Business
PesoRama Reports Q3 2022 Financial Results
Sales increased by 57.0% to $4,125,085 Product gross margins increased by 37.6% to $1,549,154 ...
About this update from Pesorama Inc
[{"type":"text","content":"PesoRama Reports Q3 2022 Financial ResultsSales increased by 57.0% to $4,125,085Product gross margins increased by 37.6% to $1,549,154Merchandising strategies, product assortment, and overall customer experience increased store traffic by 153.0% and average ticket by 16.9%Toronto, Ontario--(Newsfile Corp. - December 28, 2022) - PesoRama Inc. (TSXV: PESO) (\"PesoRama\" or the \"Company\"), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores brand, today announced its financial results for the third quarter ended October 31, 2022 (\"Q3 2022\"). All financial figures are in Canadian dollars unless otherwise noted. \"As the only true dollar store company in Mexico, we are constantly innovating and pushing the boundaries of what is possible,\" said Erica Fattore, President & CEO of PesoRama. \"Creating a new market space requires strategic thinking, operational excellence, and execution, which is reflected in this quarter's results. During Q3 2022, we saw a significant increase in-store traffic of 153%, and average ticket grew by 16.9% over Q2 2022. We attribute this to the success of our unique merchandising strategies, product assortment, and overall customer experience. Our JOi Dollar Plus Stores are increasing in popularity as we continue to expand our footprint and raise the bar in our market. We believe we have the winning strategy and we are meeting the needs of the cost-conscious shopper in a massively underserved market that will ultimately drive long-term value for our shareholders. We have big ambitions and will continue to think outside the box to set ourselves apart.\" Key Financial Highlights: Q3 2022 vs Q3 2021 Multi-price points continue to lead to increased product assortment and increased growth of new product categories across all departments. Sales increased by 57.0% to $4,125,085 for the three-months ended October 31, 2022, primarily from organic growth and the opening of two additional stores since October 31, 2021. Product gross margins were $1,549,154 or 37.6% for the three-months ended October 31, 2022, compared to $923,431 or 35.1% for the same period in 2021, due to a decrease in product and freight costs per item as a result of the Company's inventory purchasing strategies. Adjusted EBITDA increased to a loss of $1,658,100 from a loss of $895,839 for the same period in 20...