Giggles N’ Hugs (OTC:GIGL), owner and operator of
family-friendly restaurants that combine high-end, organic food with active,
cutting-edge play and entertainment for children, this morning announced its
financial results for the 13 weeks ended June 28, 2015.
Second-quarter 2015 net sales were $830,812, up 0.8% from
net sales of $824,611 reported in the second quarter of 2014. Giggles N’ Hugs
attributes the increase to the continuing trend for higher party rentals. Sales
were up 3.4% for private party rentals and other sales, offsetting the higher
allowances, returns and discounts. The Glendale location showed the highest
increase of 5.5% over the comparable period from last year, which offset the
slightly lower sales from the other locations.
Giggles N’ Hugs posted a second-quarter 2015 net loss of
$474,826, a decrease of 0.5% compared to a net loss of $477,309 for the
comparable quarter of 2014. Management believes losses will continue to be
reduced and profitability will be attained in future quarters as the popularity
of its restaurants increases.
“The recent additions to our management team, Philip Gay as
chief business development officer and John Kaufman as interim-president, have
brought a tremendous level of experience and leadership to Giggles N’ Hugs in
the few short months they’ve been on board,” Joey Parsi, founder and CEO of
Giggles N’ Hugs, stated in the news release. “Having worked together previously
in their roles as CFO and COO respectively at California Pizza Kitchen, where
they helped grow the chain from two locations to more than 70, they are helping
us immensely as we prepare for our expansion on the West Coast and beyond.”
Parsi continued, “Together with the help of Todd Star, the
former head of west coast leasing at Westfield USA who is now spearheading our
negotiations with all the major mall owners in the country, we’re moving
forward on our plans to open new locations in markets like Seattle and San
Francisco in the north and San Diego and Orange County in the south. With the
expected significant discounts from current market rents as well as attractive
tenant allowances that have been offered, we should see great reductions in
construction costs and rent for the new locations.
“We also continue to receive substantial interest from large
multi-unit franchising operators and small individual franchisees, both
domestically and internationally. This is an area that represents immense
growth potential for Giggles N’ Hugs, and will provide very attractive margins,
and complements our core company-owned expansion plans. With John and Philip’s
extensive experience in the franchising space, with John serving as president
of Koo Koo Roo Chicken and Philip serving as CFO at California Pizza Kitchen,
and interim CEO at Wolfgang Puck Foods, I believe this will be an area that
brings solid improvements to shareholder value as we execute. With what I
consider to be an all-star management team we now have in place, we are very
excited about what the future holds for Giggles N Hugs.”
For more information, visit www.gigglesnhugs.com
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