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Freshii Q1 System-Wide Sales $37.2M, Down From $43.2M YoY

Highlights for the First Quarter: System-wide sales were $37.2 million in Q1 2020, compared to $43.2 million for the 13 week period ended March 31, 2019 (“Q1 2019”), representing a decrease of $6.0 million

Benzinga · -

Highlights for the First Quarter:

  • System-wide sales were $37.2 million in Q1 2020, compared to $43.2 million for the 13 week period ended March 31, 2019 (“Q1 2019”), representing a decrease of $6.0 million or 14%;
  • The Company had 3 net store closures in Q1 2020, comprised of 5 openings and 8 closures;
  • Royalty revenue and coordination fees totaled $4.1 million for Q1 2020, a decrease of $0.4 million or 11% compared to Q1 2019;
  • Same-store sales growth for Q1 2020 was (14.3%), compared to same-store sales growth of (0.9%) for Q1 2019;
  • Net loss was $2.5 million for Q1 2020, compared to net income of $0.1 million in Q1 2019; and
    • Adjusted EBITDA was $0.4 million for Q1 2020, compared to $1.2 million for Q1 2019.