Urban Tea Inc. Reports Fiscal Year 2019 Financial Results
Urban Tea, Inc. - Ordinary Shares (MYT)
Company Research
Source: PR Newswire
CHANGSHA, China, Oct. 28, 2019 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods based in Hunan, China, today announced its financial results for the fiscal year ended June 30, 2019.Ms. Kan Lu, Chief Financial Officer of Urban Tea Inc., commented, "We are pleased to announce the financial results for the fiscal year 2019. Our results reflect the sales from our specialty teas and baked good business, launched in October 2018. We believe our strong marketing and product development teams have positioned us to thrive in the mainland China market as well as in other overseas markets. We reiterate our plans to expand the number of stores we own and manage in 2019 as we grow our footprint in the specialty tea retail market."Fiscal Year 2019 Financial HighlightsRevenue was $0.40 million, compared with nil for fiscal year 2018. Gross profit was $0.17 million, compared with nil for fiscal year 2018. Gross mar
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