Luxury skiwear and lifestyle Perfect Moment, Ltd. net revenues inched up for the fiscal year ended March 31, increasing 4 percent to $24.4 million from $23.4 million in the prior year.
E-commerce revenue increased 21 percent to $10.4 million, compared to $8.6 million in the prior year. This increase is said to be due to greater brand awareness and a stronger focus on e-commerce.
Wholesale revenue totaled $14.1 million, down 6 percent compared to $14.9 million in the prior year. The decrease was attributed to the company’s wholesale accounts generating higher levels of purchase activity in fiscal year 2023 due to the post-COVID rebound.
Gross margin was 37.8 percent of net revenue in the 2024 fiscal year, compared to 37.4 percent in the prior year. The increase was primarily attributed to strategic changes in e-commerce driven by less discounting and improvements in the supply chain with Global-E, offset by a decrease in wholesale margin and a shift in revenue to lower-margin e-commerce revenue.
Total operating expenses decreased 3 percent to $16.9 million from $17.4 million in the prior year. The decrease was primarily due to decreased SG&A expenses and decreased marketing and advertising expenses.
Net loss for the year improved to a loss of $8.7 million, or a loss of $1.34 per basic and diluted share, compared to a net loss of $10.4 million, or a loss of $2.16 per basic and diluted share in the prior year.
Adjusted EBITDA was negative $5.9 million for the fiscal year, compared to negative $2.5 million in the prior year. The decrease in adjusted EBITDA was said to be primarily driven by an increase in brand awareness investments totaling $1.3 million to drive e-commerce revenues and wholesale sell-through, plus costs to support growth and prepare the company for its public listing.
Perfect Moment completed its IPO on the NYSE American Stock Exchange on February 8, 2024, generating net proceeds of $6.0 million. Approximately $12 million in debt was converted into common stock, substantially bolstering the company’s balance sheet.
Cash, cash equivalents and restricted cash totaled $7.9 million at March 31, 2024, compared to $4.7 million at March 31, 2023. The increase was primarily due to the net proceeds of $6.0 million raised from the company’s IPO.
As a next-generation skiwear brand, Perfect Moment is focused on its social media metrics as it looks to grow its brand awareness. The company reported that total followers across social media platforms, including Instagram, Facebook, and TikTok, increased 19 percent year-over-year to more than 382,000. Today, there are more than 387,000 followers, making Perfect Moment increasingly one of the world’s most-followed luxury brands and the most-followed luxury skiwear brand.
The total social audience reached by content created by global key opinion leaders (KOLs) about Perfect Moment totaled more than 296.6 million, which represents the total combined followers of the celebrities, influencers, models, media publications, and fashion industry notables who organically posted about Perfect Moment.
Total global unique visitors per month (UVPM) to all digital media coverage on Perfect Moment exceeded 7.5 billion.
Image courtesy Perfect Moment