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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 the appointment of Richard D. Schepp, former Chief Administrative Officer of Kohl's, to its Board of Directors as an independent member. This addition aims to leverage Schepp's extensive experience in growing retail and e-commerce businesses. With over 20 years in various boardroom roles, he brings crucial skills in M&A, strategic planning, and customer experience enhancement. Schepp's past achievements include navigating digital transformation and optimizing store operations at Kohl's, projected to positively impact Envela's growth strategy.
Envela Corporation (NYSE American: ELA) announced third-quarter financial results for 2021, reporting revenue of $37.7 million, up 12% quarter-over-quarter. Total revenue decreased compared to $38.8 million year-over-year. The DGSE subsidiary generated $25.5 million, while the ECHG subsidiary reported $12.2 million in revenue. Gross profit rose to $8.1 million from $7.2 million, with net income reaching $3.1 million, or $0.12 per share, compared to $3.0 million, or $0.11 per share, a year ago. The company continues to explore growth initiatives, including acquiring Avail Recovery Solutions.
Envela Corporation (NYSE American: ELA) announced its subsidiary ECHG, LLC has acquired the assets of Avail Recovery Solutions, LLC, a leader in IT asset recovery. This acquisition enhances Envela's presence in the recommerce sector focused on sustainability. Avail specializes in electronics recycling and IT asset disposition, servicing Fortune 2000 companies. The acquisition is expected to boost Envela's offerings in sustainability transformations and lifecycle management.
Envela Corporation (NYSE American: ELA) will report its third-quarter financial results on November 3, 2021, after market close. The company specializes in recommerce of luxury hard assets and consumer electronics, along with end-of-life recycling solutions. Its operations are conducted through two main segments: DGSE, LLC for luxury goods, and ECHG for electronics and IT equipment. Envela is committed to sustainable practices through its recycling services, catering to various industries.
Envela Corporation (NYSE American: ELA) will present at the 10th Annual Gateway Conference on September 9, 2021, at 11:00 a.m. Pacific time. The virtual event takes place on September 8-9, 2021, allowing one-on-one meetings with management. The presentation will be accessible via webcast and available for replay. Envela specializes in recommerce within luxury hard assets and consumer electronics, offering recycling solutions through its subsidiaries. Interested parties can request invitations or meeting schedules via email.
Envela Corporation (NYSE American: ELA) has announced an all-cash acquisition of Avail Recovery Solutions, targeted to close in early Q4 2021. Avail specializes in IT asset disposition and electronics recycling, aligning with Envela's strategy to enhance its recommerce offerings and sustainability efforts. This acquisition aims to create synergies and expand market reach in the environmentally-friendly sector. Both companies express optimism about the partnership's potential to deliver added value to shareholders and improve service offerings for clients.
Envela Corporation (NYSE American: ELA) reported a remarkable 280% increase in net income to $2.2 million for Q2 2021, compared to $566,000 in Q2 2020. Total revenue rose to $33.7 million, up from $20.5 million year-over-year. The DGSE subsidiary contributed $23.0 million to revenue, with strong demand in resale and recycled materials. ECHG also saw growth, generating $10.7 million. Consolidated gross profit improved to $7.1 million, reflecting effective execution across both business segments.
Envela Corporation (NYSE American: ELA) is set to release its second quarter financial results on August 4, 2021, after market hours. The company operates in the recommerce sector, focusing on recommercializing luxury hard assets, consumer electronics, and IT equipment, as well as providing end-of-life recycling solutions. Envela’s operations span both retail and wholesale levels through various brands and subsidiaries. For more details on Envela and its operations, visit Envela.com.
Envela Corporation (ELA) announced the acquisition of CExchange LLC's assets, enhancing its electronics trade-in services. The company anticipates this move will yield cost reductions and efficiencies, while contributing to revenue and earnings growth for shareholders. This acquisition aligns with Envela's strategic focus on expanding its presence in the recommerce sector. CExchange specializes in trade-in and recycling services, catering to major retailers, thus positioning Envela for further success in sustainable electronics management.
Envela Corporation has announced the acquisition of a retail property in Frisco, Texas, to establish its second flagship DGSE store in the Dallas/Fort Worth area. The new 5,000 square foot store aims to enhance customer service and offer a variety of luxury products, including jewelry and rare coins. This expansion follows a growth rate of over 71% in Frisco, highlighting its appeal as a rapidly growing city. The initiative will strengthen DGSE's retail footprint and utilize an omnichannel approach to improve customer experience.
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