4Less Group Increases Sales by 42% and Achieves Profitability
Las Vegas, Nevada--(Newsfile Corp. - September 15, 2020) - The 4Less Group, Inc. (OTC PINK: FLES) is pleased to announce that is has increased sales by 42% from $2,059,700 for Q2 2019 to $2,927,209 for Q2, 2020. During this time, gross profits increased by 84% from $502,083 to $925,617. The 4Less Group also logged in a positive net operating income of $83,110 as compared to a loss of $459,797 for the same quarter last year which is an increase in operating income of more than $500,000.
"We are very pleased to have hit almost $1,000,000 of sales per month for this past quarter representing an increase of over 40% from same quarter last year" said Christophor Davenport, founder and president of Auto Parts 4Less, Inc., The 4Less Group's wholly owned subsidiary. And, as promised, we have cut costs in conjunction with our sales increase to hit profitability which is very impressive this early on for a growth online platform."
"The past six months have been pivotal for the Company, as we have removed all convertible debt from our books, reduced debt by over $3,600,000, increased sales by over 40% and achieved profitability," said Timothy Armes, President and CEO of The 4Less Group.
"Additionally, we have recently started the development of our Auto Parts Marketplace Platform which we believe will be a game changer in the industry. As, what we believe will be one of the first true standalone marketplace's for auto parts (as opposed to reseller sites), it will allow manufacturers as well as resellers to list their parts directly on the AutoParts4Less.com platform for selling direct to consumers." added Christopher Davenport.
On September 9, 2020, the company filed a PRE 14C to reduce its common shares authorized from 1,000,000,000 to 15,000,000.
About The 4Less Group, Inc.:
With the acquisition of the URL AutoParts4Less.com, FLES is focusing all of their efforts and resources on building out a flagship automotive parts marketplace with the potential to list and sell literally millions of parts that will include automotive specialty equipment parts and accessories, targeted "niche" web sites and potentially a used auto parts exchange one day as well.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Factors that could cause results to differ include but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company.
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