Organic Garage Ltd. (Organic Garage or the Company) (TSX-V:OG) has released the Companys annual audited financial results for its year ended January 31 2019.
The Company’s audited annual consolidated financial statements for the Company including the operating company and all subsidiaries and related management’s discussion and analysis for the period are available under the Company’s profile on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars.
Sales increased 18.90% to $23.6 million
Gross profit percentage decreased from 28.68% to 27.42%
Gross profit dollars increased 13.64%
Year-end net loss increased to $2,017,898
Matt Lurie, CEO of Organic Garage commented, The company continues to grow as overall sales increased along with our store count. Our Liberty Village location, opened in October 2018, has garnered a lot of positive attention and was named one of Torontos most beautiful grocery stores. I am pleased with what we have achieved to date, and more importantly, with the overall direction of Organic Garage. Our existing infrastructure has provided us the foundation upon which we can build and supports continued expansion. We will continue to be selective and responsible in employing a measured approach to balancing the needs of our current operations with that growth.
Initiatives to enhance the customer shopping experience and improve profitability, ongoing investments in technology for efficiency, and increasing brand awareness are paving the way for further success as we continue to work hard to deliver on our mission of bringing healthier food for less to our growing customer base.
About Organic Garage Ltd.
Organic Garage (TSXV: OG) is one of Canadas leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The companys stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto and operates a highly efficient supply chain through its centralized distribution centre. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements, including but not limited to future growth and general business, economic, competitive, political and social uncertainties. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.