Business
Chanson International Holding Announces First Half of Fiscal Year 2024 Financial Results
URUMQI, China, Sept. 27, 2024 /PRNewswire/ -- Chanson International Holding (Nasdaq: CHSN) (the "Company" or "Chanson"), a provider of bakery, seasonal, and
About this update from Chanson International Holding
[{"type":"text","content":"URUMQI, China, Sept. 27, 2024 /PRNewswire/ -- Chanson International Holding (Nasdaq: CHSN) (the \"Company\" or \"Chanson\"), a provider of bakery, seasonal, and beverage products through its chain stores in China and the United States, today announced its unaudited financial results for the six months ended June 30, 2024.\n\nMr. Gang Li, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, \"In the first half of fiscal year 2024, despite facing various challenges, we have shown resilience and adaptability in a dynamic market. While we experienced a slight decline in revenue, we have successfully maintained our gross margins at above 40%, by enforcing cost control measures and enhancing operating efficiency. Additionally, with an increased cash reserve as of June 30, 2024, we are in a solid position to manage market uncertainties. As we move forward, we remain confident in our long-term growth strategy and execution capabilities. Our expansion initiatives in both the United States and China are expected to remain a key focus of our growth. We aim to drive revenue by attracting new customers and encouraging repeat business from existing ones. Specifically, this is expected to be achieved by strengthening opportunistic purchasing, optimizing inventory management, maintaining strong store conditions, and effectively marketing both current and new product offerings. We believe that with all those efforts in place, we will navigate short-term headwinds and return to long-term growth in the near future.\" \nFirst Half of Fiscal Year 2024 Financial Summary\nTotal revenue was $7.5 million, compared to $8.8 million for the same period of last year.Gross profit was $3.1 million, compared to $4.3 million for the same period of last year.Gross margin was 41.5%, compared to 49.2% for the same period of last year.Net income was $0.02 million, compared to $0.3 million for the same period of last year.Basic and diluted earnings per share were $0.002, compared to $0.027 for the same period of last year.First Half of Fiscal Year 2024 Financial Results\nRevenue\nTotal revenue was $7.5 million for the six months ended June 30, 2024, which decreased by 14.4%, from $8.8 million for the same period of last year. The decrease in revenue was due to decreased revenue from both the stores in China (the \"China Stores\")...