Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat investment jewelry brand, reported its fiscal results for the 3rd-quarter finished September 30, 2k19 (“Q3 2k19”).
- IFRS Revenue of $3.20M, a $1.20M (62.00 percent) incline year-over-year (“YoY”). Non-IFRS Adjusted Revenue of $3.40M, an incline of 47.00 percent YoY and the 2nd-highest revenue amount in the history of the Company.
- IFRS Gross Profit of $1.00M, an incline of $0.80M (380.00 percent) YoY and a new record for the Company.
- Gross Profit Margin expanded by 2,100.0 basis points, from 10.00 percent in Q3 2k18 to 31.00 percent in Q3 2k19, a new record for the Company which is due to gains on precious metal inventory.
- IFRS Operating Loss declined by $0.90M, or 55.00 percent YoY to a record low of $0.770M, due to inclined gross profit and management’s ability to reduce operating costs from 96.00 percent to 55.00 percent of revenue YoY.
- Non-IFRS Adjusted Loss reduced by $0.30M (22.00 percent) YoY to $0.890M.
- Sold 44.0 kilograms of gold and platinum jewelry throughout the quarter, an incline of 25.00 percent compared to Q3 2k18.