Business
The 4Less Group, Inc. (OTCQB: FLES) Reports 2nd Quarter 2021 Results
The 4Less Group, Inc. (OTCQB: FLES) Reports 2nd Quarter 2021 Results.
About this update from Auto Parts 4less Group Inc
[{"type":"text","content":"\n Las Vegas, NV, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The 4Less Group, Inc. (OTCQB: FLES) (“4Less”,” Company”), an operator of e-commerce sites LiftKits4Less.com that provides aftermarket parts and accessories and AutoParts4less.com, an automotive marketplace website launched on August 26, 2021, the newest 4Less business enterprise, reports results for the 2nd quarter ending July 31, 2021, as well as revenue guidance for their current fiscal year ending January 31, 2022. Revenue Summary for 2021 vs Previous Years In the 2nd quarter, net sales decreased 12% from $2,927,209 to $2,586,673. For the six months ended July 31, 2021, sales increased by approximately 28% from $4,927,280 to $6,315,457.Additionally, our proprietary websites revenue (primarily Liftkits4less.com) showed a 2nd quarter increase of 41% over prior year’s period and a total increase of 64% for the first 6 months.Given our continued ability to increase product count on LK4Less through the end the year, by our upgrade to Nexxus cloud server, we are comfortable providing estimated annual sales numbers for this year in the $13M-$14M range, an estimated projected 62% -75% increase in net revenue over last year’s results. This estimated annual net sales range does not include revenue generated from our recently launched marketplace, AutoParts4Less.com. Management Comments “After coming off a record-breaking 1st quarter, the 2nd quarter of 2021 was challenging to say the least,” stated Christopher Davenport, Founder and President of Auto Parts4Less, Inc. the wholly owned subsidiary of FLES. “The decrease in Q2 revenue was disappointing after having a record-breaking 1st quarter and can be attributed to several factors.” “First, supply chain issues, brought on by the Covid pandemic, resulted in significant issues effecting both domestic and international suppliers’ critical components such as raw material shortages and labor force shortages.” “Secondly, our Q2 sales were negatively impacted by an account restriction imposed by eBay. eBay sighted that the account restriction was out of an abundance of caution due to shipping lead times. This account restriction lasted from May 6th to August 20thand resulted in a decrease in revenues from $1.6 million in Q2 2020 to $0.8 million in Q2 20...