tw0122
2 months ago
First Quarter 2025 Financial Results
Total net revenues for the first quarter increased 115.6% to $29.6 million compared to $13.8 million in the same period last fiscal year. The increase was primarily driven by the inclusion of revenues from the Company’s newly acquired subsidiary, Lee Lee Oriental Supermart, Inc. (“Lee Lee”) (acquired in April 2024), totaling $18.2 million.
Net revenues from perishable goods for the first quarter increased 96.7% to $15.2 million compared to $7.7 million in the same period last fiscal year. Net revenues from non-perishable goods for the first quarter increased 139.8% to $14.5 million compared to $6.0 million in the same period last fiscal year.
Total cost of revenues for the first quarter was $21.4 million compared to $10.6 million in the same period last fiscal year. The increase was primarily due to the Lee Lee acquisition, which increased the Company’s cost of revenues by $12.3 million; this was partly offset by decreased cost of revenues from the Company’s four California-based supermarkets by $1.6 million.
Gross profit for the first quarter was $8.3 million, while gross margin was 27.9%. Gross profit for the same period last fiscal year was $3.1 million, while gross margin was 22.6%. The increase was primarily due to the higher gross profit from the Lee Lee stores. Boasting three sizable stores, Lee Lee is one of the largest international markets in Arizona and offers authentic flavors and exotic products from over 30 countries and regions, featuring a wide variety of foods that are difficult to find in other local supermarkets.
Net income attributable to Maison Solutions for the first quarter was approximately $700,000, compared to a net loss of approximately $105,000 for the same period last fiscal year. The increase was primarily due to the aforementioned reasons above around the increases in revenue and gross profit.
Fiscal Year 2025 Guidance
The Company is reiterating the following guidance for fiscal year 2025:
? Revenues between $120 million and $125 million
? Net income positive
For more information regarding Maison Solution’s financial results, including financial tables, please see our Form 10-Q for the first quarter ended July 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s SEC filings can be found on the SEC’s website at https://www.sec.gov/ or the Company’s investor relations site at https://investors.maisonsolutionsinc.com/.
About Maison Solutions Inc.
Maison Solutions Inc. is a U.S.-based specialty grocery retailer offering traditional Asian food and merchandise, particularly to members of Asian-American communities. The Company is committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while al