Summary by Moomoo AI
Niseko's Tea Holdings Limited released its first quarter of 2024 operations on April 18, 2024. During the quarter, the Company added 23 direct stores and closed 28 at the same time. As of March 31, the total number of direct stores reached 1,597, and the number of franchised stores was 205. THE COMPANY NOTED THAT DUE TO SEASONAL FACTORS, THE BUSINESS PERFORMANCE IN THE QUARTER WAS OFF-SEASON AND THERE WAS NO SIGNIFICANT RECOVERY IN DEMAND. Despite this, the newly launched “Niseko Hakka” series performed well. In addition, the company optimized the requirements of franchisors and reduced store area and the amount of single-store investment to support the growth of the franchise business. The Company's Board of Directors reminds that the forward-looking statements contained in this business update are based on preliminary assessments and without review by an independent auditor or audit committee that future performance may differ from expectations and investors should consider the risks involved with caution.