	53,360,000	51,740,000
Property and equipment	2,780,000	3,050,000
Canada [Member]
Net sales	8,200,000	13,610,000
External sales	8,200,000	13,610,000
Intersegment sales	0	0
Operating profit	1,070,000	2,280,000
Depreciation and amortization expense	110,000	90,000
Capital expenditures	30,000	0
Total assets less intersegment	4,990,000	8,030,000
Property and equipment	950,000	1,060,000
Total assets	4,990,000	8,030,000
Europe (UK) [Member]
Net sales	10,310,000	16,800,000
External sales	10,310,000	16,800,000
Operating profit	1,180,000	4,830,000
Depreciation and amortization expense		10,000
Capital expenditures	0	10,000
Total assets less intersegment	8,790,000	11,330,000
Property and equipment	0	0
Total assets	8,790,000	11,330,000
Mexico [Member]
Net sales	5,230,000	6,800,000
External sales	4,060,000	5,700,000
Intersegment sales	1,170,000	1,100,000
Operating profit	(1,010,000)	0
Depreciation and amortization expense	200,000	180,000
Capital expenditures	20,000	350,000
Total assets less intersegment	5,060,000	5,620,000
Property and equipment	2,150,000	2,340,000
Total assets	$ 5,240,000	$ 5,680,000

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2022	Jan. 31, 2021
Net sales									$ 118,386	$ 159,000
Cost of goods sold									67,473	79,717
Income tax expense (benefit)									4,781	8,583
Operating profit									50,913	79,283
Net income									$ 11,372	$ 35,330
Weighted average shares used in computing basic EPS									7,900,131	7,977,683
Diluted net income per share									$ 1.41	$ 4.34
Weighted average shares used in computing diluted EPS									8,053,876	8,141,189
Basic net income per share									$ 1.44	$ 4.43
EPS
Net sales	$ 26,796	$ 30,032	$ 27,466	$ 34,092	$ 36,946	$ 41,451	$ 35,021	$ 45,582
Cost of goods sold	16,289	17,262	14,609	19,313	19,060	19,688	17,606	23,363
Income tax expense (benefit)	744	1,328	1,094	1,615	1,340	3,189	377	3,677
Operating profit	1,124	4,226	4,066	6,631	9,064	12,568	9,809	12,445
Net income	$ 507	$ 2,895	$ 2,968	$ 5,002	$ 7,725	$ 9,387	$ 9,461	$ 8,757
Weighted average shares used in computing basic EPS	7,832,621	7,849,591	7,982,995	7,989,215	7,982,018	7,979,902	7,976,275	7,972,423
Diluted net income per share	$ 0.06	$ 0.36	$ 0.37	$ 0.61	$ 0.94	$ 1.16	$ 1.17	$ 1.09
Weighted average shares used in computing diluted EPS	7,992,499	7,998,965	8,141,107	8,143,805	8,182,337	8,123,848	8,079,744	8,044,849
Basic net income per share	$ 0.06	$ 0.37	$ 0.36	$ 0.63	$ 0.97	$ 1.18	$ 1.19	$ 1.10

QUARTERLY FINANCIAL INFORMATI_4

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details Narrative) - EPS - USD ($)	3 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020
Decreased cost of goods sold	$ 100,000	$ 100,000	$ 400,000		$ 100,000	$ 100,000	$ 100,000
Increased cost of goods sold				$ 200,000
Increased income tax expense	30,000		30,000
Decreased income tax expense		300,000	6,631,000,000	100,000	50,000	50,000	50,000
Increased net income	$ 100,000	$ 300,000	$ 400,000		$ 100,000	$ 100,000	$ 100,000
Decreased net income				$ 100,000
Basic EPS increased	$ 0.02	$ 0.05	$ 0.05		$ 0.02	$ 0.01	$ 0.02
Diluted EPS increased	$ 0.01	$ 0.05	$ 0.04		$ 0.01	$ 0.01	$ 0.02
Basic EPS Decreased				$ 0.02
Diluted EPS Decreases				$ 0.02