Hour Loop, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 10:23 pm
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Hour Loop, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 22.42 million compared to USD 14.8 million a year ago. Net loss was USD 0.769368 million compared to USD 0.313407 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to USD 0.01 a year ago.
For the six months, sales was USD 43.49 million compared to USD 27.15 million a year ago. Net loss was USD 2 million compared to USD 0.958295 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to USD 0.03 a year ago.
Hour Loop, Inc. is an online retailer engaged in e-commerce retailing in the United States market. The Company operates through online retail channels, such as Amazon, Walmart, and Hourloop.com. It is engaged in buying products in bulk directly from the brand or manufacturer at a wholesale price and making a profit by selling the product on Amazon. It sells merchandise on Amazon and the sales are fulfilled by Amazon. It pays Amazon fees for allowing it to sell on their platform. Its product categories include home/garden decor, toys, kitchenware, apparel, and electronics. It has advanced software that assists it in identifying product gaps so it can keep such products in stock. It also pays Walmart fees for allowing it to sell its merchandise on their platform. It has developed software that is tailored to all its operational needs. This includes managing the order review process, shipment management, inventory management, accounting, and complete end-to-end third-party integrations.
Hour Loop, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
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