Hour Loop gains on 2022 revenue forecast raise

Hour Loop

14/11/2022 16:53

** Shares of online retailer Hour Loop Inc  HOUR.O  up 6.2%
at $2.89 
    ** HOUR expects FY 2022 gross revenue to be in the range of
$91 mln to $100 mln vs previous forecast of $81 mln-$90 mln
    ** Co reports Q3 revenue of $17.6 mln vs $10.4 mln a year
ago; cites continued growth and maturity of operating model
despite a continuation in overall e-commerce traffic slowdown  
    ** "Our headcount grew from 67 to 191 and our inventories
grew from $7 million to $21 million. This put tremendous
pressure on our bottom line in a very challenging year for
e-commerce," says CEO Sam Lai
    ** Q3 net income fell to $150,205 vs $296,106 a year ago; co
says decrease was driven by higher costs and expenses 
    ** Stock has fallen ~28% from its January IPO price of $4
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))