Category: Food & Beverage
- Published: 24 January 2018
- Written by Editor
Freshii Inc. Releases Preliminary Fourth Quarter and Fiscal 2017 Sales and Openings Results
TORONTO, Jan. 24, 2018 -- Freshii Inc. (TSX:FRII) (“Freshii” or the “Company”) today released certain preliminary unaudited results for the fourth quarter ended December 31, 2017 (“Q4 2017”) and the fiscal year ended December 31, 2017 ("fiscal 2017").
Highlights for Q4 2017 and fiscal 2017 are summarized below:
Same store sales increased 6.4% in Q4 2017;
Same store sales increased 5.5% in fiscal 2017. This increase is in excess of the Company’s recently raised outlook for fiscal 2017 of ‘approximately 5%’;
The Company achieved 22 front door openings in Q4 2017, which represents the high end of Freshii’s outlook;
The Company opened 25 net new stores in Q4 2017, comprised of 22 front door openings, 6 closures, and 9 e-store openings. For fiscal 2017, the Company opened 92 net new stores (including e-stores), which is in line with the Company’s outlook;
System-wide store count increased 33% to 370 worldwide locations at the end of fiscal 2017; and,
System-wide sales increased 42% in Q4 2017 as compared to Q4 2016, to approximately US$37.4 million. As a result, system-wide sales increased 43.0% as compared to fiscal 2016, to approximately US$137.4 million, for fiscal 2017.i
The Company notes that Q4 2017 contained a 14th week, and, consequently, fiscal year 2017 contained a 53rd week. System-wide sales for Q4 2017 and fiscal 2017 include the sales during this extra week, whereas same-store sales for Q4 2017 and fiscal 2017 are reported on a 13-week and 52-week basis, respectively, and do not include the sales during this extra week.
“For the fourth quarter of 2017, we are proud to report same store sales growth of 6.4%,” said Matthew Corrin, CEO and Chairman of Freshii. “As a result of our strong fourth quarter performance, we were able to exceed our recently increased same-store sales growth outlook and grow same-store sales 5.5% for the full year. We also reported front door openings at the high-end of our range for the fourth quarter and achieved 33% system wide store growth for the full year (including e-stores). With a combination of strong same-store sales and system wide store growth, our system-wide sales grew approximately 43% in 2017. I look forward to executing our business plans in 2018 and generating value for our shareholders.”
Freshii will provide additional discussion and analysis regarding Q4 2017 and fiscal 2017 sales and openings results when the Company reports quarterly and year end results on or about February 22, 2018.
Eat. Energize. That’s the Freshii mantra. Freshii is a health-casual restaurant brand that serves fresh food designed to energize people on the go. With a diverse and completely customizable menu of breakfast, soups, salads, wraps, bowls, burritos, frozen yogurt, juices and smoothies served in an eco-friendly environment, Freshii caters to every taste and dietary preference.
Since it was founded in 2005, Freshii has opened hundreds of restaurants in cities and countries around the world. Freshii can be found in all location types from cosmopolitan cities, college campuses, suburban neighborhoods and malls to fitness clubs, airports and small towns.
Inquire about how to join the Freshii family: https://freshii.com/us/franchising.
Learn more about investing in Freshii: http://ir.freshii.com.
Learn about the Freshii brand: https://vimeo.com/195658178.
Find your nearest Freshii: http://www.freshii.com.
Follow Freshii on Twitter and Instagram: @freshii
For further information contact:
CAUTIONARY STATEMENTS REGARDING PRELIMINARY FOURTH QUARTER AND FISCAL YEAR SALES RESULTS
Freshii cautions that, whether or not expressly stated, all 2017 figures contained in this press release are preliminary, and reflect our expected Q4 2017 and fiscal 2017 sales and opening results as of the date of this press release. Actual reported Q4 2017 and fiscal 2017 results are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations. Freshii will provide additional discussion and analysis and other important information about Q4 2017 and fiscal 2017 sales and opening results when it reports actual results on or about February 22, 2018. Freshii further cautions that the information contained in this press release does not provide a complete picture of the Company’s overall performance. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s year-end financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the sales results contained herein.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “expected”, “target”, “preliminary” and similar expressions and phrases, or statements that certain actions or events “will” occur, identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to those that are set out in the Company’s Q3 2017 MD&A, a copy of which is available at www.sedar.com. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise prior to February 22, 2018, except as required by applicable law.
i This press release makes reference to certain non-IFRS measures including key performance indicators used by management and typically used by our competitors in the restaurant industry. Additionally, the 2017 outlook provided by the Company is referenced. For a detailed discussion of these non-IFRS measures, as well as the Company’s 2017 outlook, please see the Company’s Q3 2017 MD&A, a copy of which is available at www.sedar.com.