Business
Maison Solutions Reports Fiscal 2024 Third Quarter and Nine-Month Financial Results
MONTEREY PARK, CA / ACCESSWIRE / March 18, 2024 / Maison Solutions Inc. ("Maison Solutions" or the "Company"), (Nasdaq:MSS), a U.S.-based specialty grocery
About this update from Maison Solutions Inc.
[{"type":"text","content":"MONTEREY PARK, CA / ACCESSWIRE / March 18, 2024 / Maison Solutions Inc. (\"Maison Solutions\" or the \"Company\"), (Nasdaq:MSS), a U.S.-based specialty grocery retailer offering traditional Asian food and merchandise to modern consumers, today announced financial results for the third quarter and first nine months of fiscal 2024 ended January 31, 2024.\"We continue to make considerable operational progress through store renovations, new store openings, and acquisitions of additional stores to efficiently grow our footprint,\" said John Xu, President and Chief Executive Officer of Maison Solutions. \"Our El Monte store, which is the first of our planned store renovations, is on track to be completed later this month, and will provide a vibrant, contemporary shopping experience for customers, while leveraging our recently purchased software suite to drive revenues through optimization of store design, layout and shelf displays. Additionally, we remain on schedule to open our flagship, 37,000 square-foot, store in Rowland Heights, California later this year, which we believe will become one of the largest and most advanced Asian grocery supercenters in the state.Fiscal 2024 Third Quarter Financial ResultsTotal revenues, net, were $13.6 million for the fiscal 2024 third quarter, compared with $15.6 million for the prior-year quarter. Results primarily reflected competition from two newly opened Asian supermarkets near the Company's San Gabriel store, the end of certain COVID-19 customer relief programs, and a temporary slow-down at the Company's El Monte store during its renovation. Revenue for perishable goods, which include meat, seafood, vegetables and fruit, were $7.2 million for the fiscal 2024 third quarter, versus $8.7 million for the same period last year. Revenues for non-perishable goods, which include grocery, liquor, cigarettes, lottery tickets, newspapers, reusable bags, non-food, and health products, were $6.4 million for the fiscal 2024 third quarter, compared with $6.9 million for last year's fiscal third quarter.Total cost of revenues, which includes rental expense, depreciation, the direct costs of purchased merchandise, shrinkage costs, store supplies, and inbound shipping costs, decreased 10.5 percent to $10.4 million for the fiscal 2024 third quarter, from $11.6 million for fiscal 2023 third quarter. The decline...