Home Bistro (OTC: HBIS), a leading online meal delivery platform that offers celebrity chef-inspired, gourmet and lifestyle ready-made meals, today announced record revenue with its financial results for its second quarter ended April 30, 2022. “With more chefs coming online earlier this fiscal year, we are continuing to see record top line growth. As I have previously stated, our goal is to continue growing our revenue at a significant rate while eyeing profitability by 2023. To this end, over the past few months we have been taking significant steps to increase our profit margin and considerably decrease our general and administrative expenses,” said Home Bistro CEO Zalmi Duchman. “In order to accomplish this, we have undertaken multiple initiatives. First, we have significantly reduced minimum guaranteed royalty payments to new celebrity chefs, and older, more costly guaranteed deals will begin to expire in 2023. Second, we have taken steps to simultaneously reduce our product costs and retail prices, which are expected to have a positive net effect on gross margin. In addition, our recently announced collaboration with public relations firm Alab Group should benefit us by offsetting more expensive online advertising costs with a less costly but equally, if not more effective, influencer-based strategy.”
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About Home Bistro Inc.
Home Bistro is a leading online platform that provides for the creation, production and distribution of direct-to-consumer, heat-to-eat, celebrity chef inspired gourmet meals, which currently include inspirations developed by “Iron Chef” Cat Cora, Ayesha Curry, “Hungry Fan” Chef Daina Falk, “Master Chef” Claudia Sandoval, “Top-Chef All-Star” Richard Blais, Celebrity Pastry and Dessert Chef Melanie Moss, and soon to launch celebrity chefs Roblé Ali and Priyanka Naik. Home Bistro’s Model Meals lifestyle brand is a Whole30 and Paleo approved, ready-to-eat, meal prep service, offering a weekly rotating menu that is prepared by professional chefs, using only the highest quality ingredients available, sourced responsibly and locally, and delivered in sustainable, eco-friendly packaging. For more information, visit www.HomeBistro.com.
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