Yoshitsu (NASDAQ: TKLF) stock doubled during intraday trading following the company’s announcement of a year-over-year increase in its fiscal year financial results.
Yoshitsu has announced its financial results for fiscal year 2024, showcasing impressive growth in earnings and sales compared to the previous year.
According to the latest financial report, Yoshitsu reported earnings of 20 cents per share for fiscal year 2024, marking a remarkable 190.91% increase from last year. The company’s total sales reached $195.68 million, reflecting a 15.29% increase year-over-year.
Yoshitsu reported that revenue from its directly-operated physical stores surged by 28.8% to $15 million for fiscal year 2024, up from $11.6 million in 2023. The new luxury product line launch significantly bolstered sales at these stores.
Mr. Youichiro Haga, Principal Accounting and Financial Officer of Yoshitsu expressed satisfaction with the company’s financial achievements, stating,
“I am proud to share that our financial performance for fiscal year 2024 has shown substantial improvement. Our net income reached $7.5 million, a significant turnaround from a net loss of $8.0 million in the previous year. This positive outcome is a result of our focused efforts on cost management, strategic investments, and revenue growth.”
As of March 31, 2024, Yoshitsu reported a cash balance of $2.5 million, up from $1.8 million as of March 31, 2023. Additionally, the company disclosed approximately $105.4 million in accounts receivable from third parties as of the same date. The company has already collected a substantial portion of these receivables, approximately 35.4%, and expects to recover the majority by December 31, 2024. This robust collection rate bolsters Yoshitsu’s working capital position and supports its ongoing operational needs.
Yoshitsu (NASDAQ: TKLF) Stock Reaction
TKLF stock soared 103.40% on Tuesday, closing at $0.6230, marking a 143.45% increase for the week. The trading volume was 318,352,992 shares, significantly higher than the average daily volume of 7.35 million.
