iFresh Announces Positive Net Income for First Quarter 2020 and Anticipates Continued Success from Strategic Acquisition with...
August 24 2020 - 8:30AM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has achieved positive net income in the
first quarter ended June 30, 2020, and anticipates additional
success due to the strategic acquisition of Jiuxiang Blue Sky
Technology (Beijing) Co., Ltd., the technology of which is expected
to help the Company expand its online grocery market.
During the quarter, the Company posted a net income of $3.6
million compared to a net loss of $3.4 million for the same period
last year. Additionally, the Company earned $0.15 per share in the
first quarter of 2020 compared to a loss of $0.19 per share for the
same period in 2019.
iFresh's bottom line performance improved from the first quarter
2019 primarily due an improved gross margin; decreased selling,
general, and administrative expenses; and increased income from
management and advertising fees, rental income, and lottery
sales.
"We are pleased to report a profitable first quarter, despite
many challenges of operating a retail business during the COVID-19
pandemic," said Mr. Long Deng, Chief Executive Officer and Chairman
of iFresh. "Not only did our company achieve a quarterly profit for
the first time in three years, but we also sustained consumer
demand and maintained sales through our online grocery delivery
service during the pandemic."
The CEO continued, "iFresh is fortunate to operate an online
grocery delivery business. This service offset the loss from
physical store closures during nationwide COVID-19 lockdowns. The
combination of consumers’ interest in avoiding public spaces and
the continued need for groceries and essential goods rapidly
accelerated the adoption of online grocery services in the U.S. As
a result, we are actively looking for partners to help us innovate
our online grocery business.”
“The Company continues to make adjustments and implement
precautions necessary to limit the impact of the COVID-19 pandemic
on its ongoing operations. Even in the midst of the COVID-19
pandemic and its harsh impact on retail businesses, we believe that
iFresh has significant growth opportunities with respect to its
online grocery business. With the recent strategic acquisition of
Jiuxiang, the deployment of its integrating supply chain technology
could potentially breakthrough and exceed the level of business we
have performed in recent years,” Mr. Deng concluded.
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/.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
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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