|Over a week ago|
Freshii price target lowered to C$2.25 from C$2.50 at Canaccord » 14:3205/1305/13/22
Canaccord analyst Derek…
Canaccord analyst Derek Dley lowered the firm's price target on Freshii to C$2.25 from C$2.50 and keeps a Buy rating on the shares.
|Over a month ago|
Freshii announces return of Freshii Tacos » 07:3203/2203/22/22
Freshii announces the…
Freshii announces the return of Freshii Tacos. Freshii Tacos join the Freshii pantheon of Mexican-inspired menu items, including fan favourites like the Oaxaca, Pangoa, and Tex Mex bowls and burritos.
|Over a quarter ago|
Freshii, 7-Eleven Canada enter strategic partnership » 07:2001/2401/24/22
Freshii has joined forces…
Freshii has joined forces with 7-Eleven Canada to continue its mission to make healthy food convenient and affordable at approximately 600 7-Eleven locations across the country. The first phase of the partnership will see the launch of Freshii's Energii Bites in 7-Eleven stores across Canada. The line-up will include three different bite flavours: Peanut Butter Bites, Cocoa Bites and Blueberry Bites.
Freshii reports Q3 net loss C$0.7M vs. C$0.2M last year. » 08:1211/0911/09/21
Reports Q3 revenue C$5.8M…
Reports Q3 revenue C$5.8M vs. C$4.75M last year. Same-store sales growth was 10.6% in Q3 2021 compared to the 13-week period ended September 27, 2020."In Q3, our restaurant network continued its sales recovery, with all store types showing sequential improvement vs Q2 2021 in recovering towards pre-pandemic 2019 sales levels, driven in part by continued digital momentum and our best menu innovation performance in years," said Matthew Corrin, Chairman and Chief Executive Officer of Freshii. "Our tacos limited time offer, featuring cauliflower-based soft-shell tortillas, three protein options and a host of Mexican-inspired sauces and flavours, was met with a very positive response. The premium price point, which includes protein, and significant chips and queso add-on attachment drove cheque and profitability for our restaurants. Freshii's evolved smoothie platform also contributed to the strong innovation performance, driving incremental smoothie sales mix. The evolved smoothie lineup included new flavours and add-ons and was made available in two sizes across the North American network. We saw many guests take advantage of the opportunity to 'up-size' their smoothie and to 'add-on' one of our premium additional ingredients. While certain challenges remain in core urban markets that have traditionally relied heavily on 'office lunch' traffic, our suburban 'drive' locations, which make up approximately 55% of our North American traditional network, have recovered more than 90% of pre-pandemic sales levels through Q3 2021. We were also encouraged to see more locations reopen this quarter as government restrictions ease in many of our major North American markets. We expect the normalization for our downtown core locations to remain in progress into H1 2022, but overall, we are very pleased with the recovery trend of our network as a whole. We will continue to work with our franchise partners to navigate the challenges that remain, including through additional investments in sales driving and profitability focused store level initiatives - primarily by way of increased marketing investments and operating cost offsets - as we did in the third quarter. The Company has taken important steps in building its development pipeline and announced a planned 20 store deal in Texas, USA this week - the brand's largest multi-unit deal in its history. Texas is a market in which Freshii currently operates and where we believe there is significant room for additional growth. Our multi-unit partners in Texas are experienced QSR, hotel and hospitality operators, and we look forward to partnering with them to build the brand's footprint in the southern US. We also expect to open new locations at LaGuardia airport in New York and in Whistler Village in British Columbia in the coming months and are progressing active discussions with existing franchise partners about further development opportunities. Freshii's omnichannel presence in the health and wellness space has also continued to expand. Last week, Freshii completed its acquisition of a majority interest in Natura Market, a fast-growing health and wellness ecommerce retailer that had revenues of over CAD $19 million in the trailing twelve months ended September 30, 2021. We have already begun to support Natura Market's impressive existing management team, which remains in place following the transaction, as we work together to continue the strong growth the company has achieved to date. Our consumer packaged goods (or 'CPG') division is also growing, with our two largest retail partners by sales volume, carrying our broadest assortment of products in dedicated Freshii branded coolers, reporting revenue growth of more than 75% in Q3 of 2021 vs Q3 2020 and new retail partners continuing to add Freshii listings to their shelves. For example, we have recently kicked off CPG test listings with both Healthy Planet in Ontario, and Whole Foods in British Columbia. In the third quarter, Freshii also added to our CPG and nutritional gummy product lineups, launching 'Bye Bye Stress' and 'Super Mushroom' nutritional supplement gummies both in-restaurant and online, to go with our ACV gummy offering. Freshii's CPG team also rolled out seasonal pumpkin-spiced energii bites, tapping into the fall-themed 'pumpkin-spiced' trend, which were available in both Freshii restaurants and on CPG retail partner shelves."
Freshii signs multi-unit franchise agreement with Level Hospitality » 07:2211/0811/08/21
Freshii announced it has…
Freshii announced it has entered into a new multi-unit franchise agreement with Level Hospitality for the planned development of 20 new restaurant locations over the next six years in Texas, US, focused in Houston and Austin. The company said, "The deal represents the largest multi-unit franchise agreement in Freshii's history, and an opportunity to expand the Company's store count in one of the fastest growing states in the United States. The Company believes that additional stores in Texas, specifically in Houston and Austin, present a great opportunity to expand consumer exposure and access to the brand."
Freshii to acquire majority control of Natura Market for $5.7M » 07:1410/1410/14/21
Freshii announced that it…
Freshii announced that it has signed a definitive agreement to acquire a majority stake in the rapidly growing online health and wellness product retailer, Natura Market ECommerce, and upon closing will have rights to acquire 100% of the business through Q1 2025. Natura Market, launched in late 2016 by Shakhzod Khabibov, has enjoyed rapid growth without external investment, gained customer confidence and loyalty and become a market leader in identifying cutting edge health and wellness products and making them available to Canadian consumers. While the Freshii and Natura Market businesses will be run separately, each company looks forward to taking advantage of the synergies that exist between them. For example, Freshii plans to use the insight that Natura's sales data will provide to help the company identify early-stage food and beverage trends that can be used to inform Freshii's restaurant and consumer-packaged goods product innovation. Natura will also benefit from access to Freshii's shared-service infrastructure. General oversight of the Natura business will be provided by a board comprised of the senior management of Freshii and Natura. Matthew Corrin will Chair this board. Freshii has agreed to acquire 60% of Natura Market's outstanding shares at closing with rights to purchase the remaining 40% of Natura's shares through Q1 2025. Freshii will pay $5.7M in return for this initial 60% tranche of shares, with the price for the remaining 40% of Natura's shares to be determined based on the company's EBITDA performance through the relevant period. The $5.7M in initial consideration is based on an enterprise valuation of $9.6M, reflecting approximately 0.5x of Natura Market's trailing twelve months revenue of $19M as at September 30, 2021. The transaction is expected to be financed entirely through Freshii's available cash on hand.