Homestolife Ltd Announces Financial Results For First Six Months Of 2024; Company To Hold Conference Call To Discuss Results Nov. 26 At 8:30 Am ET

(MENAFN- GlobeNewsWire - Nasdaq) SINGAPORE, Nov. 25, 2024 (GLOBE NEWSWIRE) -- HomesToLife Ltd (Nasdaq: HTLM) (“HomesToLife” or the “Company ”), one of the leading home furniture products retail chains in Singapore, today announced that, for the first six months of 2024 ended June 30, 2024, the Company had net revenue of $1,993,323, a 21 percent decrease compared to net revenue of $2,527,724 for the first six months of 2023.

The Company's decrease in net revenue was primarily due to a decline in revenue from sales of its leather and fabric upholstered home furniture products compared to such sales in the corresponding six-month period in 2023. This decrease was chiefly the result of rising inflation and the overall slowdown in global economic conditions, both of which negatively impacted Singapore's home furniture market.

For the first half of 2024, the Company's gross profit margin was 66.1 percent as compared to 68.8 percent for the first six months of 2023, a decline primarily attributable to an increase in inward freight costs.

For the first half of 2024, HomesToLife also saw an increase of $138,473, or 8.2 percent, in total operating expenses, compared to the first half of 2023. This increase was primarily the result of a rise in general and administrative expenses of $570,593, mainly consisting of an IPO audit fee of $419,706. The increase in general and administrative expenses was largely offset by a decrease of $432,119 in sales and distribution expenses, mainly due to marketing support from a related party for introducing new designs and products to the market.

The Company had a loss from operations of $508,865 during the first half of 2024, as compared to income from operations of $52,847 for the six months ended June 30, 2023.

Adding other income, which amounted to $56,427 in the first half of 2024 and $22,139 in the first half of 2023, HomesToLife had a net loss of $452,438, or $(0.03) per share, for the first half of 2024, as compared to net income of $74,986, or $0.01 per share, for the same period in 2023.

Cash and cash equivalents at June 30, 2024 was $544,294, as compared to $1,366,956 at December 31, 2023.

Net cash used in operating activities during the first half of 2024 was $899,519, as compared to net cash provided by operating activities of $53,225 for the same period in 2023.

Total long-term liabilities at June 30, 2024 was $2,985,724, as compared to $2,225,228 at December 31, 2023.

Weighted average number of ordinary shares was 13,250,000 at both June 30, 2024 and June 30, 2023.

“We are thrilled to have begun trading on Nasdaq on October 1 of this year,” said the Company's Chief Executive Officer, Ms. Phua Mei Ming.“Our performance for the first six months of 2024 reflected the effect of certain global economic factors which had been impacting Singapore's home furniture sector.”

“In response, we are working on a number of new initiatives to expand our business into the rest of Asia. As a result, we are hopeful these initiatives will improve top and bottom-line performance on our financials for the second half of this year.”

Conference Call Details

The Company will host a conference call to review the financial results on Tuesday, November 26 at 8:30 a.m. ET.
Conference Call Dial-in:
US toll free: 1-877-269-7751
International: 1-201-389-0908
Conference ID: HomesToLife

Please dial five to ten minutes prior to the scheduled time.

For those who would prefer to receive a call rather than dialing in, please register via the following link: Call me . Please use this option 15 minutes prior to the conference call start time.

Conference Replay : A replay of this call will be available on November 26, 2024 at 12 p.m. ET until December 3, at 11:59 p.m. Eastern time.

To access the replay, please dial:
US toll free: 1- 844-512-2921
International: 1-412-317-6671
Access ID: 13750309

About HomesToLife Ltd

The Company's wholly owned subsidiary and operating company, HomesToLife Pte. Ltd., is one of the leading home furniture retailers that offers and sells customized furniture solutions in Singapore. As of October 2024, it has six retail store locations. It has helped homeowners create living spaces that reflect their individuality since 2014. Its product offerings include leather and fabric upholstered furniture, case goods and accessories, and offers a one-stop shop for retail customers to furnish their homes.“HomesToLife” has a long-standing pledge to offer fair prices, great value, consistent and reliable quality, and on-time delivery to its customers. The Company's website, , offers consumers a seamless shopping experience online and post-sales customer service support.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as“approximates,”“believes,”“hopes,”“expects,”“anticipates,”“estimates,”“projects,”“intends,”“plans,”“will,”“would,”“should,”“could,”“may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

Contacts

HomesToLife Ltd Contact:
6 Raffles Boulevard, #02-01/02
Marina Square, Singapore 039594
Email: ...

Investor Relations Inquiries:

Skyline Corporate Communications Group, LLC
Scott Powell, President
Office: (646) 893-5835
Email: ...

HOMESTOLIFE LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
		As of
		December 31, 2023			June 30, 2024			June 30, 2024
		SGD			SGD			USD
ASSETS
Current assets:
Cash and cash equivalents			1,802,469				739,423				544,294
Accounts receivables			149,602				238,375				175,469
Inventories, net			889,907				1,109,782				816,917
Amounts due from related parties			505,716				-				-
Amount due from former shareholder			730,300				-				-
Deposit, prepayments and other receivables			909,738				1,319,319				971,159
Deferred offering cost			-				1,035,204				762,020
Income tax recoverable			-				26,765				19,702
Total current assets			4,987,732				4,468,868				3,289,561
Non-current assets:
Plant and equipment, net			297,587				359,509				264,637
Right-of-use assets, net			4,100,541				5,349,876				3,938,076
Total non-current assets			4,398,128				5,709,385				4,202,713
TOTAL ASSETS			9,385,860				10,178,253				7,492,274
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable			1,310,787				471,648				347,184
Customer deposits			1,117,364				1,168,742				860,319
Accrued liabilities and other payables			285,756				239,298				176,149
Lease liabilities			1,632,192				1,835,793				1,351,338
Amount due to intermediate holding company			-				922,040				678,719
Total current liabilities			4,346,099				4,637,521				3,413,709
Long-term liabilities:
Other payables			125,083				125,083				92,074
Lease liabilities			2,809,102				3,931,024				2,893,650
Total long-term liabilities			2,934,185				4,056,107				2,985,724
TOTAL LIABILITIES			7,280,284				8,693,628				6,399,433
Commitments and contingencies			-				-				-
Shareholders' equity:
Ordinary share, US$0.0001 par value, 100,000,000 shares authorized, 13,250,000 shares issued and outstanding as of December 31, 2023 and June 30, 2024*			1,747				1,747				1,325
Additional paid-in capital			38,798,253				38,798,253				28,559,627
Accumulated other comprehensive loss			(4,666,758	)			(4,673,072	)			(3,439,916	)
Accumulated losses			(32,027,666	)			(32,642,303	)			(24,028,195	)
Total shareholders' equity			2,105,576				1,484,625				1,092,841
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			9,385,860				10,178,253				7,492,274

* The shares amounts are presented on a retroactive basis.

HOMESTOLIFE LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Six Months ended June 30,
		2023			2024			2024
		SGD			SGD			USD
Revenues, net:
Revenue from third parties			3,333,058				2,707,929				1,993,323
Cost of goods sold			(1,038,404	)			(918,812	)			(676,343	)
Gross profit			2,294,654				1,789,117				1,316,980
Operating expenses:
Sales and distribution expenses			(1,647,032	)			(1,109,836	)			(816,957	)
General and administrative expenses			(577,938	)			(1,370,574	)			(1,008,888	)
Total operating expenses			(2,224,970	)			(2,480,410	)			(1,825,845	)
Income (loss) from operations			69,684				(691,293	)			(508,865	)
Other income:
Government subsidies			11,604				18,504				13,621
Sundry income			17,589				58,152				42,806
Total other income, net			29,193				76,656				56,427
Income (loss) before income taxes			98,877				(614,637	)			(452,438	)
Income tax expense			-				-				-
NET INCOME (LOSS)			98,877				(614,637	)			(452,438	)
Weighted average number of ordinary shares:
Basic and diluted *			13,250,000				13,250,000				13,250,000
EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED			0.01				(0.05	)			(0.03	)

* The shares amounts are presented on a retroactive basis.

MENAFN25112024004107003653ID1108922348