LAS VEGAS, NV, May 15, 2018 (GLOBE NEWSWIRE) -- Her Imports (OTCQB: HHER), a leading retailer of human hair extensions and related beauty products, today reported its financial results for the first quarter ended March 31, 2018. Revenue for the quarter totaled $3.3 million with income from operations of $125,742.
Barry Hall, Chief Executive Officer of Her Imports, stated, “During the first quarter of 2018 we continued to face the same challenges experienced by most retailers in the U.S. However, despite a significant drop in revenues when compared to the same quarter in 2017 we were able to maintain our gross margins and still achieve operating profitability.” Hall added, “It is important to note that at the beginning of the quarter we converted to a new cloud-based eCommerce platform from a server-based eCommerce platform. This change allows the Company to optimize its mobile marketing efforts. Because of the change, the Company incurred a one-time charge of $384,075 from the write-off the previous platform and a prepaid maintenance agreement associated with it.”
First Quarter 2018 Business Highlights:
- Launch a new cloud-based eCommerce platform.
- Used our new platform to reach our customers using mobile marketing using SMS messaging and social platforms such as Facebook and Snapchat.
- Developed “mini-CRMs” that interface with our on-line shopping cart and are customized based on the marketing promotion.
Financial Highlights for the First Quarter 2018:
- Revenue totaled $3.3 million for the first quarter 2018, as compared to $4.4 million, a decrease of 24.1%, primarily attributable to retail location closings that took place during 2017.
- Gross margin remained steady at approximately 51% for the quarter.
- Income from operations was $125,742 in first quarter of 2018 versus $648,329 for the same quarter in 2017.
- Incurred a one-time expense of $384,075 related to the write-off of the Company’s old eCommerce platform.
- Net loss attributable to the Company was $268,844 for the first quarter of 2018, compared income of $647,512 for the same quarter in 2017.
About Her Imports:
Her Imports sells human hair extensions and related hair-care and beauty products at retail locations throughout the U.S. and on our Website, www.herimports.com. Additionally, by way of our proprietary, cloud-based ecommerce platform and strategic leveraging of social media buys, we convert prospects into customers while developing long-term personal relationships and loyal customers.
Forward Looking Statements:
This report contains forward-looking statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include ineffective marketing and competition. See the Risk Factors contained in the Form 10-K filed with the Securities and Exchange Commission on March 27, 2018.
Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.