The Group started the Financial Year on a high note and continued momentum in FY2022 Q3 with a strong emphasis on realizing strategic and geographical expansion initiatives to capitalize on new business opportunities. In particular, the Group has executed a multi-layered diversification strategy, including content generation in new interest areas such as art and sports, the continued expansion of advertising capabilities offered by the Group's Media segments, and product expansion on the E-Commerce and Retail segments, all of which have energized existing consumers and paved the way for future business growth.
As the trend towards digital channels continues, the Group has made a corresponding greater shift in marketing and advertising budgets from traditional marketing channels to digital and online channels, and the Group expects to benefit from this dynamic operating environment. The Group's existing strategies and a favorable operating environment will be strong drivers of new user acquisition and revenue growth throughout FY2022 and into the coming financial year.
Overall Performance
-- Revenue for 9M2022 was
-- Revenue for FY2022 Q3 was
-- Gross profit margin improved to 58.2%, representing a year-on-year increase of 8.8 percentage points from 49.4%;
-- Gross profit for 9M2022 was
Media Segment
-- The Media segment recorded a year-on-year increase in revenue of 66.2% from
-- Media segment revenue in
-- Gross profit margin for the Media segment increased by 7.7 percentage points versus prior year to 63.1% for 9M2022. The improvements were mainly due to production cost efficiencies generated from increased scale of media advertising production and streamlined campaign deliveries in the Media segment.
E-commerce and Retail Segment
-- The E-commerce and Retail segment revenue for 9M2022 was
-- Gross profit from the E-commerce and Retail segment increased by 19.2% from
-- The Group continued its product expansion strategy, expanding its offerings to homeware, toys and other lifestyle products on HBX to cater to all aspects of the HBX customer's lifestyle needs.
Operating Expenses
-- Selling and marketing expenses increased by 42.9% from
-- Administrative and operating expenses were
-- Increase in operating expenses as a percentage of revenue from 34.6% in 9M2021 to 38.7% in the current period was mainly caused by (i) increases in headcounts within the Group's sales and marketing team to facilitate current and future business growth; and (ii) prudent cost management during the COVID-19 pandemic last year and government subsidies received in the comparative period.
For further details on the quarterly results performance, visit the Group's corporate website to view the full announcement.
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