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Yoshitsu Co., Ltd (Nasdaq: TKLF) is a renowned retailer and wholesaler of Japanese beauty and health products, with a diverse portfolio that includes cosmetics, skincare, fragrance, and body care products. Established in Tokyo, Japan, Yoshitsu has expanded its reach to Hong Kong, mainland China, North America, and the United Kingdom.
The company operates through three main segments: Directly-Operated Physical Stores, Online Stores and Services, and Franchise Stores and Wholesale Customers, with the latter generating the maximum revenue. Yoshitsu’s business model also includes selling sundry products, luxury items, electronic goods, and more.
In the first half of fiscal year 2024, Yoshitsu reported a revenue of $74.2 million, a slight decrease from $77.6 million in the previous year. However, revenue from directly-operated physical stores saw a significant increase of 99.0%, reaching $11.6 million. This growth was primarily driven by the introduction of new luxury products and the opening of new stores in Japan and Hong Kong. On the other hand, revenue from online stores decreased by 63.2% due to a strategic shift to entrust operations to third-party companies.
Yoshitsu is committed to an asset-light business model, which has streamlined its operational efficiency and supported its franchise expansion in Japan. The company believes this strategy will enhance its market presence, optimize revenue streams, and improve overall profitability. Despite the challenges, Yoshitsu’s net income saw a remarkable increase of 496.6%, reaching $2.0 million compared to $0.3 million in the previous year.
As of September 30, 2023, Yoshitsu had a cash balance of $2.8 million and an accounts receivable balance of $74.2 million, with significant collection efforts underway. The company also reported a notable increase in gain from foreign currency exchange and other income due to favorable financial conditions.
Looking forward, Yoshitsu aims to continue its global expansion, bringing innovative products to market, and maintaining a strong commitment to its shareholders. The company’s strategic focus on financial stability and sustainable growth remains a top priority.
Yoshitsu Co., Ltd (Nasdaq: TKLF) reported unaudited financial results for the first half of fiscal year 2023, ending September 30, 2022. Revenue decreased by 31.8% to $77.6 million, down from $113.8 million year-over-year, primarily due to declines in online sales due to COVID-19 impacts in China. Gross profit fell by 25.5% to $14.6 million, with net income down 85.0% to $0.3 million. However, revenue from franchise stores and wholesale customers grew by 9.7% to $49.8 million. The company is optimistic about future growth as it expands into Europe and America and enhances its product offerings with local food products.
Yoshitsu Co., Ltd (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, has announced an earnings call set for 8:30 am U.S. Eastern Time on March 24, 2023. The financial results for the first six months of the fiscal year 2023 will be released before the market opens on the same day. Investors are encouraged to dial in at least 15 minutes early to participate in the call. An audio replay will be available until March 31, 2023. This event highlights the Company's ongoing commitment to transparency and engagement with investors regarding its financial performance.
Yoshitsu Co., Ltd (Nasdaq: TKLF) announced plans to expand its product line by adding a diverse food product segment, aiming to boost sales and profitability. This follows the previous plan to introduce sauces and condiments by the end of 2022. Starting January 2023, the company will offer various food items in its Nishi Kawaguchi store, leveraging the projected growth of Japan's food market, which is expected to reach $687.60 billion in 2023.
Yoshitsu's new offerings aim to complement its existing products and enhance customer experience.
Yoshitsu Co., Ltd (Nasdaq: TKLF) has expanded its duty-free shopping services in Japan, capitalizing on the rebound of inbound tourism. The company launched pickup services on November 11, 2022, at select stores in Saitama and Nagano. It also partnered with iEnt Co., Inc. to enhance its online duty-free shopping offerings. Following Japan's reopening to travelers on October 11, the government targets an annual tourist spending of 5 trillion yen ($34 billion). Yoshitsu plans promotional activities to attract more foreign visitors.
Yoshitsu Co., Ltd (Nasdaq: TKLF) has announced plans to enter the sauce, dressing, and condiment market, leveraging its existing retail network in Japan. The Company will change the name of its operating entity to Kaika International Co., Ltd to reflect this expansion. The Japanese condiment market is projected to reach US$21.44 billion in 2022, growing at a CAGR of 1.48% through 2027. CEO Mei Kanayama emphasized the importance of diversifying product offerings to enhance customer satisfaction and business growth.
Yoshitsu Co., Ltd (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, announced a JPY8.15 billion (approximately US$55.82 million) revolving credit facility agreement on September 27, 2022, with a syndicate led by MUFG Bank and Mizuho Bank. This agreement aims to support the company’s growth initiatives and features a competitive interest rate of TIBOR plus 0.7%. Secured by accounts receivable and guaranteed by CEO Mei Kanayama, the facility allows for strategic reinvestment and operational scaling, with an expiration date set for September 29, 2023.
Yoshitsu Co., Ltd (Nasdaq: TKLF) has opened its first warehouse in London, UK, with operations commencing on October 15, 2022. The 2,362 square-foot facility will enhance the company's logistics and customer service across Europe. Capable of storing 30,000 to 50,000 items across 100 product categories, it aims to support increasing demand for Japanese beauty and health products. This move follows the establishment of a warehouse in the US, emphasizing Yoshitsu's strategy to expand its global presence and improve operational efficiency in key markets.
Yoshitsu Co., Ltd (Nasdaq: TKLF) has opened a new retail store in Hong Kong on October 20, 2022. The Citylink Plaza store, located conveniently above Shatin railway station, offers a diverse assortment of Japanese beauty and health products. The store aims to cater to the local community with personalized services and a focus on trendy Japanese brands. Yoshitsu plans to continue expanding its presence with more locations in the future. The company operates physical stores and online sales, focusing on cosmetics, skincare, health products, and sundries.
Yoshitsu Co., Ltd (Nasdaq: TKLF) announced the leasing of a 2,790 square foot warehouse in Hong Kong on August 29, 2022. This move is part of the company’s strategy to enhance warehouse operations and customer service as it expands in Hong Kong. Renovations are set to begin in mid-September. The new warehouse aims to improve delivery efficiencies, reduce transportation costs, and enhance sales and profit margins. CEO Mei Kanayama highlighted the importance of this expansion amidst global supply chain challenges due to the COVID-19 pandemic.
Yoshitsu Co., Ltd (Nasdaq: TKLF) announced the grand opening of its physical retail store in Hong Kong on August 30, 2022. Located at Nina Tower, the store features a wide range of beauty products, including cosmetics and skincare items. The opening aims to expand Yoshitsu's presence in Hong Kong, aligning with its long-term growth strategy. To commemorate the launch, the store will offer a 5% discount until September 15, 2022. The company plans to open two additional stores in the region by the end of 2022.
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