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Maison Solutions Inc. (MSS+3.77%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes consolidated financial statements, showing net revenues of $31,019,924 for the three months ended October 31, 2024, an increase from $13,766,204 in the same period the previous year. This increase was primarily due to the acquisition of Lee Lee Oriental Supermart, Inc.
Cost of revenues for the quarter was $22,868,137, up from $10,642,983 in the prior year. The increase in cost is attributed to the inclusion of Lee Lee's operations.
The company reported a gross profit of $8,151,787, compared to $3,123,221 in the previous year. The gross margin increased to 26.3% from 22.7%.
Selling expenses rose to $5,364,371 from $2,281,147, and general and administrative expenses increased to $2,116,050 from $588,251, largely due to the acquisition and integration of Lee Lee.
Net income for the quarter was a loss of $316,095, compared to a net income of $91,478 in the previous year. The loss is attributed to increased operating expenses and interest expenses related to the acquisition.
The company recorded non-operating expenses of $424,365, including investment losses and interest expenses.
Maison Solutions reported cash provided by operating activities of $4,707,531 for the six months ended October 31, 2024, with cash used in investing and financing activities amounting to $195,085 and $4,157,877, respectively.
The filing outlines the company's strategic focus on expanding its specialty grocery retail operations and enhancing its supply chain management.
The company acknowledges ongoing legal proceedings and regulatory investigations, which could potentially impact future financial results.
Maison Solutions continues to explore opportunities for growth through acquisitions and strategic partnerships, despite challenges in the competitive grocery retail market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maison Solutions Inc. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.