Business
HomesToLife Ltd Announces Financial Results for First Six Months of 2024; Company to hold Conference Call to Discuss Results Nov. 26 at 8:30 am ET
SINGAPORE, Nov. 25, 2024 (GLOBE NEWSWIRE) -- HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company”), one of the leading home furniture products
About this update from Homestolife Ltd
[{"type":"text","content":"SINGAPORE, Nov. 25, 2024 (GLOBE NEWSWIRE) -- HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company”), one of the leading home furniture products retail chains in Singapore, today announced that, for the first six months of 2024 ended June 30, 2024, the Company had net revenue of $1,993,323, a 21 percent decrease compared to net revenue of $2,527,724 for the first six months of 2023. The Company’s decrease in net revenue was primarily due to a decline in revenue from sales of its leather and fabric upholstered home furniture products compared to such sales in the corresponding six-month period in 2023. This decrease was chiefly the result of rising inflation and the overall slowdown in global economic conditions, both of which negatively impacted Singapore’s home furniture market. For the first half of 2024, the Company’s gross profit margin was 66.1 percent as compared to 68.8 percent for the first six months of 2023, a decline primarily attributable to an increase in inward freight costs. For the first half of 2024, HomesToLife also saw an increase of $138,473, or 8.2 percent, in total operating expenses, compared to the first half of 2023. This increase was primarily the result of a rise in general and administrative expenses of $570,593, mainly consisting of an IPO audit fee of $419,706. The increase in general and administrative expenses was largely offset by a decrease of $432,119 in sales and distribution expenses, mainly due to marketing support from a related party for introducing new designs and products to the market. The Company had a loss from operations of $508,865 during the first half of 2024, as compared to income from operations of $52,847 for the six months ended June 30, 2023. Adding other income, which amounted to $56,427 in the first half of 2024 and $22,139 in the first half of 2023, HomesToLife had a net loss of $452,438, or $(0.03) per share, for the first half of 2024, as compared to net income of $74,986, or $0.01 per share, for the same period in 2023. Cash and cash equivalents at June 30, 2024 was $544,294, as compared to $1,366,956 at December 31, 2023. Net cash used in operating activities during the first half of 2024 was $899,519, as compared to net cash provided by operating activities of $53,225 for the same period in 2023. Total long-term liabilities at June 30, 2024 was $2,985,724, as ...