Business
Amfil Technologies Quarterly Update to Shareholders - Q1, FY2022
Amfil Technologies Quarterly Update to Shareholders - Q1, FY2022.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"This quarter has been full of exciting developments for Amfil Technologies Inc. (OTC: FUNN), and we are pleased to share the progress we’ve made:Snakes & Lattes - We started the quarter with three locations open (Tempe, Chicago, and Tucson), and three months later, with today’s opening of Guelph that number stands at seven! While we’ve seen a bit of softening demand with the Delta wave, we are turning a corner and seeing bookings pick back up in each of our markets. There is still a long way to go before we are at pre-covid levels, but the trend is in the right direction and the consensus is that we should see case numbers and positivity levels falling through at least the end of the year. Tempe continues to be our busiest location, but College St. in Toronto and Chicago have the potential to do similar numbers as business continues to pick up. Trivia nights, weekly specials, and local direct marketing efforts have all had a measurable positive impact, and our teams continue to find ways to increase guests counts and ticket averages across the board. With some inflationary pressures on both cost of goods sold as well as labor, we’ve taken the opportunity to analyze our margins and made adjustments where necessary. Typically when we see inflation hitting food and beverage cost, at least some of the rise remains, even if the short-term pressure eases. With better analytical tools in place, we are able to make adjustments in real time so that we can keep our margins intact. Our partnership with Toast has made it possible to use QR codes for our menus and allows guests to place orders directly if they choose, which has been received positively and can ease some of the pressure caused by the tight labor market. Now that all of our Canadian locations are open, we are tightening up our operations, putting more systems in place, and cross-training between locations. Growing our team and recognizing the individual talents and interests of our employees has made us a better company and allowed us to benefit from a diverse set of skills and experiences to tackle the challenges we face in this new environment.Audits - Engaging with Wipfli for our audits over the summer, we were able to get a clearer picture of where we stand, and the best path going forward. The estimates we wer...