Kaspien Reaches a Billion Dollars in Lifetime Revenue on E-commerce Marketplaces and Announces Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Kaspien (Nasdaq: KSPN) has achieved a significant milestone, marking their billionth dollar sale on e-commerce marketplaces. This achievement reflects a robust performance in 2020, with net revenue and gross merchandise value (GMV) showing substantial gains. Notably, Kaspien reported a 36% increase in net revenue and a 127% surge in GMV during Q3 2020 compared to the previous year. The company also regained compliance with Nasdaq listing requirements after exceeding a market value of $35 million for 10 consecutive days. The rebranding and leadership changes mark a new chapter for the company.

Positive

• Achieved billionth dollar sale on e-commerce marketplaces.
• Net revenue increased by 36% in Q3 2020 compared to the prior year.
• Gross Merchandise Value (GMV) surged by 127% in Q3 2020 versus the previous year.
• Regained compliance with Nasdaq listing requirements.

Negative

• None.

SPOKANE, Wash., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Kaspien (Nasdaq: KSPN) marked their billionth dollar sale on ecommerce marketplaces this week. During the rise of e-commerce shopping in 2020, Kaspien has seen Net Revenue, Gross Merchandise Value (GMV) and Gross Profit gains.

“One billion in lifetime revenue represents a significant milestone in the history of our company,” said Brock Kowalchuk, Chief Financial Officer at Kaspien Inc. “It symbolizes our ability to endure as one of the original third-party retailers in the marketplace industry. Not only have we persevered as the industry continues to evolve, but we’ve also built a scalable business that is meeting a real need for brands looking to optimize and grow on online marketplaces.”

Additionally, on Jan. 22, 2021 Kaspien Holdings received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market confirming that the company had regained compliance with the continued listing requirements after the company’s market value exceeded $35MM for 10 consecutive days in January.

Significant highlights of the past year include:

• Rebranded parent company from Trans World Entertainment to Kaspien Holdings Inc.
• Named Kunal Chopra CEO of Kaspien Holdings
• Moved corporate headquarters from Albany, NY to Spokane Valley, Wash.
• Announced a net revenue increase of +36% in Q3 2020 compared to prior year
• GMV increase of 127% in Q3 2020 compared to prior year, led by gains in subscription business
  

Kaspien’s full Q3 earnings report can be found here.

About Kaspien

Kaspien is a leading ecommerce growth platform, offering an expanding suite of software and services to help brands grow on Amazon, Walmart, Google Shopping, Target, eBay, and other online marketplaces. Founded in 2008 in Spokane, Wash., Kaspien has spent the last decade building and utilizing proprietary technologies for brand protection, marketing optimization, and fulfillment efficiency to generate rapid revenue growth for Kaspien partners. Through innovative strategies and best-in-class technologies, the Spokane-based company has earned the trust of many leading brands, including 3M, Strider Bikes, ZippyPaws and others. For more information, visit kaspien.com.

Contact Information

Keri Rhodes
Marketing Director, Kaspien
keri@kaspien.com

FAQ

What milestone did Kaspien (KSPN) recently achieve in January 2021?

Kaspien marked their billionth dollar sale on e-commerce marketplaces.

How much did Kaspien's net revenue increase in Q3 2020?

Kaspien reported a 36% increase in net revenue for Q3 2020 compared to the prior year.

What was the percentage increase in Kaspien's GMV during Q3 2020?

Kaspien's Gross Merchandise Value (GMV) increased by 127% in Q3 2020 compared to the previous year.

Did Kaspien (KSPN) regain compliance with Nasdaq Stock Market listing requirements?

Yes, Kaspien regained compliance after its market value exceeded $35 million for 10 consecutive days in January 2021.