December 31, 2021, Toronto, Canada: organic Garage Limited („organic garage“or that”company“) (TSXV: OG, OTCQX: OGGFF, FWB: 9CW1), Canada’s leading independent organic grocer and plant-based developer, is pleased to announce To announce the Company’s financial results for the quarter ending October 31, 2021 (the “Third Quarter”). The company’s fiscal year ends on December 31. January.
Q3 financial results (compared to 31. October 2020 ending quarter):
– gross profit margin Increased from 30.4 to 31.3 %
– barbecue $2.1 million after $1.6 million on January 31, 2021 and $0.8 million on January 31, 2021 October 2020
– sales Decreased from $6.9 million to $5.9 million due to the impact of increased inventory from Covid-19 has fallen. the Total sales Q3 It did not contain a large contribution from the future From Cheese due to the timing of the company’s product launch at the end of the third quarter;
– Adjusted net loss[i] Decreased from an adjusted net loss of $117,801 to $288,230;
– Administrative duties and wages Decreased by 10.0 due to improved efficiency %;
– After October 31, 2021 The company received $361,350 in cash proceeds from exercising warrants, resulting in approximately $2.4 million in cash. to growth in dn Businessten In addition to the newly introduced SKUs from Future From cheese used will.
net loss: The company reported a net loss of $-814,550 for the quarter ended October 31, 2021, compared to a net loss of $117,801 for the quarter ended October 31, 2020. The decrease was primarily attributable to lower revenue, non-cash compensation based on inventory, and costs incurred during the renovation of one of the company’s sites (which also affected revenue this site) And balanced had become Due to improved gross margins, lower wages and administrative services as well as transportation costs in relation to the expiry The company’s warehouse operations.
The company completed the transition to a decentralized sales model in April 2021 and successfully signed an agreement to sublet the facility at 50 Akron Road for the remainder of the lease term. In the three months to the thirty-first October In 2021, the company’s additional savings amounted to about 187$,000,000, consisting primarily of savings in wages and benefits, transportation, and rent.
Matt Lowry, CEO of organic The garage said, “We are with our third-quarter results, financial and strategic positions, with From the company closed calendar year. Thanks to management’s meticulous and systematic buying strategies, we can continue to see strong results on our bottom line. Improving our profit margins despite facing mounting inflationary pressures, delivery management issues and labor shortages was a significant achievement this quarter.
“Our selected partners have received great feedback from our customers, and our recent addition to beer, wine and non-alcoholic spirits. Because for uss partnership with Competition House Limited will undoubtedly improve your shopping experience in our stores.
“During the quarter, we incurred some significant non-cash one-time fees as well as additional fees related to the renovation of one of our older sites for this is for New company websites adapt. We believe that these outlays and capital costs lead to improved operations and One Improvementn customer experience.
Management continues to focus on gradually reducing operating costs with V simultaneousArbessercorrupt for usis being View products and servicess. The savings related to exiting our warehouse operations continued during the quarter, allowing management additional financial flexibility.
“During the quarter and beyond, online deliveries saw strong demand and positive responses from customers who are now able to Process online orders from a large geographic area.
“Business of the future From Cheese keeps gaining weight and we’re very excited that we officially launched our range of butter at select Ontario retailers in October, as did our successful launch of Brie and truffle butter Vegetarian based in December. The products are in high demand and have been very favorably received by our retail customers and catering partners. I was glad that our products weren’t just around organic garage, but also at other dealers and partners As part of the range We look forward to building on our past successes.”
On organic garage ltd.
organic The Garage (TSXV: OG) (OTCQX: OGGFF) (FWB: 9CW1) One of Canada’s leading independent organic grocers, offering customers a wide range of healthy and natural products at affordable prices. Company stores in It is located in the prime location and provides customers with a unique and value-oriented shopping experience when shopping for groceries. organic Founded in 2005 by a fourth-generation grocer, Garage is headquartered in Toronto. Company’s goal his presence To expand as a retailer in the Greater Toronto Area. More information can be found on the website of organic garage under www.organicgarage.com.
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Tel: (416) 479-9547
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Financial metrics that do not meet the provisions IFRS match
This press release contains references to certain financial actions that do not comply with the provisions of IFRS match. These main characters do not correspond to the provisions of IFRS It does not have a uniform meaning that is determined by International Financial Reporting Standards (“IFRS”), From International Accounting Standards Board (which – which “IASB”) and therefore not likely to be comparable to similar metrics from other companies. Accordingly, it should not be used separately, in addition to, as a surrogate, or as a parent according to IFRS The establishment of key figures for financial performance is considered.
Hints On the one hand forward looking statment
This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements that are not current or historical facts should be viewed as forward-looking statements. Forward-looking statements are often, if not always, due to the use of terms such as “expect,” “achieve,” “could,” “believe,” “plan,” “intend,” “objective,” “ongoing,” “ongoing.” , “estimate”, “expect”, “expect”, “could”, “will”, “project”, “should” or similar or negative expressions from which conclusions can be drawn about future results.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control organic garage. These can lead to actual results, activity level, or successes organic The garage differs materially from those expressed or implied by such forward-looking statements. organic The garage made an effort to point out the main factors that lead to this Actual results could differ materially from the results expressed in the forward-looking statements. However, other factors may also mean that results will not be as expected, estimated, or intended. In this press release makes organic Forward-looking statements in the garage, including but not limited to: an improved shopping experience resulting from recent consumption of beer, wine and non-alcoholic spirits; Implementation of large non-cash and one-time expenses and From refurbishment costs to improving operations and improving customer experience; Building on the success that Future has achieved so far From cheese.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described here. Such forward-looking statements are necessarily associated with known and unknown risks and uncertainties that may arise Actual performance and results organic The garage differs materially from its expected future performance or results expressed, directly or indirectly, in such forward-looking statements. Forward-looking statements are made based on current date and time organic Outside of legal provisions, Garage has no obligation to publicly update or correct this data in order to comply with new information – subsequent or other.
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