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,”
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Email: herinyin@newyorkmart.com
Source: iFresh Inc.