On the evening of April 19, the well-known home furnishing brand I Le Home Fnishing (stock code: 603326. SH) released its 2023 annual report and financial report for the first quarter of 2024, and the financial report data is outstanding, which has attracted widespread attention from the market.
According to the report, in 2023, we will achieve an operating income of about 1.711 billion yuan, an increase of 2.7% year-on-year; The net profit attributable to shareholders of the listed company was about 157 million yuan, an increase of 12.5% year-on-year, showing the continuous improvement of the profitability of our home.
For the growth of revenue and net profit this year, the report pointed out that I Le Home Furnishing adheres to the differentiated positioning of mid-to-high-end brands, and closely focuses on the three strategic focuses of product leadership, brand upgrading and channel expansion. The company adheres to the corporate mission of "design makes the home more beautiful, I am happy to make the beauty different, and technology makes the beauty realize", guided by market demand, innovation-driven as the core, and focused on building retail business capabilities, and continues to work intensively in terms of product power, brand power, and channel capacity building. The company continues to explore and realize the growth potential of blank cities, expanding categories and expanding store efficiency, injecting new impetus into the company's steady development and continuing to create long-term value for shareholders.
In the financial report for the first quarter of 2024, the performance of My Le Home Furnishing has achieved leapfrog growth. In the quarter, the company achieved operating income of 282 million yuan and net profit of 18.9894 million yuan, a significant increase of 185.75% year-on-year; gross profit margin was 44.06%, up 3.83 percentage points year-on-year; The net profit margin was 6.74%, an increase of 4.23 percentage points over the same period last year. This significant growth not only far exceeded market expectations, but also once again confirmed the success of the strategic transformation and refined management of our home.
The reason why we can achieve continuous growth is inseparable from its continuous optimization and expansion of online and offline sales channels. It is reported that in the first quarter of 2024, the revenue of dealer stores will be 193 million yuan, the revenue of direct stores will be 38.03 million yuan, the bulk business will be 44.86 million yuan, and the other will be 5.2 million yuan, totaling about 282 million yuan. As of March 31, 2024, we have a total of 832 kitchen cabinet stores and 823 whole-house custom stores, with a total of 1,655 stores, achieving all-round channel penetration. In the fierce market competition, we actively respond, constantly explore new growth points, and achieve a significant increase in profitability through diversified distribution channels.
It is reported that in the first quarter of 2024, the revenue of our dealer stores reached 193 million yuan, and the revenue of directly operated stores also achieved gratifying results of 38.03 million yuan. At the same time, the bulk business revenue reached 44.86 million yuan, and the revenue of other businesses also reached 5.2 million yuan, totaling about 282 million yuan. The achievement of this achievement fully proves the success of our Le Home Furnishing in the construction of diversified distribution channels.
Not only that, but we also pay attention to the layout and expansion of the store network. As of March 31, 2024, we have 832 kitchen cabinet stores and 823 whole-house custom stores, with a total of 1,655 stores. These stores are all over the country, realizing all-round channel penetration, bringing a broader market space to our home furnishing, enhancing brand influence and market share, and achieving a steady increase in profitability.
It is reported that we will continue to deepen the direct market in Nanjing, Shanghai, Hangzhou, Wuxi and Jinan, and provide a full-chain business of integrated design, one-stop complete family matching and package services; Continue to iteratively upgrade the image of terminal stores, explore multi-channel + multi-category business models, continuously optimize the multi-channel sales model of store + community + home improvement + new retail + live broadcast + telemarketing, iteratively upgrade the exclusive management tools of the retail side, and copy the successful experience model to the terminal store management of dealers.
Overall, the outstanding performance in the first quarter of 2024 has laid a solid foundation for the company's annual performance, and I believe that we will show a stronger growth momentum in the future development, achieve the goal of double growth in revenue and net profit in 2024, and create more long-term value for shareholders.