Many major stocks on the TSXV today are seeing major losses as we close out of the work week. Many companies have released their Q3 earnings this week, which has either helped or hurt their share prices. Today, we’ll look at retail stock Mene Inc. (TSXV:MENE), which just released its quarterly earnings and its shares sharply fell on the TSXV today.
Retail Stock: Mene Inc.
Mene Inc. is located is Paris, France, and the retailer designs, manufactures, and markets gold jewelry. The company sells all of its jewelry online.
All of the jewelry sold by Mene is 24 karat gold and seen as an ‘investment.’ Mene began selling to the general public in January of 2018, making the company not even a year old yet. The company began being publically traded on the TSXV on November 12th of this year.
This morning, Mene released its Q3 2018 earnings.
Founder and CEO of Mene, Roy Sebag, said:
“I am pleased to report Mene Inc.’s first quarterly results as a publicly traded company. The past few months have been eventful for our company, as we formalized our separation from Goldmoney Inc. and have seen significant traction in consumer adoption of our innovative and disruptive business model that sells 24 karat gold and platinum jewelry by gram weight. We have demonstrated to our original investors that the business model is not only disruptive but also profitable, and as such have decided to access capital in the form of equity and debt. Our debt financing is in the form of a gold-secured note that allows us to grow our inventory to as much as $30 million by Q2 2019.”
Mene announced that it saw revenue growth for the fourth consecutive quarter since it was incorporated. Despite its hiccup on the market today, the company’s CEO seems extremely confident in the direction of his company.
Mene Stock Movement
According to Yahoo Finance, MENE is currently trading at $0.62 a share, down -$0.18 (-22.50%). The company began trading on the TSXV at $0.76 a share and is down -18% since its launch on the 12th of November.
Featured Image: Depositphotos/© AndreyPopov