Jowell Global Ltd. Announces First Quarter 2021 Unaudited Financial Results - Seite 2

Mr. Xu continued: “Looking ahead, we foresee further growth across all areas lead by our recently announced strategic partnerships with Alibaba, ZTO Express, and Coty, and will continue expanding our product offerings and further invest into online platform, live streaming and marketing, and community group buying stores to gain shares in a growing consumer retail market in China.”

Ms. Mei Cai, Chief Financial Officer, added: “In the first quarter of 2021, we generated $35.1 million GMV and $28.4 million in revenue, a 159.7% and 197.5% year-on-year growth, respectively. LHH stores account for over 76.5% of the total revenue, and Q1 buying members increased 34% year over year. We maintain our commitment to address our customers’ various and growing needs by further building out our product offerings with strategic brand awareness promotions.”

First Quarter 2021 Financial Results

Total Revenues

Total revenues were $28.4 million, representing an increase of 197.5% from $9.5 million in the same period of 2020. The increase was primarily due to significant increase in sales from LHH stores with sales promotions and brand reach. Cosmetics and health and nutrition supplements continue to lead the growth, increasing 302.1% and 205.4% respectively.

Revenues  (in thousand)		Three Months Ended March 31								%
		2021				2020				change
		US$				US$				YoY
Product sales
● Cosmetic products			7,468.9				1,857.4				302.1
● Health and nutritional supplements			12,554.5				4,110.4				205.4
● Household products			8,315.4				3,562.1				133.4
● Others			13.7				-				100.0
Total			28,352.5				9,529.9				197.5

Total costs of revenues were $26.1 million, an increase of 204.6% from the $8.6 million in the same period of 2020. The increase was primarily due to the increased material cost and sales quantities.