Toronto, Canada / TheNewswire / June 29, 2018 - Organic Garage Ltd. ("Organic Garage" or the "Company") (TSX-V:OG) has released the Company's financial results for its first quarter ended April 30th 2018 and is pleased to announce an increase in quarter over quarter sales and gross profits.
Quarterly sales increased 38.14% to $5,749,569 million
Gross profit increased 30.59% to $1,541,526
First Quarter cash flow from operations was $20,958
Matt Lurie, CEO of Organic Garage commented, "Our first quarter results show continued growth in sales and gross profits demonstrating operational execution as we continue to manage our expenses in strict discipline. We look forward to continued expansion as the Liberty Village location is on track to open during the third quarter of 2018 and our Leaside location begins construction later this year. The future is very bright as we continue to expand our retail footprint in the Greater Toronto Area not only for our shareholders but also for our customers seeking access to Organic Garage locations to enjoy "healthier food for less".
About Organic Garage Ltd.
Organic Garage (TSX-V: OG) is one of Canada's leading independent organic grocers committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The company's stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth generation grocer, Organic Garage is headquartered in Toronto and operates a highly efficient supply chain through its centralized distribution centre. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com.
For further information please contact:
T: (416) 201-9390
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Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements, including but not limited to: the use of proceeds of the offering, receipt of all necessary approvals of the offering, general business, economic, competitive, political and social uncertainties; negotiation uncertainties and other risks of the grocery industry. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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