KBS Fashion Clocks 183% Sales Growth In 1H On Flower Crown Acquisition

Author: Shivani Kumaresan | September 03, 2021 11:32am

KBS Fashion Group Ltd (NASDAQ:KBSF) reported the first-half FY21 sales growth of 183% year-on-year, to $12.7 million.
The increase in revenue is due to the acquisition of Flower Crown, which added three new segments to the business through the Luxventure brand.
Revenue from tourism, airfare and cross-border merchandise business segments totaled $10.2 million.
The gross margin for the half-year declined 20 percentage points Y/Y to 6%.
The operating loss widened to $(6.04) million.
The company held $14.1 million in cash and equivalents as of June 30, 2021.
Inventories rose 18.6% Y/Y to $2.1 million.
It reported EPS of $(1.21) in the 1H.
Price Action: KBSF shares are trading lower by 1.47% at $4.02 on the last check Friday.