Fiscal Q3 net income of $1.2 million, or $0.23 per basic share and $0.08 per diluted share, driven by eCommerce sales up 23% to record $3.8 million. Record fiscal nine-month revenue at $19.6
Perfect Moment Ltd. , a global luxury lifestyle brand combining fashion with technical performance for skiwear, outerwear, swimwear and activewear, reported results for the three and nine months periods ended December 31, 2023. All comparisons are to the same year-ago period unless otherwise noted.Fiscal Q3 Operational HighlightsOn February 8, 2024, the company completed an IPO of common stock that generated net proceeds of $6.4 million and began trading on the NYSE American stock exchange.
"Looking to the new fiscal year that begins in April, we are broadening our lifestyle offerings with the launch of a summer product line that we did not have last year. We are also adding a new direct-to-consumer 'capsule' collection for the autumn season.
"We have developed a rich marketing eco-system across our entire marketing funnel. We have continued to experience strong growth in social media followers, and especially in the number of celebrities, influencers, models, publications, and fashion industry notables who have organically posted about our brand. We believe we have attracted such a loyal following because of our unique style and how we uniquely combine luxury with technical performance.
Gross profit decreased 22% to $4.9 million from $6.2 million in the year-ago quarter. The decrease is primarily attributed to the early shipment of wholesale orders. Adjusted EBITDA was $1.7 million, compared to $4.1 million in the same year-ago quarter, with the decline attributed to the occurrence of some nontraditional seasonality that affected revenue recognition for the quarter. A substantial amount of wholesale revenue that historically was recorded in the third quarter was instead accelerated into the second quarter.
Gross profit increased 8% to $7.6 million compared to $7.1 million in the same year-ago period. Gross margin increased to 39.0% compared to 36.6% in the same year-ago period. The increases in both gross profit and gross margin are primarily driven by less discounting and fewer discount windows, plus the addition of Global-E as a logistics partner.
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