Summary by Moomoo AI
Maison Solutions Inc. reported fiscal year 2024 revenue of $58.0 million, a 4.8% increase from $55.4 million in FY2023, driven by the acquisition of Lee Lee supermarkets and increased sales from Maison Monterey Park. However, the company recorded a net loss of $3.3 million compared to net income of $1.3 million in the prior year, primarily due to increased operating expenses and reduced other income.Operating expenses rose 15.8% to $14.3 million, mainly due to higher payroll costs, utilities, and advertising expenses. Gross margin declined to 20.0% from 22.5% in FY2023 due to increased inventory write-offs and higher occupancy costs. The company completed strategic acquisitions including Lee Lee Oriental Supermart for $22.2 million in April 2024, adding three stores in Arizona.The company strengthened its market position through successful IPO and PIPE offerings, raising net proceeds of approximately $13.3 million. Management continues to focus on expanding its center-satellite store network, improving operational efficiency, and enhancing its digital capabilities through partnership with JD.com, despite facing challenges from increased competition and inflationary pressures.
