In recent years, consumer preference has shifted toward
healthier, organic dining options, and the market has experienced rapid growth
as a result. According to the Organic Trade Association, total sales of organic
products in the United States surpassed $39 billion last year, marking an
increase of more than 11 percent over 2013. As the use of synthetic pesticides
and chemical fertilizers has increasingly drawn the ire of educated consumers
around the country, a substantial opportunity for restaurants that provide
high-end, organic food has emerged. Giggles N’ Hugs, Inc. (OTCQB: GIGL),
through its innovative chain of family-friendly restaurants, has capitalized on
this opportunity, recording steady financial growth while making preparations
to expand its unique concept into viable markets around the nation.
In the second quarter of 2015, the company built on its
recent results by recording a year-over-year increase in net sales. In
particular, GIGL realized a 3.4 percent increase in private party rental revenues,
recording more than $451,000 for the period, and posted a 5.5 percent
year-over-year increase in net sales at its location in Glendale, California.
Bolstered by this performance, GIGL is currently in negotiations with major
mall owners around the country – including General Growth Properties (NYSE:
GGP), Simon Property Group (NYSE: SPG) and Westfield Group (OTC: WEFIF) – to
move forward with the opening of additional locations in the near future.
Last month, the company provided an update on its negotiations,
which are focused on expanding its footprint along the West Coast. Initially,
GIGL will target five properties in markets that include Seattle, San
Francisco, San Diego and Orange County, but it has also indicated plans to
expand to dozens of location in key markets moving forward, providing an
opportunity to leverage a unique strategic advantage in areas with more diverse
weather conditions.
“When it rains, which has not happened a lot here in Los
Angeles, people tend to come indoors to Giggles N’ Hugs to play rather than go
to the park or other outdoor spaces,” Joey Parsi, chief executive officer of
GIGL, stated in a news release. “This unique aspect of our business should
produce higher revenues and profit margins in markets like San Francisco and
Seattle, driving strong shareholder value growth as we move forward with our
expansion.”
GIGL is in a strong strategic position to continue building
upon the success of its proven business model in the months to come as it
continues to progress toward replicating the success of its first three
locations in key markets around the country.
For more information, visit www.gigglesnhugs.com
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