Reports FY24 revenue $24.4M vs. $23.4M last year. “Our record total net revenue of $24.4 million in fiscal 2024 was driven primarily by our focus on increasing eCommerce sales,” stated Perfect Moment CEO Mark Buckley. “The 21% growth in eCommerce was the result of investments we made in our new eCommerce team, a new digital marketing agency, introducing a new cross-border solution, and our continued investments in brand marketing. “During the year, our eCommerce growth offset the year-over-year decline in wholesale revenue. Our wholesale revenue was comparatively lower due to exceptionally higher sales in the prior year related to the post-COVID rebound causing an unusual surge during the period. Going forward, we anticipate wholesale will track at more normalized levels. While we will remain focused on accelerating our online sales growth and expanding our direct-to-consumer channel, we will continue to strategically expand our wholesale network and deepen the associated relationships. We are also working to further improve our eCommerce operations and gross margins by opening distribution centers in key markets, with our first distribution center outside the UK to open in U.S. during the current fiscal year. We expect the local distribution centers to improve our customer shopping experience with a faster shipping and return process. Local distribution centers will also lower our import duty and shipping costs. We see this helping to greatly improve our eCommerce margin, and for our eCommerce margin to surpass our wholesale margins by fiscal year 2026.”