Initial results indicate a record-breaking holiday season for the Company, fueling another double-digit growth year for MiniLuxe. All figures are reported in US Dollars.
Boston, MA, Jan. 11, 2024 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) is pleased to announce preliminary topline results for the full-year 2023 and performance highlights from its 2023 Holiday Period (the Company defines the Holiday Period as the time from "US Black Friday" on November 24th through New Year's Eve, December 31st 2023) and its Peak Holiday Period defined as the two weeks immediately preceding Christmas, December 25th 2023.
While the Company is still completing the formal close of Q4 23, preliminary results indicate strong momentum at year-end with several same-store, year-over-year growth records and another consecutive quarter of record TTM (trailing twelve month) growth. Notably the growth came from volume of demand (i.e., client count versus price increases) and a higher mix of premium services (with higher gross profit).
The preliminary topline result for full year 2023 is just over ~$24.4M compared to $21.5M in 2022 and represents 14% YoY organic growth, coming principally from same-store sales growth (no M+A in 2023). The Company notes that 2022 was a 53-week year versus 2023 that had a standard 52-week year. Normalizing 2022 to a 52-week year results in a 16% YoY growth year. To provide a benchmark and as context, this is ~3x the retail sales growth rate projected for 2023 by the National Retail Federation.
An overarching goal for MiniLuxe in 2023 was to continue to optimize the unit economic performance of studios to a best-in-class level, setting the stage for future planned company-owned and franchised expansion. The Company also focused on the empowerment of its field talent and achieved its highest retention rate ever of ~85 percent for its hourly workforce team of nail designers and waxing specialists.
Other recent performance highlights included:
- Record-breaking single day and one-week sales: 15 of 21 operating studios achieved record-breaking best day sales or week of sales for their respective store unit.
- Best studio result: record sales in a studio was over $13,500 for single day sales and the best week of revenue for a studio was over $60,000 (~1600 square feet of studio space).
- Record TTM studio volume and sales per square foot: Two studios hit over $2M on a TTM (trailing twelve month) basis which translates to over $1300 of revenue per square foot.
- Momentum on newest product launch: Paintbox (sister brand acquired in August 2022) featured its Ready-to-Wear nail press ons through the holidays, offered for purchase in studios and online, and grew to approximately 10% of all product sales, indicating steady growth since its September 2023 launch.
- Loyal customer growth: MiniLuxe's most loyal customer base (20+ visits / year) grew 13%.
"We are thrilled with the preliminary results for the holiday and recent period and I'm especially grateful for how the entire team rallied to create a strong finish to the year," said Tony Tjan, CEO of MiniLuxe. "We are inspired to explore how high the high can be for a studio's unit economics and continue to obsess on an elevated client experience and the empowerment of our talented nail designers and estheticians."
The Company looks forward to providing the final full year report by its reporting and filing period date in April 2024.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts, is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company's owned and operated studios. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe aims to radically transform a highly fragmented and under regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 3.5 million services.
For further information
Christine Mastrangelo
Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@miniluxe.com
miniluxe.com
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