4 Less Group Inc (OTCMKTS:FLES) Stock Rockets 60% in a Week: But Why?
4 Less Group Inc (OTCMKTS:FLES) stock has been showing solid uptrend over the past trading session with a jump of over 60% in the past week. There seems to be no news recently.
Market Action
In the previous trading session, FLES stock soared 22% to $1.77. A total of 18k shares traded for the session hands, above its average volume of 24k shares. The stock opened at $1.60 and moved in a range of $1.4900 – 1.7700.
Key Trigger
June 15, 2021 – The 4Less Group Reports Record First Quarter Sales
4 Less Group reported that their auto parts e-commerce website www.Liftkits4less.com (“Liftkits”), that targets the aftermarket automotive parts for Jeep Truck and SUV vehicles, had a record 1st quarter sales for period ending April 30, 2021 of $3,728,784 dollars and an increase of over 186% of 1st quarter sales of $2,000,071 for same period in prior year.
In addition, the company reported deferred revenue of $981,830. Deferred revenue is defined as orders that were taken and paid for by customers prior to end of the quarter but had not yet been delivered to customer as of the end of the quarter. The Company believes the delay was primarily because of supply chain issues due to supplier back-orders because of the Covid-19 pandemic as well as processing and delivery timing.
Key Quote:
“We were expecting a great 1st quarter as we reported earlier in the year about record-breaking sales numbers for both February and March 2021. I believe the most exciting part however is that 1st quarter sales were at 46% of our total FYE 2021 sales or just under half of last year’s total annual sales,” stated Christopher Davenport, President and CEO of Auto Parts 4Less, Inc., The Company’s wholly owned subsidiary.
“With a great 1st quarter now in the books, along with our recently announced 10-fold increase in aftermarket parts available on LiftKits (going from approximately 80,000 to over 800,000 parts in the next 90 days) as well as the coming launch of our automotive parts marketplace later this summer, AutoParts4less.com, we believe we are extremely well positioned to potentially have a breakout year,” reaffirmed Tim Armes, Chairman and CEO of The 4Less Group.
