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- Hour Loop Inc (NASDAQ:HOUR) reported first-quarter FY23 sales growth of 70.5% year-on-year to $21.07 million.
- Gross profit margin contracted 670 basis points to 45.6%.
- Operating expenses as a percentage of sales was 53.3% versus 58.3% last year.
- EPS for the quarter was $(0.04) compared to $(0.02) last year.
- Net loss for the quarter totaled $(1.2) million versus $(0.6) million last year.
- The company held $1.3 million in cash and equivalents as of March 31, 2023. Cash used for operating activities for the quarter was $(3.1) million.
- Inventories at the end of the quarter were $13.6 million, a 27.6% decrease Y/Y.
- “However, our gross margin was negatively impacted by the challenging e-commerce environment and intense competition caused by high inventory levels across the industry,” said CEO Sam Lai.
- Outlook: Hour Loop maintained its guidance for gross revenue of $112 million-$122 million, representing 10% to 20% year-over-year growth.
- Hour Loop expects 2023 net income to be $0.5 million- $4 million.
- Price Action: HOUR shares are trading flat at $1.96 on the last check Friday.
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