Fly-E's retail retreat cuts revenue 33.7% and compresses margins
Image: Primary Fly-E reported fiscal second-quarter revenue of US$2.590 million, down 33.7%, as its shift from company-operated stores toward wholesale sales reduced gross margin to 8.1% from 25.0% a year earlier. The electric vehicle company announced the results on November 13.
Its retail network shrank to four stores from 11, while unit sales fell to 7,392 from 18,564. Wholesale revenue increased 21.4%, supported by purchases from former company-owned stores operating independently. Lower selling expenses did not prevent the operating loss from widening to $1.617 million from $1.048 million.
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