We are actualizing a significant increase in gross profits from numerous operational efficiencies implemented over the past year. We continuously look for ways to increase this metric and are pleased with the result thus far.
Cash on hand at the end of the quarter was
Cost of goods sold remains in line with expectations, hovering around 25%.
Expense changes in rent and payroll are mainly attributed to timing of government subsidies.
Despite being impeded during the first two months with significant closures/restrictions for some of our locations, we continue to sustain a healthy increase in comparative year-over-year revenues for the quarter. (Q3FY21 compared to Q3FY22) March in particular was very healthy with new revenue records for most locations in the US and
The January to March quarter is seasonally our slowest quarter post holidays and some level of gift returns. General patronage is usually a little lower as well. The pandemic certainly threw off some of the seasonality and we have seen a bit more variability than normal years. However, as previously reported our customer base is very strong and we continue to see higher and higher attendance rates at all our locations for the capacity they allow. As soon as we reopened any location, we saw a surge in patronage. For '
It was a great quarter for locations, adding two for a total of nine! The additions of
We are pleased to report that
Our new Director of Marketing continues to increase location localization on social media; connecting with our customers is paramount to success as we continue to build on our brand strength.
We continue to operate from our Key Performance Metrics, and are building a better executive dashboard. There are particular indicators important to the health of our locations, individual and aggregate. We previously gave an example set in our last financial release. We will be moving the reporting of the operational KPI dashboard to a newly planned comprehensive quarterly report. The first will be put out before the end of FYE Q4, to best correlate our trends with the fiscal year. These metrics are for operational health, separate from financial reporting. They are the levers management uses to focus on for maximizing operational success. As previously reported, the trend is definitely positive and heading in the right direction as we emerge from the pandemic and look forward to its continuation.
Looking forward: As business returns to all locations open full-time, we are optimistic for this current quarter and beyond. Q4 will be our best Quarter for the fiscal year:
- As of
May 10th , we have exceeded$1 million in revenue, with over 45 days to go in the quarter - Q4 revenue should be north of
$2 million USD - Our newest locations in
Glendale, CA andProvo, UT will also be part of the revenue on future statements
The company continues to work on promising initiatives, which in turn are expected to continue to impact positively on the yearly aggregated growth. As all locations are opened up with full operating capacity, we anticipate continued and consistent year-over-year growth. We are in a continuous improvement mode as we continue to expand operations and increase revenue / improve efficiency in existing locations. Details will be released on new initiatives and/or locations as milestone information becomes available.
As always, a big thank you to all our supporters and loyal customers, we continue to serve in honor to create the best possible experience for our patrons. The future of
See you at Snakes & Lattes!
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