Business
Rocky Mountain Chocolate Factory Reports Significant Progress on Company's Transformation in 2022
Durango, Colorado--(Newsfile Corp. - December 15, 2022) - Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the "Company," "we" or "RMCF"), a leading
About this update from Rocky Mountain Chocolate Factory, Inc.
[{"type":"text","content":"Durango, Colorado--(Newsfile Corp. - December 15, 2022) - Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the \"Company,\" \"we\" or \"RMCF\"), a leading manufacturer and international franchiser of gourmet chocolates and other confectionary products, today announced significant progress on its bold turnaround and transformation strategy for its brand and franchise which begun with CEO Rob Sarlls joining the Company seven months ago in May 2022.\n\"Our transformation plan is about creating value for all stakeholders - including investors, employees, current and potential franchisees, business partners, and customers in the communities in which we maintain a presence,\" Sarlls said. \"While we are building upon our 40+ year legacy, we are breaking and redefining existing paradigms when necessary to seek not only operational excellence, but increased relevancy with today's aspiring entrepreneurs as well as the ever discerning confection consumer.\"\nProgress includes:\n\nC-Suite and senior executive leadership team composition is nearly complete, currently including new Chief Financial Officer, Vice President - Marketing & Sales, and Senior Supply Chain/Optimization Advisor - Focused on revitalizing growth and profitability through a long-term strategic transformation; emphasizing issues including manufacturing, supply chain, omni-channel marketing, and franchisee network expansion\n\n\nStrengthened relationships with franchisees are increasing dialogue and feedback - Recently formed Franchisee Advisory Council collaborating on systemwide best practices; biennial franchisee conventions changing to annual basis beginning in 2023; CEO Rob Sarlls completing half of fifty planned franchisee visits around the country since May\n\n\nLong-term strategic transformation plan to be announced following the close of Fiscal 2023 - Includes in-depth refreshing of nearly everything: the brand, the stores, our franchisee models, and our product portfolio\n\n\nConducting full review of the yogurt business to determine steps required to optimize the business model and its performance\n\n\nFiscal 2024 operating plan -- Management is finalizing a cost savings plan for the factory which will contribute to annual EBITDA growth; increasing average unit volume; factory operating margins moving closer to pre-COVID levels\n\nAbout Rocky Mountain Cho...