Business
HomesToLife Ltd Announces Financial Results for Fiscal Year 2024; Company to hold Conference Call to Discuss Results April 11 at 8:30 am ET
SINGAPORE, April 07, 2025 (GLOBE NEWSWIRE) -- HomesToLife Ltd (NASDAQ: HTLM) (“HomesToLife” or the “Company”), the holding company of one of the leading home
About this update from Homestolife Ltd
[{"type":"text","content":"SINGAPORE, April 07, 2025 (GLOBE NEWSWIRE) -- HomesToLife Ltd (NASDAQ: HTLM) (“HomesToLife” or the “Company”), the holding company of one of the leading home furniture products retail chains in Singapore, today announced financial results for fiscal year ended December 31, 2024. “We are thrilled to be trading on Nasdaq for the past six months,” said Chief Executive Officer Ms. Phua Mei Ming. “Although certain global economic factors continued to impact our retail financial performance in 2024, we are excited that we launched, on October 28, HTL Far East Pte. Ltd., or HTL Far East, our wholesale subsidiary business unit devoted to expanding our furniture business into the rest of Asia.” “Although this subsidiary made relatively minor contributions to our overall revenue during 2024, it has in the first quarter of 2025 produced revenue of over $4 million. As announced in February, we expect HTL Far East to contribute revenue of $12-14 million this year.” HomesToLife’s total revenue for 2025 is expected to be between $16 million and $18 million, said Ms. Phua. The following are highlights of the Company’s financial performance in fiscal 2024 (all currency figures are expressed in U.S. dollars): For the fiscal year ended December 31, 2024, the Company had net revenue of $4,173,028, an 18 percent decrease compared to net revenue of $5,072,320 for the fiscal year ended December 31, 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 2023. This decline was driven by industry-specific challenges, including shifts in consumer spending habits, the impact of inflation on discretionary purchases, and intensified market competition, which affected HomesToLife Pte. Ltd., the Company’s Singapore retail sector. For fiscal 2024, the Company’s gross profit margin was 65.8 percent as compared to 71.7 percent for fiscal 2023, a decline primarily attributable to a shift in the Company’s sales mix and the implementation of lower pricing strategies to remain competitive in a highly intense market. For fiscal 2024, HomesToLife Pte. Ltd.’s gross margin was 68.1 percent as compared to 71.7 percent for fiscal 2023. For 2024, HTL Far East, which commenced business in November 2024, had a gross margin of 12.5 percent. For fisc...