Business
Chanson International Holding Announces Fiscal Year 2023 Financial Results
URUMQI, China, April 30, 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, April 30, 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 financial results for the fiscal year ended December 31, 2023.\n\nMr. Gang Li, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, \"In 2023, we witnessed growing demand, driven by positive consumer sentiment. This led to a 30.0% increase in our total revenue and a corresponding 33.5% rise in gross profit for the fiscal year 2023. Looking ahead to 2024, we remain confident in our ability to execute growth initiatives and solidify our market position. In 2024, we plan to focus on developing product portfolio, increasing brand awareness and expanding customer base. Alongside our business expansion efforts, we aim to drive sustainable growth, optimize operational efficiency, and implement cost-effective measures to manage expenses. With determination and strategic focus, we are poised to scale our business and expand margins to enhance shareholder value in 2024.\"\nFiscal Year 2023 Financial Highlights\nTotal revenue was $17.3 million, an increase of 30.0% from $13.3 million in fiscal year 2022.Gross profit was $8.1 million, an increase of 33.5% from $6.1 million in fiscal year 2022.Gross margin was 47.2%, increased from 46.0% in fiscal year 2022.Net income was $0.03 million, compared to net loss of $1.3 million in fiscal year 2022.Basic and diluted earnings per share were $0.003, compared to basic and diluted loss per share of $0.14 in fiscal year 2022.Fiscal Year 2023 Financial Results\nRevenue\nTotal revenue increased by 30.0% to $17.3 million in fiscal year 2023, from $13.3 million in fiscal year 2022. The increase in the revenue was due to increased revenue from stores in China (\"China Stores\"), which was partially offset by decreased revenue from stores in the United States (\"United States Stores\").\nChina Stores\nRevenue from China Stores increased by 50.8% to $14.3 million in fiscal year 2023 from $9.5 million in fiscal year 2022. The increase was mainly due to the increased revenue from bakery products as well as from other products.Revenue from bakery products increased by 44.0% to $12.5 million in fiscal year 2023 from $8.7 mill...