Happiness Biotech Announces Record-High Sales of Over $14 Million On Its E-Commerce Business In March

Rhea-AI Summary

Happiness Biotech Group Limited (Nasdaq: HAPP) reported record e-commerce sales exceeding $14 million in March 2021, the highest monthly sales since launching its e-commerce division in September 2020. Happy Buy achieved over $11.8 million in sales, surpassing expectations of $8-$10 million. The e-commerce segment has generated over $28 million in six months, a 30% increase compared to the total revenue of $21.88 million for the half-year ending September 30, 2020. The company plans to expand into cross-border e-commerce and enhance marketing efforts.

Positive

• E-commerce sales reached a record high of over $14 million in March 2021.
• Happy Buy contributed over $11.8 million, exceeding expectations of $8-$10 million.
• E-commerce revenue exceeded $28 million in six months, marking a 30% increase over the previous total revenue of $21.88 million.

Negative

• None.

NANPING, China, April 13, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer and e-commerce services provider, announced today that the Company's e-commerce business recorded sales of over $14 million in March, the highest single month's sales since the establishment of the Company's E-commerce department in September 2020.

Among the sales of the e-commerce business, Happy Buy recorded over $11.8 million, exceeding the previous expectation of $8 million to $10 million, and Happy Auto recorded sales of more than $2.6 million in March. Since the launch of the company's E-commerce business in September 2020, the revenue of the Company's e-commerce business has exceeded $28 million in the past six months, 30% higher than the total revenue of $21.88 million of the whole Company during the six months ended September 30, 2020.

"At present, the Company's e-commerce are mainly marketed via community group buying and live streaming platforms. Besides selling the Company's own products, we  also acted as agents of other business for their products, including accessories, food, clothing, etc. We have established Advertising and Optimization Department, Procurement Department, and Live Streaming Marketing Department, as well as a solid data center and service platform to support these departments. Currently we have set up three live streaming marketing bases in Fuzhou, Hangzhou and Guangzhou and the team is still expanding. Our next step is to start cross-border e-commerce business and e-commerce operation agency business. The company's own overseas online stores will be launched this month," Mr. Xuezhu Wang, CEO of the Company, continued, " We believe that with the continuous hard work of our team and expansion of our marketing efforts, we would be able to achieve more promising results in fiscal year 2021"

About Happiness Biotech Group Limited

Headquartered in Nanping, China, Happiness Biotech Group Limited has two business segments: nutraceutical and dietary supplements and e-commerce. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 32 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. Our e-commerce business focuses on providing e-commerce solutions and services for small and medium-sized enterprises. Our mission for the e-commerce segment is to constantly enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. For more information, please visit: www.happ.org.cn

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE Happiness Biotech Group Limited

FAQ

What were Happiness Biotech's e-commerce sales in March 2021?

Happiness Biotech reported e-commerce sales of over $14 million in March 2021.

How much did Happy Buy generate in sales in March 2021?

Happy Buy recorded sales of over $11.8 million in March 2021.

What is the total e-commerce revenue for Happiness Biotech in the last six months?

The total e-commerce revenue for Happiness Biotech exceeded $28 million in the past six months.

How does the March 2021 sales compare to previous expectations?

The sales of over $11.8 million from Happy Buy exceeded previous expectations of $8-$10 million.

What are the future plans for Happiness Biotech's e-commerce business?

Happiness Biotech plans to expand into cross-border e-commerce and continue enhancing its marketing efforts.