- Raised $2.2 million in gross funding through equity financing
- Improved gross margin to 35.7% up from 23.7% in the same period last year
- Continued on U.S. expansion growth in Q2, 9% of Q2 sales from US market
- Initiatives helped expand 48% of the active Stylists base
- 1,113 active Stylists March 31, 2018, compared to 750 in the comparative period
Peekaboo Bean’s multi-faceted strategy to further expand into the U.S. included the various successful initiatives the Company launched to recruit potential new Stylists. Some key initiatives included a $49 enrollment opportunity for Stylists that incentivizes recruitment by minimizing the direct-sales entry barrier; company-hosted pop-ups to support Stylists; and vendor events that allow Stylists to grow their business.
Traci Costa, Founder, President and CEO of Peekaboo Beans, commented, “This quarter was exciting for the Company as we are preparing for some enhancements to our business model. Following various initiatives, we are excited to see our revenue growth up 14% and stylist enrollment numbers up 50%. As at May 30, 2018, the Company has recruited 137 US Stylists across 38 states— this equates to 251% growth since the Company’s fiscal year end. Management’s focus in the next quarter is to launch a global integration of Canadian and US software systems, and we are excited to see the results of our initiatives moving forward.”
The Company’s unaudited quarterly results and Management’s Discussion and Analysis are available on SEDAR at: www.sedar.com
The Company will be hosting a conference call on Monday, June 4th at 6:00AM PST (9:00AM EST) to discuss these results and provide a corporate update, followed by a Q&A period.
Details of the conference call:
Date: Monday, June 4, 2018
Time: 6:00AM PST (9:00 AM EST)
Topic: Peekaboo Beans Q2 2018 Financials
Operator Assisted Toll-Free Dial-In Number: (866) 521-4909
Local or International Dial-In Number: (647) 427-2311
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
About Peekaboo Beans Inc.
Peekaboo Beans is a Canadian public company with a majority female Board of Directors producing high-quality, ethically manufactured children’s apparel. Peekaboo Beans is sold exclusively through its direct-sales network of stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at:
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.