Organic Garage Reports Third Quarter Results
Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSXV: OG), one of Canada’s leading independent organic grocers, has released the Company’s financial results for the third quarter ended October 31, 2020. The Company has a Fiscal Year End of January 31.
Q3 Financial Results (comparison to the quarter ended October 31, 2019):
- Sales increased 22% to $6.9 million from $5.7 million, in line with the first and second quarters, which had 19% and 29% increases respectively
- Gross profit percentage increased to 30.4% from 25.7%
- Gross profit dollars increased to $2.1 million from $1.5 million
- Net loss of $0.00 per share compared to a net loss of $0.02 per share
- EBITDA increased to earnings of $0.69 million from $0.05 million
“We are pleased to present our results for the third quarter which indicate the continued support in line with our first and second quarters from our devoted existing customer base and our growing number of new customers,” Organic Garage CEO Matt Lurie commented.
The interim condensed unaudited 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.
The Company also announces the resignation of Evan Clifford as independent director.
Matt Lurie stated, “I would like to thank Evan Clifford for his involvement and contribution to Organic Garage.”
About Organic Garage Ltd.
Organic Garage (TSXV: OG) is one of Canada’s leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The Company’s 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. 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.
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