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Readen Holding Corporation (OTC PINK: RHCO) Files Financial Report 2016-2017
Readen Holding Corporation (OTC PINK: RHCO) Files Financial Report 2016-2017.
About this update from Readen Holding Corp.
[{"type":"text","content":"\n \n \n Readen Holding Corporation (OTC PINK: RHCO) Files Financial Report 2016-2017\n \n \nReaden Holding Corporation (OTC PINK: RHCO) Files Financial Report 2016-2017\n \n HENDERSON, NV--(Marketwired - Oct 25, 2017) - Readen Holding Corporation (OTC PINK: RHCO) has filed its annual report for fiscal year up to June 30th 2017.\n Reports show a decrease from the previous year's trading, primarily caused by the cost of running the retail arm of the company \"Neckermann.\" In an effort to streamline the retail sector into an online focused model, Neckermann's physical retail stores were closed as result of a legal dispute with Axivate capital as of the first quarter 2017 as reported earlier in the year. This has dramatically cut the running costs and resulted in a one-time write off in a market that has seen a steady decline in recent years. \n Increase Retail Turnover\n With the now 100% focus towards an online model, the company has hired a new team of online retail experts who have overseen positive monthly growth in its webstore by 20%, and is expecting to capitalize on the retail markets online trend to see exponential growth into the new year. \n Wholesale Growth\n Through quarter 3 there has been a rapid expansion in D5avenue its wholesale activity. With new partners and in-house wholesale experts, the growth in this area is expected to rise dramatically into the 4th quarter of 2017. \n Revenue Increase \n The forecast for the rest of the fiscal year is positive. The company expects revenue of over $2 million in the 3rd quarter before hitting $4million in revenue in the 4th quarter, which could see the company turning a small profit by the end of the year. \"We have streamlined the retail business in order to push forward,\" said CEO Andrew Walker. \"We at Readen Holding Corp are certain that we have the expertise in place to expand our operations on all fronts. It has been a year of change for the company, and I believe that this is reflected in the report. Our upcoming quarterly reports will see the positive effects these changes have had.\"\n Readen Group's mission statement: To be a valuable and reliable partner for customers, suppliers and investors in terms of quality, communications and service. Adding value for all our stakeholders is the main objective.\n This press release may contain forward-looking st...