TORONTO, Canada – Today Aegis Brands Inc. reported financial results for the second quarter, ended June 25, 2023. The addition of St. Louis Bar & Grill (“St. Louis”) to the Aegis family has provided encouraging results in the second quarter with net income from the brand of $1,304,000 for the quarter and $2,256,000 year-to-date.
St. Louis system sales increased 2.2% in the quarter to $32,450,000, and 10.1% year- to-date to $70,306,000, over the same periods in 2022.
Same store sales at Bridgehead for the second quarter increased 17.4% over the second quarter of 2022, with system sales increasing 29.4%.
Aegis ‘ EBITDA for the quarter was $1,300,000 compared to an EBITDA loss of $2,600,000 in the same quarter last year
Aegis’ net loss for the quarter was $145,000 or $0.00 per share, versus a loss of $2,816,000 or $0.12 per share, in the same quarter last year.
Operating income for the quarter was $630,000 before interest and financing expenses compared to an operating loss of $2,987,000 in the same quarter last year.
Subsequent to Q2, St. Louis opened its 76th location, in Winnipeg, Manitoba.
Bridgehead
Revenue at Bridgehead improved to $4,074,000, representing an increase of $834,000 or 25.7%, over the same quarter last year. Bridgehead coffeehouse sales totalled $3,635,000, an increase of $825,000 or 29.4%, over the same quarter last year. Bridgehead has now re-opened all coffeehouses and has just opened a new licensed location in the Ottawa airport.
Wholesale revenue of $309,000 increased by $32,000 or 11.6% over the same quarter in 2022. Bridgehead coffee is available in an increasing number of grocery stores in Ontario, including a recent launch in 32 Longo’s locations, all Ottawa Costco locations, and now, Costco in Kingston.
“There are few brands with the heritage and quality of Bridgehead. With over 40 years of doing what’s right for the Earth and for the people who produce its coffee, Bridgehead’s story and products are second to none,” said Pelton. Management has begun the exercise to re-align the company’s branding and in-store experience to tell the Bridgehead story in a way that better-connects with consumers in today’s world. “Today’s consumer overwhelmingly values ethical and sustainable business practices, and factors them into purchase decisions. As other companies scramble to change their practices to meet customer expectations, Bridgehead is already there – and has been, for decades. This initiative will make sure our customers know why they can feel good about doing business with us,” said Pelton.
