Maison Solutions Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching approximately $34.1 million for the three months ended January 31, 2025, a 151.1% increase from $13.6 million in the same period last year. The nine-month revenue also saw a substantial rise, totaling $94.8 million, up 130.6% from $41.1 million year-over-year. This growth is largely attributed to the acquisition of Lee Lee Oriental Supermart, which contributed $21.6 million in revenue since its acquisition in April 2024.
The company's gross profit for the quarter was approximately $7.5 million, reflecting a gross margin of 22.1%, slightly down from 23.4% in the previous year. The increase in cost of revenues, which rose to $26.6 million from $10.4 million, was primarily driven by the operational costs associated with the newly acquired Lee Lee stores. Operating expenses also increased significantly, totaling $6.4 million, up 83.9% from $3.5 million, largely due to higher selling and administrative costs linked to the acquisition.
In terms of operational metrics, Maison Solutions reported a total employee count of approximately 376, including those from Lee Lee. The company has been actively expanding its geographic footprint, with the recent acquisition of Lee Lee adding three new supermarket locations in Arizona. However, the company also faced challenges, including decreased sales from its California-based supermarkets, attributed to increased competition and the end of certain pandemic-related relief programs.
Looking ahead, Maison Solutions aims to strengthen its sales force and enhance marketing efforts to drive revenue growth. The company has indicated a need for approximately $8 million in cash to fulfill obligations related to the Lee Lee acquisition. Despite a working capital deficit of $11.5 million as of January 31, 2025, management believes that current cash reserves and operating cash flows will be sufficient to support operations for at least the next 12 months. The company may also explore additional financing options to support its expansion plans, which include opening new supermarkets and enhancing its supply chain capabilities.
About Maison Solutions Inc.
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