ADDED
The Company shut down the Maison El Monte store in June 2025.
The strategic decision to close Maison El Monte store is part of the Company s ongoing commitment to improve its profitability and support sustainable growth.
In fiscal years 2025 and 2024, our perishable product categories contributed approximately 50% and 54%, respectively, to our total net revenue in alignment with the space occupancy of perishables.
In the fiscal years ended on April 30, 2025 and 2024, the non-perishable grocery category contributed approximately 48.40 and 45.97%, respectively, to our total net sales and realized a markup of 35.13% and 35.09%, on average, respectively.
These primary suppliers accounted for approximately 19.0% and 48.0% of our total purchases in fiscal years 2025 and 2024, respectively.
With three retail supermarkets located in San Gabriel, Monrovia and Monterey Park, in the Los Angeles, California metropolitan area, and three retail supermarkets located in the Phoenix and Tucson, Arizona metro areas, we had over 3.8 million annual transactions in the year ended April 30, 2025.
For the fiscal years ended April 30, 2025 and 2024, we recognized $79,360 and $208,000 for marketing and advertising expenses, respectively.
Employees As of April 30, 2025, we had approximately 378 employees.
For example, in Los Angeles, the minimum wage rose from $14 per hour from 2021 to $15.50 per hour in 2023 and increased to $16 per hour starting from January 1, 2024; in Arizona, the minimum wage was $13.85 per hour in 2023, and increased to $14.35 per hour starting from January 1, 2024.
Our payroll and payroll tax expenses were $15.0 million and $7.4 million for the year ended April 30, 2025 and 2024, respectively.
REMOVED
Because our acquisition of Lee Lee (as defined below) was completed on April 8, 2024, shortly before our fiscal year-end, the description of our business throughout this Item 1 does not include a description of Lee Lee unless specifically referenced herein.
In fiscal years 2024 and 2023, our perishable product categories contributed approximately 54.0% and 56.5%, respectively, to our total net revenue in alignment with the space occupancy of perishables.
In the fiscal years ended on April 30, 2024 and 2023, the non-perishable grocery category contributed approximately 45.97% and 43.52%, respectively, to our total net sales and realized a markup of 35.13% and 35.09%, on average, respectively.
11 Store Renovation Program From time to time, we conduct maintenance and rennovations on our stores to enhance customer shopping experiences and optimize store designs.
In January 2024, we began renovating our HK Good Fortune supermarket in El Monte, California.
The renovations to the El Monte store include exterior and interior upgrades as well as product offering adjustments.
Additionally, the store will use updated logos and banners, which will be used throughout Maison s store network, for enhanced brand awareness and consistency.
We plan to leverage and deploy our recently purchased software suite for the optimization of store design, layout and shelf display.
The software system will also monitor shelf performance to better analyze the popularity and pricing of the store's product offerings.
Once the renovations are complete, the El Monte store also will serve as a warehouse-like store with discounts for large and bulk purchases, which we believe will further improve the store's performance.