Chanson International Holding Announces First Half of Fiscal Year 2023 Financial Results.

URUMQI, China: Chanson International Holding (Nasdaq: CHSN) (the "Company" or "Chanson"), a provider of bakery, seasonal, and beverage products through its chain stores in China and the United States, today announced its unaudited financial results for the six months ended June 30, 2023.

Mr. Gang Li, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, "We are pleased to announce our financial performance for the first half of fiscal year 2023. Since the loosening of COVID-19 policy in China, our business operation has recovered from the pandemic. This resurgence has translated into a notable 3.1% growth in the total revenue and a 7.0% increase in gross profit within the Chinese market. We also saw a significant increase of 29.0% in net income, signaling a leap in profitability and the successful execution of our business model. These results reflect not only the resilience of our operations but also the effectiveness of our strategic initiatives. As we move forward, we are committed to providing a diverse portfolio of bakery and beverage products and offering quality eat-in services. We are poised to capitalize on the current momentum by continuing to enforce cost control, invest in product innovation, and execute expansion plan. We believe our long-term strategy and commitment to quality products will further enhance our profitability and create more value for our shareholders."

First Half of Fiscal Year 2023 Financial Highlights

Total revenue was $8.8 million, an increase of 3.1% from $8.5 million for the same period of last year.

Gross profit was $4.3 million, an increase of 4.5%, from $4.1 million for the same period of last year.

Gross margin was 49.2%, increased from 48.5% for the same period of last year.

Net income was $0.3 million, increased from $0.2 million for the same period of last year.

Basic and diluted earnings were $0.03, increased from $0.02 for the same period of last year.

First Half of Fiscal Year 2023 Financial Results

Revenue

Total revenue was $8.8 million for the six months ended June 30, 2023, increased by 3.1% from $8.5 million for the same period of last year. The increase in our revenue was due to increased revenue from stores in China, which was partially offset by the slightly decreased revenue from the United States Stores.

China Stores

Revenue from China stores was $7.0 million for the six months ended June 30, 2023, increased by 4.5% from $6.7 million for the same...