Business
Maison Solutions Reports Full Year 2024 Financial Results
MONTEREY PARK, CA / ACCESSWIRE / August 13, 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 / August 13, 2024 / Maison Solutions Inc. (\"Maison Solutions\" or the \"Company\"), (NASDAQ:MSS), a U.S.-based specialty grocery retailer offering traditional Asian and international food and merchandise, today announced financial results for full year ended April 30, 2024.Management Commentary\"Following the successful IPO last October, we have made significant strides in expanding our footprint and enhancing our operational capabilities,\" said John Xu, President, Chairman and Chief Executive Officer of Maison Solutions. \"The accretive acquisition of Lee Lee this past April was a pivotal step in fueling our growth strategy, allowing us to extend the Maison brand beyond the California border and into the state of Arizona. The three acquired stores have seamlessly merged under the Maison umbrella and are expected to more than double our current top-line figures while maintaining their profitability. We believe this acquisition will serve as the cornerstone of our growth in the coming year, as we look forward to reaping the financial benefits while exploring synergistic opportunities between our HK Good Fortune stores in California and the Lee Lee stores.\"\"We also remain committed to the organic growth of our HK Good Fortune stores, specifically the renovation and digital transformation initiatives starting with our El Monte store, which is scheduled to be completed by the end of 2024. We are very confident in the outlook of our business and importantly, maximizing shareholder value.\"Full Year 2024 and Recent Operational HighlightsHeld a post-acquisition webinar detailing the Lee Lee International Supermarkets (\"Lee Lee\") acquisitionAcquired Lee Lee, a three-store supermarket chain operating in the greater Phoenix and Tucson, Arizona metro areasLaunched a Store Renovation Program that integrated a new software program and included exterior and interior upgrades to the HK Good Fortune supermarket in El Monte, CaliforniaPresented at the Emerging Growth ConferenceCompleted a $10 million IPO on the Nasdaq Capital Market Full Fiscal Year 2024 Financial ResultsTotal net revenues for fiscal year 2024 increased 4.8% to $58.0 million compared to $55.4 million last fiscal year. The increase was primarily driven by the inclusion of revenues from the newly acquired subsidiary, Lee Lee, of $4.6 million an...