July 11, 2019
Vancouver, BC – Peekaboo Beans Inc (CSE:BEAN | OTCQB:PBBSF) (the “Company” or “Peekaboo Beans“) is pleased to announce further updates regarding its transition to an omnichannel business.
Following the Company’s recent corporate update, Peekaboo Beans has announced its quarterly highlights for the period ended March 31, 2019 (Q1 2019):
Quarterly Highlights ($CAD)
- Due to a shift in sales model, sales for the quarter shrank compared to Q1 2018 while gross margins improved significantly.
- Gross margins for the quarter improved significantly at 50.85% vs 35.77% for the same period in 2018. This was largely due to the shift to a social retail model and a significant decrease in commission costs.
- Commissions for the quarter were $6,630 vs $107,477 for the same period in 2018. This represents a 93.83% decrease in the Company’s commission costs.
- Operating expenses shrank from ~$1.16m in 2018 to ~$0.57m in 2019 a decrease of $582,737.
“We are very excited about our start to 2019,” commented Traci Costa, Founder and CEO of Peekaboo Beans. “The shift to the social retail model has resulted in major improvements in the cost-structure and gross margins. In the long-run this should allow Peekaboo Beans to achieve an operating profit and positive operating cashflow sooner than under the previous model.”
About Peekaboo Beans Inc.
Peekaboo Beans is a children’s apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omnichannel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online retailers, to maximize revenue and build brand loyalty. The Company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.
To learn more about Peekaboo Beans, visit: www.peekaboobeans.com.
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 contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but 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.
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