Peekaboo Beans Reports Strong Third Quarter 2017 Financial Results
Peekaboo Beans Inc. (“Peekaboo Beans” or the “Company”) “(TSX-V: BEAN; OTCBB: PBBSF), direct-sales retailer of children’s apparel, today announced financial results for the third quarter 2017.
“We continued to see strong momentum across our business during the third quarter, with a 20% increase in sales, compared to the same period last year”, states Traci Costa, Peekaboo Beans Chief Executive Officer.
“We are setting the stage for a strong launch into USA this Fall, coming off our strongest sales quarter ever’’, states Ms. Costa. “This combined with a significant gross margin improvement, from 11% to 22% during the same period last year, gives us a strong foundation to build on”. Over the past three months, Peekaboo Beans realized an 80 % growth in their Stylist network, over the same period last year. “This can be attributed to a strong focus on training, to support our Stylists in building their sales teams and growing their independent businesses”, continues Ms. Costa.
Following the quarter, Peekaboo Beans successfully launched its Back to School collection, with the addition of a new product assortment, which included an offering of accessories to enhance the “Pop Up Shop” experience, along with supporting Peekaboo Beans Stylists in their efforts to increase their average sale per customer.
Furthermore, in efforts to deleverage the company’s balance sheet, The Company has made an application to the TSX Venture Exchange to convert $737,185 of liabilities, or 41% of the current liabilities as at June 30, 2017
During the quarter, the company successfully closed two financings totaling $2.1 million dollars, and is currently executing on a US expansion plan.
A conference call to discuss third quarter results scheduled for August 30, will be delayed until further notice at which time the company will provide a corporate update.
About Peekaboo Beans
Peekaboo Beans is a direct-sales retailer of high-quality, ethically manufactured children’s apparel sold exclusively through its direct-sales representative network or Stylists. Our children’s apparel is environmental and socially consciously manufactured and promotes the importance of playtime over screen time, through thoughtful designs and custom developed fabrics. Through the direct-sales model, we train parents to be entrepreneurs, build a business and generate income on their own terms.
Peekaboo Beans has 11,016,424 Common Shares and 5,365,073 warrants outstanding as of Aug 31, 2017. The Company’s year-end is September 30th, 2017.
For more information:
Mrs. Traci Costa
CEO and President
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Source: Peekaboo Beans Inc. (TSX Venture:BEAN)
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