Vancouver, British Columbia--(Newsfile Corp. - February 8, 2024) - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company"), a leader in the food and beverage industry, is thrilled to report a significant milestone in Purebread's business, fueled by the successful launch of new holiday products, enhanced marketing efforts, and a loyal customer base.
Purebread Operational Highlights for December 2023:
- Purebread saw a 45% increase in customer traffic compared to last year, showcasing the brand's growing appeal.
- The new YVR location demonstrated exceptional performance, seamlessly serving over 15,000 customers during the bustling holiday season.
- Existing stores outperformed growth expectations with a notable 15% rise in same-store activity, underscoring consistent consumer demand.
- The gift card program saw an impressive 85% jump in year-over-year orders, indicating strong brand loyalty and customer engagement.
- Boosted by increased marketing and promotional strategies, online orders climbed by 29% YOY, enhancing revenue and operational efficiency.
Management Commentary:
"In December 2023, Purebread's performance exceeded our expectations, marking a season of remarkable achievement," says CEO Andrew Barnes. "This success is a testament to our dedication to innovation, operational excellence, and customer satisfaction. The strategic acquisition of Purebread has allowed us to extend our market reach and improve efficiency, establishing new industry standards. This initiative has fortified our position in the market, heralding a future of robust growth and unparalleled value for our customers and shareholders. We are excited about the journey ahead."
Looking Forward:
Coho anticipates releasing the next quarter's financial results by the end of February 2024. This forthcoming report will provide deeper insights into the company's financial health and the strategic impact of recent initiatives, including the Purebread acquisition. Shareholders and interested parties are encouraged to stay tuned for these updates, as Coho continues to navigate a path of growth and innovation.
About Purebread and Coho Collective Kitchens Inc.
Coho is a growing player in commercial real estate and food technology, operating fast casual restaurants and shared-kitchen facilities. As Canada's largest shared-kitchen company, Coho is expanding its presence and services. Through their combined efforts, Coho and Purebread strive to positively impact the communities in which they operate.
For more information, please visit cohocollectivekitchens.com or contact:
Andrew Barnes, Chief Executive Officer
Coho Collective Kitchens
andrew@cohocommissary.com
(778) 877-6513
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy, the growth and performance of the ghost kitchen industry globally and in Canada; risks inherent in the ghost-kitchen, retail bakery, or coffeehouse sectors in general; that future results may vary from historical results; and competition in the markets where Coho operates. Except as required by securities law, Coho does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197236
SOURCE: Coho Collective Kitchens Inc.
