Subsequent to quarter end, the Retail segment is already seeing improvement in both gross profit dollars and margin percentage, driven by increased number of transactions and units sold per store. The year-over-year decline reflects the investment in launching the new Spark Perks Member Pricing program in the current quarter. Gross profit Q2 fiscal 2022 was $7.0 million (23.3% of revenue) compared to $10.9 million (34.1% of revenue) for the prior year comparative period.
The new Spark Perks Member Pricing program, which launched in mid-May 2022, drove increased traffic to stores, resulting in an increase of 18% in average annualized sales per store compared to Q1 2022 and same-store-sales improvement of 10% from June 2022 to July 2022. Despite a reduction of nine retail stores during the current quarter, retail revenue increased 2.7% quarter-over-quarter as a result of the recent launch of the Spark Perks Member Pricing program. Retail revenue for Q2 fiscal 2022 decreased 5% to $30.4 million from $31.8 million in the prior year comparative period. (In thousands of Canadian dollars unaudited) Net loss of $21.6 million for Q2 fiscal 2022, compared to a net profit of $19.5 million in the prior year comparative period.Ĭash and cash equivalents balance of $18.6 million as at July 30, 2022, a decrease of $1.3 million from the fiscal year ended January 29, 2022. The decline in gross profit dollars and margin reflects investment in the Spark Perks Member Pricing program, Firebird Delivery and Hifyre digital platform during the current fiscal quarter.Īdjusted EBITDA of negative $6.0 million for Q2 fiscal 2022. Gross profit of $9.7 million (24% of revenue) for Q2 fiscal 2022, compared to $16.2 million (37% of revenue) in the prior year comparative period.
Revenue of $40.7 million for Q2 fiscal 2022, representing a decrease of 6% from $43.3 million in the prior year comparative period, primarily due to increasing competition from new licences issued and pricing pressures in the cannabis retail market. ( "Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWD), today announced its financial and operational results for the fiscal 2022 second quarter ended July 30, 2022.įinancial & Operational Highlights for the Second Quarter Fiscal 2022 13, 2022 /CNW/ - Fire & Flower Holdings Corp.
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Launch of the Company's "Get-To-Green" initiative to increase sales and gross profit, and reduce selling, general and administrative expenses with a goal to generate positive Adjusted EBITDA and Free Cash Flow
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Firebird Delivery™ leverages the Hifyre™ digital platform and Pineapple Express Delivery's logistics capabilities to power fulfillment by the Company's retail network, with same-day delivery windows and new "Rush Delivery" option for estimated delivery within one hourĪdjusted EBITDA for the second quarter of 2022 was negative $6.0 million, reflecting strategic investments in Spark Perks Member Pricing Program, Hifyre digital platform and launch of Firebird Delivery in the quarter Launch of Firebird Delivery™ marketplace in seven Ontario cities ( Toronto, Kingston, London, Ottawa, Oshawa, Guelph, North Bay). Launch of Spark Perks™ Member Pricing program in mid-May 2022, driving an 18% increase of average annualized sales per store in Q2 2022, compared to Q1 2022, and same store sales increase of 10% in the month of July 2022 Second Quarter Fiscal 2022 and Recent Highlights:Ĭonsolidated revenue for the second quarter of 2022 of $40.7 million, consistent with the previous quarter despite a reduction of nine retail stores during the current quarter, and a decrease of 6% compared to the same quarter last year NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
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