During the quarter, the Company posted a net income of
iFresh's bottom line performance improved from the first quarter 2019 primarily due an improved gross margin; decreased selling, general, and administrative expenses; and increased income from management and advertising fees, rental income, and lottery sales.
"We are pleased to report a profitable first quarter, despite many challenges of operating a retail business during the COVID-19 pandemic," said
The CEO continued, "iFresh is fortunate to operate an online grocery delivery business. This service offset the loss from physical store closures during nationwide COVID-19 lockdowns. The combination of consumers’ interest in avoiding public spaces and the continued need for groceries and essential goods rapidly accelerated the adoption of online grocery services in the
“The Company continues to make adjustments and implement precautions necessary to limit the impact of the COVID-19 pandemic on its ongoing operations. Even in the midst of the COVID-19 pandemic and its harsh impact on retail businesses, we believe that iFresh has significant growth opportunities with respect to its online grocery business. With the recent strategic acquisition of Jiuxiang, the deployment of its integrating supply chain technology could potentially breakthrough and exceed the level of business we have performed in recent years,”
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transactions; the business plans, objectives, expectations and intentions of the parties once the transactions are complete, and the Company’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. All information provided in this press release is as of the date hereof. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the
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Source: iFresh Inc.