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Happiness Biotech Announces Financial Results for the Six Months Ended September 30, 2020 and Provides Guidance For the Whole Fiscal Year Ending March 31, 2021
NANPING, China, Jan. 22, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and
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[{"type":"text","content":"NANPING, China, Jan. 22, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the \"Company\" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, today announced its unaudited financial results for the six months ended September 30, 2020 and provided the guidance for the whole fiscal year ending March 31, 2021.\nFinancial Highlights for the six months ended September 30, 2020:\nRevenues decreased by $9.48 million or 30.2%, to $21.88 million for the six months ended September 30, 2020 from $31.36 million for the six months ended September 30, 2019, mainly due to the declining retail market affected by the COVID-19. Operating income was $3.69 million for the six months ended September 30, 2020, a decrease of $6.13million, or 62.4% from the prior year period, primarily due to decrease in revenue as a result of sluggish retail market. The Company reported $3.18 million of net income attributable to the shareholders, in the six months ended September 30, 2020, compared to net income attributable to the shareholders of $8.42 million in the comparative period.\"The first six months in fiscal year 2020 have been very tough for us as the COVID-19 has hit the whole retail market hardly. The number of tourists dropped dramatically and materially affected our experience stores. In response to the epidemic, we have taken a series of measures, including reducing cost and expenses, increasing subsidies and support for the stores and other sales channels, etc. With the efforts of our team, we successfully maintained a profit for the first half year.\" Mr. Xuezhu Wang, CEO of the Company, continued, \"We officially launched our e-commerce business in September 2020, and achieved very good results. We expect that we will still achieve growth for the whole fiscal year 2020 ending March 31, 2021, with our sales expected to hit a record high of $70 million, realizing about 10% of annual growth.\"\nFurther information on the Company's financial results for the six months ended September 30, 2020, including the management's discussion and analysis of financial condition and results of operations, can be found by visiting EDGAR on the SEC website at www.sec.gov, as well as the Investor Relations page of the Company's website at www.happ.org.cn.\nAbout Happiness Biotech Group Limited\nHeadquartered in Nanping, Ch...