Benzinga | Jun 16, 2021 04:16PM EDT

Jowell Global Stock Jumps On Q1 Revenue Growth

* Jowell Global Ltd (NASDAQ:JWEL) reported first-quarter FY21 sales of $28.4 million, up 198.9% year-on-year.

* Strong sales growth from LHH (Love Home Health) Franchise Stores accounted for over 76.5% of the total revenue, while Health and nutritional supplements raked in the highest revenue of $12.6 million, up 205.4% Y/Y.

* Cosmetic product sales rose 302.1% Y/Y to $7.5 million, while household product sales increased 133.4% Y/Y to $8.3 million.

* Gross Merchandise Value (GMV) transacted in Jowell's shopping mall rose 159.75% Y/Y to $35.1 million.

* Operating loss was $254 thousand against an operating income of $271 thousand a year ago, which was mainly driven by the increase in the cost of revenues.

* Jowell held cash and cash equivalents and restricted cash of $25.7 million at the end of Q1.

* "These results illustrate our strong business momentum and outstanding execution on our strategies, and are a sound representation of how our unique retail distribution system is key to drawing customers from various communities," said Zhiwei Xu, Chief Executive Officer.

* Price action: JWEL shares closed higher by 3.59% at $6.64 on Wednesday.