Summary by Futu AI
Maison Solutions reported a 4.8% increase in total revenue to $58 million for fiscal year 2024, driven by $4.6 million contribution from newly acquired Lee Lee stores and $4.4 million growth from Monterey Park location. However, the company posted a net loss of $3.3 million compared to $1.3 million profit last year, primarily due to increased operating expenses and acquisition-related costs.The company completed several strategic initiatives, including the acquisition of Lee Lee's three-store chain in Arizona and launch of a store renovation program. The Lee Lee acquisition is expected to more than double current top-line figures while maintaining profitability. Management remains focused on organic growth through renovation and digital transformation of existing stores.Looking ahead, Maison Solutions reaffirmed its fiscal 2025 guidance, projecting revenues between $120-125 million and positive net income. The company plans to complete renovation of its El Monte store by end of 2024 while exploring synergistic opportunities between California and Arizona operations.
