Business
Jowell Global Ltd. Announces Third Quarter 2022 Unaudited Financial Results
-- Third quarter Revenue of $51.4 million, up 17.2% year-over-year ---- Third quarter GMV of $66.8 million, up 7.8% year-over-year -- SHANGHAI, China, Nov.
About this update from Jowell Global Ltd.
[{"type":"text","content":"-- Third quarter Revenue of $51.4 million, up 17.2% year-over-year ---- Third quarter GMV of $66.8 million, up 7.8% year-over-year -- SHANGHAI, China, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Jowell Global Ltd. (“Jowell” or the “Company”) (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China, today announced its unaudited financial results for the third quarter ended September 30, 2022. The Company cautioned that these financial results have not been audited or reviewed by the Company’s independent registered public accounting firm and may have discrepancies in connection with further reviews by the independent registered public accounting firm of the Company. Third Quarter 2022 Financial and Operational Highlights ● Total revenues were $51.4 million, an increase of 17.2% from $43.8 million in the same period of 2021. ● Net loss was $2.0 million, compared to a net loss of $2.1 million in the same period of 2021. ● Total GMV (Gross Merchandise Value) transacted in the Company’s online shopping mall was $66.8 million, an increase of 7.8% from $61.9 million in the same period of 2021. ● Total VIP members1 as of September 30, 2022 were 2.4 million, an increase of 14.4% compared with 2.1 million as of September 30, 2021. ● Total LHH stores2 as of September 30, 2022 were 26,300, an increase of 1.6% compared to 25,888 as of September 30, 2021. Mr. Zhiwei Xu, Chief Executive Officer and Chairman of Jowell Global Ltd., commented: “Despite the adverse COVID impact in most of the cities in China, we continued to deliver another solid quarter with sustained topline growth. GMV in Q3 were $66.8 million, up 7.8% year over year, while total revenue grew by 17.2% year over year reaching $51.4 million. We are confident that our growth strategy plan not only has generated strong revenue growth but also will provide sustainable profits for us in the future due to the increased investments in customer engagement and conversion, enriched product offerings and partnerships, and the expectation of macro recovery.” Mr. Xu continued: “Additionally, we remain committed to collaborate with top global talents and companies to diversify our product offering and introduce premium international brands to Chinese consumers. In September, we announced strategic partnership with Italian ba...