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Global Gardens Group-- Triples Revenue in Q1 2018
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PR Newswire
VANCOUVER, March 7, 2018
Veggemo Product Awareness Continues to Advance
VANCOUVER, March 7, 2018 /PRNewswire/ - GLOBAL GARDENS GROUP INC. (THE "COMPANY") (TSXV: VGM) is pleased to announce that its financial statements and management's discussion and analysis for first quarter ended December 31, 2017 ("Q1 2018") have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company's website.
Highlights for the first quarter ended December 31, 2017:
1. Gross sales increased to $327,153, an increase of 226% over Q1 2017.
2. Cost of sales relative to gross sales decreased 35% versus Q1 2017.*
3. In the quarter Veggemo increased distribution by approximately 600 stores in the U.S.
"We are excited by our financial progress in the quarter" states Rob Harrison President and CEO, Global Gardens Group Inc. Mr. Harrison continues, "Product reception is excellent, so our focus remains to bring more awareness of Veggemo to consumers and provide further opportunities for consumers to try Veggemo. We have made significant advancement through our investment into social and digital marketing. Today we have over 30,000 Facebook followers representing a 472% increase over the last 3 months."
* Please see specifics on financials at www.sedar.com
About Veggemo
The Veggemo product line is the non-dairy milk originating from vegetables and is Global Garden Group's (VGM) showcase product for the dairy-free industry. Veggemo is available in a non-refrigerated shelf stable format in 3 flavors: Original, Unsweetened and Vanilla. Veggemo competes with Silk (Whitewave), Almond Breeze (Blue Diamond), Hain Celestial, Pacific Foods, Ripple Foods, Califia Farms, amongst others. The dairy-free industry continues to witness dynamic growth led by the development of, and the consumer shift to, plant-based food and beverages.
Driven by shifting consumer behavior, Health & Wellness food and beverage companies have become a popular acquisition target for many multi-national corporations. Most recently WhiteWave Foods, the provider of plant-based foods and beverages, was successfully sold to Danone for $12.5 billion, representing a 3.1x revenue multiple.
About Global Gardens Group
Global Gardens Group is comprised of a highly experienced management team and board that have provided senior leadership to many consumer brands and financial institutions including: Neilson Dairy, Ben & Jerry's and Haagen Dazs ice cream, Gillette, P&G, Cadbury Schweppes, Sunkist, Primo Pasta, Tropicana, Sunny Delight, Price Waterhouse Coopers, Desjardins Securities Inc., Orion Securities Inc., Vengate Capital, HSBS Securities Inc. and Gordon Capital.
SOURCE Global Gardens Group Inc.
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