SFLMaven Reports Unaudited Mid-Year Financials: Double-digit Y/Y Sales Growth, Expanded Profitability
SFLMaven Corp. (OTC PINK:SFLM) announced its unaudited financial results for the six months ending June 30, 2021, showcasing significant growth in sales and profitability. The company achieved $4.8 million in total sales, a 14% increase year-over-year, with June sales surging by 125%. Gross profit stood at $608,423, up 194% year-over-year. Additionally, inventory values increased by 28%. The company is implementing a multi-channel digital strategy to enhance market reach, driven by favorable economic indicators in the luxury goods sector.
- Total sales increased to $4.8 million, up 14% year-over-year.
- June sales surged by 125% compared to last year.
- Gross profit rose to $608,423, a 194% increase year-over-year.
- Inventory value increased by 28% to $770,000.
- Total current assets grew by 17% on year-over-year basis.
- Expansion of sales channels, including a new store on 1stDibs.com.
- None.
NEW YORK, NY / ACCESSWIRE / August 4, 2021 / SFLMaven Corp. (OTC PINK:SFLM), ('SFLMaven' or the 'Company'), a leading provider of high-end luxury goods, is pleased to announce the filing of the Company's unaudited financial performance data for the six months ended June 30, 2021, which featured strong expansion in business activity, as well as robust improvements in both top- and bottom-line metrics.
Financial Highlights for the Six Months Ended June 30, 2021 (unaudited)
- Total Sales of
$4.8 million during the Six Months Ended June 30, 2021 - Total Sales increased more than
14% on year-over-year basis compared to Six Months Ended June 30, 2020 - Accelerating Sales Growth with June Sales up
125% on year-over-year basis - Gross Profit of
$608,423 for the Six Months Ended June 30, 2021, up194% on year-over-year basis - Inventory value at
$770 k as of June 30, 2021, up28% on year-over-year basis - Total Current Assets up
17% on year-over-year basis
"We are seeing robust improvements in the core business both in terms of expanding overall sales and through operational efficiencies," commented Joseph Ladin, CEO of SFLMaven. "We are also working to build out additional sales channels, as exemplified by the recent addition of our 1stDibs.com SFLMaven store."
Management notes that the Company has implemented robust competitive bidding dynamics, refined ad campaigns, improved advertising efficiency, and scaled its quantity of listings, which are all supporting improvements to bottom-line cash flows from operations. The Company believes these factors will contribute to near-term profitability over coming quarters.
In addition, SFLMaven has begun to expand its market reach by diversifying sales channels for the first time in Company history. Management believes the implementation of a multi-channel digital strategy holds the potential to dramatically widen the Company's end-market customer footprint and market share in the high-end jewelry marketplace.
Ladin added, "Accelerating top-line growth to close out Q2 extrapolates very favorably for the second half of the year, especially given macro tailwinds for the luxury goods sector from leading economic indicators, record household savings ratios, a strong credit environment, and a very accommodative policy backdrop."
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About SFLMaven
SFLMaven Corp. (OTC PINK:SFLM), is a premium provider of high-end luxury goods to discerning clientele globally. SFLMaven has driven over
For more information, please visit the Company's website at www.sflmaven.com.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements, including information about management's view of SFLMaven Corp.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words 'believes,' 'expects,' 'intends,' 'plans,' 'anticipates,' or 'may,' and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SFLMaven, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SFLMaven's future results. The forward-looking statements included in this press release are made only as of the date hereof. SFLMaven cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SFLMaven undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SFLMaven.
Corporate Contact
info@sflmaven.com
Public Relations
EDM Media, LLC
https://edm.media
SOURCE: SFLMaven Corp.
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FAQ
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