$GIGL growing organically like its food! Financial Results
During the fiscal year ended January 1, 2017 , net sales reflected a drop of $428,278 , a decline of 12.4%, from the year ended December 27, 2015 . Due to the major remodeling of the Century City Westfield Mall , our Century City store closed on June 30, 2016 . Of the decrease in sales of $428,278 , $555,287 relates to the closure of the Century City location. The increase of $127,009 is due to the same store sales growth at the two current locations. The Topanga and Glendale stores had increased sales of 5.3% and 5.7%, respectively.
For the quarter, Glendale generated a 35% increase in same store sales versus last year to $375k , with 23% cash flow at the unit level. For the year, sales at Glendale were up 5.7% to $1.3 million , with 10% unit-level cash flow.
For the quarter, Topanga generated a 23% increase in same store sales versus last year to $310k , with 2.9% cash flow at the unit level. For the year, sales at Topanga were up 5.3% to $1.1 million , with 0.2% unit-level cash flow.
Total costs and operating expenses of $3,953,942 for the year ended January 1, 2017 , reflected a substantial drop from $5,480,307 for the year ended December 27, 2015 . The decline of $1,526,365 (28%) was due to multiple factors such as the closing of the Century City store; lower general and administrative costs; lower other operating expenses; and lower depreciation.
Cost of operations decreased by $543,460 (18%), of which $356,772 was attributable to the closing of the Century City store on June 30, 2016 . Costs of food and other operating expenses decreased, which was offset slightly by higher labor costs.
Total general and administrative costs decreased by $501,543 (36%). Again, the closing of the Century City store, contributed proportionately ($163,250) , to this decline. Additionally, non-employee stock compensation was accountable of much of the remaining difference. Depreciation and other operating expenses declined by $127,948 (38%), which was mostlyreflected by the closing of the Century City store.
Loss from operation dropped $1,098,087 (54%) for the year ended January 1, 2017 compared to December 27, 2015 , due to the various factors previously noted, while net loss declined from $2,068,687 in the year ended December 27, 2015 , to $1,386,953 , an improvement of $681,732 (33%) due to the factors noted above. “Giggles N Hugs has established itself as one of the most unique concepts in the industry. With the strength of our talented and experienced management team, our relationships and growth plans with the top four mall owners in the country, active franchising opportunities, engagement with top notch PR firm DomainLA & recent additions of celebrity ambassadors all driven with the passion to share Giggles N Hugs with the world, we are optimistic that 2017 will be a very exciting year.”
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