- RLX Technology Inc RLX reported a second-quarter FY22 sales decline of 12% year-on-year to $333.50 million.
- The company attributed the revenue decrease to suspending store expansions and new product launches during the transition period to comply with regulatory requirements.
- The gross margin for the quarter contracted 130 basis points to 43.8%, and the gross profit decreased 14.7% to $146 million.
- The operating expenses for the quarter jumped 217.6% to $79.3 million. The operating margin was 20%, and the operating income for the quarter was $66.7 million.
- The company held $2.5 billion in cash and equivalents as of June 30, 2022.
- Non-GAAP EPS for the quarter was RMB 0.492 ($0.07) versus RMB 0.467 last year.
- Price Action: RLX shares are trading higher by 0.81% at $1.24 in premarket on the last check Wednesday.
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