TORONTO, Canada – Aegis Brands Inc. reported financial results for the third quarter ended September 24, 2023. Aegis generated net income of $467,000 for the quarter or $0.01 per share compared to a net loss of $2,403,000 or $0.10 per share last year. Net loss year to date was $654,000 or $0.01 per share compared to a net loss of $6,874,000 or $0.30 per share.
Aegis’ EBITDA for the quarter was $1,845,000 compared to an EBITDA loss of $2,132,000 one year ago.
Aegis’ EBITDA was $3,826,000 year to date compared to an EBITDA loss of $6,066,000 last year.
The St. Louis Bar & Grill (“St. Louis”) brand provided encouraging results with net income of $1,683,000 for the quarter and $3,938,000 year to date.
St. Louis’ same store sales (SSS) increased 2.4% in the quarter and 7.4% year to date.
Same store sales at Bridgehead increased 17.4% for the third quarter and 25.6% for the year.
Bridgehead
Revenue at Bridgehead improved to $4,097,000, representing an increase of 21.5%, over the same quarter last year. During the quarter, Bridgehead opened its first licensed location, in the Ottawa airport, and early results are promising.
“We have been more creative in our post-pandemic recovery. Our guests still want the heritage, values, and high quality of Bridgehead coffee – but they just are not downtown in Ottawa the way they used to be, so we have created more ways to get our coffee in their cups, wherever they are – and the results are now beginning to show.” said Pelton.
Wholesale revenue of $426,000 increased by $139,000 or 48.4% over the same quarter in 2022. Bridgehead coffee is available in an increasing number of grocery stores in Ontario, including Sobeys, Whole Foods, Farm Boy, all Ottawa and Kingston Costco locations, and a recent launch in Longo’s.
