From GlobeNewswire: 2024-11-25 07:14:00

HomesToLife Ltd reported a 21% decrease in net revenue for the first half of 2024, totaling $1,993,323, attributed to lower sales of leather and fabric upholstered furniture due to global economic conditions. Gross profit margin fell to 66.1% from 68.8% in 2023 due to increased freight costs.

Operating expenses rose by 8.2% to $138,473, with general and administrative expenses increasing by $570,593, offset by a decrease in sales and distribution expenses. The company recorded a loss from operations of $508,865 in the first half of 2024, compared to income of $52,847 in 2023.

HomesToLife’s net loss for the first half of 2024 was $452,438, or $(0.03) per share, compared to net income of $74,986, or $0.01 per share, in 2023. Cash and cash equivalents decreased to $544,294 by June 30, 2024, from $1,366,956 at the end of 2023.

The Company aims to expand into other Asian markets following its Nasdaq listing in October 2024. Initiatives are being developed to boost financial performance in the second half of the year. A conference call to discuss financial results will be held on November 26, 2024, at 8:30 a.m. ET.

HomesToLife Ltd, a leading home furniture retailer in Singapore, reported a net loss of $452,438 for the first half of 2024, driven by lower revenue and increased operating expenses. The company is focusing on expanding into other Asian markets to improve financial performance in the second half of the year.



Read more at GlobeNewswire:: HomesToLife Ltd Announces Financial Results for First Six