iFresh Announces Fiscal Second Quarter 2020 Financial Results
24 Novembre 2020 - 2:30PM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced the financial results for its fiscal second quarter ended
September 30, 2020.
For the second quarter 2020, the Company achieved total net
sales of $24.2 million and gross profit of $4.8 million, a slight
increase from the same quarter of 2019. The adjusted loss before
income tax, depreciation and amortization was $2.4 million,
resulting from the acquisition of Jiuxiang Blue Sky Technology
(Beijing) Co., Ltd. (“Jiuxiang”) which had a net loss of $2.2
million. Founded in 2019, Jiuxiang is an emerging e-commerce
enterprise in China and still in the early-growth stage. A key part
of business strategy of Jiuxiang is to transform the supply chain
financial service capabilities into a revenue growth driver to
achieve customer expansion in the market.
As of September 30, 2020, the Company had cash and cash
equivalents of $7.8 million and a total accounts receivable of $4.3
million.
Mr. Long Deng, Chairman of iFresh, commented, “The second
quarter’s weak financial results reflected a combination of factors
including COVID-19 and related economic conditions. However, I am
very proud that the iFresh team navigated the challenging
circumstances to deliver a solid quarter.”
“Retail business is one of the hardest-hit industries during
this difficult time, but we continue to operate effectively while
keep updating and strengthening our business. iFresh is in the
process of establishing an e-commerce platform. With its potential
functions to enhance our sales performance, this platform is
expected to serve the Company’s business strategy to fuel future
growth and maximize shareholders’ value.”
About iFresh,
Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island City,
New York, is a leading Asian American grocery supermarket chain and
online grocer on the east coast of U.S. With nine retail
supermarkets along the US eastern seaboard (with additional stores
in Glen Cove, Miami and Connecticut opening soon), and one in-house
wholesale business strategically located in cities with a highly
concentrated Asian population, iFresh aims to satisfy the
increasing demands of Asian Americans (whose purchasing power has
been growing rapidly) for fresh and culturally unique produce,
seafood and other groceries that are not found in mainstream
supermarkets. With an in-house proprietary delivery network, online
sales channel and strong relations with farms that produce Chinese
specialty vegetables and fruits, iFresh is able to offer fresh,
high-quality specialty produce at competitive prices to a growing
base of customers. For more information, please visit:
http://www.ifreshmarket.com/.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release contains statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements may be identified by the use of words such
as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transactions; the business plans, objectives,
expectations and intentions of the parties once the transactions
are complete, and the Company’s estimated and future results of
operations, business strategies, competitive position, industry
environment and potential growth opportunities. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. All information provided in this press release is as
of the date hereof. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC. IFMK's SEC filings are available
publicly on the SEC's website at www.sec.gov. IFMK disclaims
any obligation to update the forward-looking statements, whether as
a result of new information, future events or otherwise.
For more information, please contact:At the Company:
iFresh, Inc.
Email: herinyin@newyorkmart.com
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