Hour Loop, Inc. (NASDAQ: HOUR) shares gave way Monday, as the leading online retailer announced its financial and operational results for the quarter ended March 31, 2024.
Net revenues increased 17.2% to $24.7 million, compared to $21.1 million in the year-ago period;
Net income totaled $1.1 million, compared to net loss of $1.2 million in the year-ago period; and
Cash provided for operating activities was $0.5 million, compared to cash used in operating activities of $3.3 million in the year-ago period.
Said CEO Sam Lai “We are excited to report our first quarter 2024 results, in which we continued to deliver double digit revenue growth,” said Sam Lai, CEO of Hour Loop. “The revenue growth rate for the first quarter was 17.2%, compared with the year-ago period.”
“Moreover, our gross margin and operating margin were both improved because of efforts made for inventory quality and efficiency enhancement, operation efficiency improvement, as well as expenses management. Overall, we believe we’ve built a solid foundation to continue generating satisfactory growth while maintaining profitability.”
Operating expenses as a percentage of net revenues decreased 0.9% to 52.3%, compared to 53.2% of net revenues in the year-ago period.
The decrease reflected better management of storage fees and labor costs.
HOUR shares fell 12.5 cents, or 10.7%, to $1.04.