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Posted On: 04/17/2017 9:26:01 AM
Post# of 3935
Lots to love with 2 more locations opening annual revenue will be upwards of 7mill and if franchising hits it goes much higher potentially looking at $50 to 100mill
“We are excited of our operational successes for 2016 and there is a lot to be proud of. As we work hard to get the company ready for additional future growth, we understand that this is just the beginning and that there is much more work for us to do,” commented Joey Parsi, founder and CEO of Giggles N’ Hugs. “Our year-over-year results reflect the selling of our lease of our Century City location back to Westfield at the end of June of 2016. Given that Westfield had embarked on a multi-year, $1 billion renovation and redevelopment of the mall, they offered to buy back our lease, an offer we accepted since we only had a limited time remaining on our lease. This sale muted the overall impact of our other stores in Topanga and Glendale, which generated annual sales increases of 5.3% and 5.7%, while quarterly revenue was up an astounding 35% and 23%, respectively.”
"From the founding of the company over 9 years ago and with significant personal resources invested to date, our mission has been to go slowly but surely", commented Parsi. "However, now that the foundation of the company has been put in place, our primary goal will be to go full throttle and expand our footprint through company and franchised locations, as well as the launching of our licensing and merchandising products throughout the country and the world". Parsi continued, "For this to happen, we are going to need funding which is the case for any company at our stage". "This is also the case for much larger companies like Tesla or any others at the same stage as we are. "The key for us however, will be to get funding that is minimally dilutive, as we have learned our lessons and understand the effects of what bad financing can cause. We will do whatever we have to do to get it done right", Parsi stated.
"One way we can do this, is to leverage our relationships with the 4 largest mall owners in America by getting them to pay for most, if not, all the costs of each of our new locations. The mall owners need what we deliver to them. It's what they seek most; Foot traffic!!! With more and more people shopping online at places like Amazon, there are less and less consumers visiting the malls, and since we bring in thousands of people per month in each of our locations, the malls look to us as a partner. This is one of the reasons the landlords have paid for a significant portion of our existing locations' build out costs and why they are willing to pay even more, if not, all the costs going forward.
https://www.otcmarkets.com/stock/GIGL/news/Gi...48&b=y
“We are excited of our operational successes for 2016 and there is a lot to be proud of. As we work hard to get the company ready for additional future growth, we understand that this is just the beginning and that there is much more work for us to do,” commented Joey Parsi, founder and CEO of Giggles N’ Hugs. “Our year-over-year results reflect the selling of our lease of our Century City location back to Westfield at the end of June of 2016. Given that Westfield had embarked on a multi-year, $1 billion renovation and redevelopment of the mall, they offered to buy back our lease, an offer we accepted since we only had a limited time remaining on our lease. This sale muted the overall impact of our other stores in Topanga and Glendale, which generated annual sales increases of 5.3% and 5.7%, while quarterly revenue was up an astounding 35% and 23%, respectively.”
"From the founding of the company over 9 years ago and with significant personal resources invested to date, our mission has been to go slowly but surely", commented Parsi. "However, now that the foundation of the company has been put in place, our primary goal will be to go full throttle and expand our footprint through company and franchised locations, as well as the launching of our licensing and merchandising products throughout the country and the world". Parsi continued, "For this to happen, we are going to need funding which is the case for any company at our stage". "This is also the case for much larger companies like Tesla or any others at the same stage as we are. "The key for us however, will be to get funding that is minimally dilutive, as we have learned our lessons and understand the effects of what bad financing can cause. We will do whatever we have to do to get it done right", Parsi stated.
"One way we can do this, is to leverage our relationships with the 4 largest mall owners in America by getting them to pay for most, if not, all the costs of each of our new locations. The mall owners need what we deliver to them. It's what they seek most; Foot traffic!!! With more and more people shopping online at places like Amazon, there are less and less consumers visiting the malls, and since we bring in thousands of people per month in each of our locations, the malls look to us as a partner. This is one of the reasons the landlords have paid for a significant portion of our existing locations' build out costs and why they are willing to pay even more, if not, all the costs going forward.
https://www.otcmarkets.com/stock/GIGL/news/Gi...48&b=y
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