Welcome to our dedicated page for Envela Corporation news (Ticker: ELA), a resource for investors and traders seeking the latest updates and insights on Envela Corporation stock.
Envela Corporation (NYSE American: ELA) is a leading provider of re-commerce services in the United States, operating primarily through its two key segments: Consumer and Commercial. The company's diversified business activities focus on the purchase, sale, and recycling of luxury hard assets and electronics, aligning with the principles of the circular economy.
Within its Consumer Division, Envela buys and sells a broad array of jewelry and bullion products, including bridal and fashion jewelry, custom-made pieces, diamonds, gemstones, watches, and jewelry components. The company also deals in various forms of precious metals such as gold, silver, platinum, and palladium, offering items like government coins, private mint medallions, art bars, and trade unit bars. The division includes the recently acquired Steven Kretchmer, Inc., a renowned jewelry manufacturer, enhancing Envela's product offerings and market presence.
The Commercial Division provides specialized asset disposition services, including end-of-life electronics recycling, IT asset disposition, and solutions for corporations upgrading their IT infrastructure or moving to cloud services. This division caters to a diverse client base, including government agencies, middle-market firms, Fortune 500 companies, and other organizations.
Envela’s strong financial performance is reflected in its recent financial reports, showing steady revenue and strategic acquisitions that bolster its market position. For the third quarter of 2023, Envela reported a revenue of $36.3 million. The company’s strategic focus includes expanding its retail footprint, with plans to double its store count to 14 by the end of 2024, and introducing new concepts like Bijoux Exchange, which offers a premium buying experience for pre-owned luxury items within its stores.
Committed to sustainability, Envela emphasizes reusing, recycling, and reimagining products, contributing to environmental stewardship. The company’s efforts in extending product lifecycles not only support sustainability but also meet the growing consumer demand for environmentally responsible practices.
Envela Corporation (NYSE American: ELA) announced that its CEO, John Loftus, will take part in a live fireside chat at the Planet MicroCap Showcase in Las Vegas on April 26, 2023. The event, moderated by Ryan Irvine from KeyStone Financial, will delve into Envela's strategic initiatives and market outlook.
The session begins at 1:30 PM PT at the Horseshoe Hotel & Casino. Attendees can participate in a Q&A session post-discussion. For those unable to attend live, webcasts will be available on the event platform. Envela is recognized as a leader in the re-commerce sector, focusing on extending the life of durable goods through its segments, DGSE and ECHG.
Envela Corporation (NYSE American: ELA) announced plans to open at least four new retail stores by the end of Q3 2023 as part of its strategy to double its retail business in the next two years. The first store will be located in Phoenix, Arizona, a rapidly growing metropolitan area. This expansion aims to enhance the company’s existing presence in Dallas and Charleston, offering competitive prices and valuable resources to customers. Envela, a leader in the re-commerce sector, operates two main segments: DGSE and ECHG, focusing on direct-to-consumer sales and custom commercial services, respectively. The company emphasizes its commitment to sustainability through a circular economy model, enabling effective reuse and recycling of durable goods.
Envela Corporation (ELA) has announced a share repurchase program authorized by its Board of Directors for up to 1 million shares of its outstanding common stock. This initiative reflects the confidence of the Board and executive management in Envela's cash generation capabilities while continuing to invest in growth opportunities. CEO John Loftus emphasized the commitment to strategically deploy capital for long-term shareholder value. The share buybacks will occur in the open market, influenced by market conditions, and the program may be amended or suspended at the company's discretion.
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