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Share Name | Share Symbol | Market | Type |
---|---|---|---|
YSS Corp | TSXV:YSS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.195 | 0.21 | 0.21 | 0 | 01:00:00 |
CALGARY, Nov. 27, 2019 /CNW/ - YSS Corp.™ (the "Company" or "YSS") (TSXV: YSS) (WKN: A2PMAX), a premier Canadian cannabis retailer with operations under the YSSTM and Sweet TreeTM brands and a trusted destination to explore and discover cannabis in Canada, is pleased to announce its third quarter 2019 financial results and provide a preliminary fourth quarter outlook. Selected financial and operational information is outlined below and should be read in conjunction with YSS' condensed interim consolidated financial statements for the three and nine months ended September 30, 2019 and related management's discussion and analysis ("MD&A") which are available on SEDAR at www.sedar.com.
Q3 2019 Financial & Operating Highlights
During Q3, the Company achieved numerous strategic milestones and successfully opened nine new locations, expanding from three operating stores to a total of 12 by the end of the period and significantly increasing revenue over the previous quarter.
"I am extremely proud of our team's performance and accomplishments in 2019," said Theo Zunich, President and CEO of YSS. "We've persevered through industry volatility and executed three acquisitions, built 11 organic stores and grew from zero to 12, and soon to be 16, operating stores while maintaining prudent capital controls and a strong balance sheet."
Q4 2019 Outlook
"With the improved supply dynamic and less constrained regulatory environment, the second half of 2019 represents the baseline for the future of the Canadian cannabis industry, at least in Western Canada," Zunich added. "YSS remains committed to the fundamentals of retail profitability by focusing on store location, operational efficiencies, and delivering on our customer's demands."
The Company is committed to both upholding and strengthening its reputation as a trusted destination for cannabis in Canada by creating and delivering a premier in-store experience through focusing on traditional retail principles, understanding its customers, implementing standardized procedures, investing in brand and retail design, offering interactive in-store technology, and developing an experienced and welcoming team. YSS recognizes the significance of continued investment in the retail experience and views customer satisfaction and trust as instrumental to the future success of the Company.
Additional Information
For information on store locations and opening dates please visit www.ysscorp.ca, www.sweettreecannabis.com and follow us on social media.
For additional information regarding YSS Corp. please see the Company's website at www.ysscorp.ca/investors and filings available under the Company's profile on SEDAR at www.sedar.com.
About YSS Corp.
The YSS retail experience is built on our five fundamental pillars: convenience, value, selection, team, and above all else, trust. With retail operations under the YSSTM and Sweet TreeTM brands, YSS Corp. is a premium cannabis retailer and the trusted destination to explore and discover cannabis in Canada. YSS operates 13 locations across Calgary, Edmonton, Red Deer, High River, Spruce Grove, Stony Plain, Vermilion, Lloydminster, Vegreville and Swift Current under both the YSS and Sweet Tree brands. In addition, YSS maintains a strategic portfolio of under construction, secured and prospective locations that represent prospective future organic growth for the Company. YSS management brings proven expertise across capital markets, cannabis, retail operations, hospitality, financial management and a strong commitment to deliver shareholder value by leveraging high-quality opportunities within this exciting new industry in Canada.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company's assessment of future plans and operations, and, more particularly, statements concerning: YSS' retail cannabis business strategy, including organic growth and strategic activities; the opening, licensing and construction of future YSS' stores and timing thereof; future revenue and the expected material contribution of the opened stores to the Company's financial and operating results for the fourth quarter of 2019; the ability to build, own and operate additional retail cannabis stores in Alberta, Saskatchewan and other provinces; the receipt of necessary permits and licenses to open stores and the ability to capitalize on potential opportunities that may arise and the ability to exercise thereon. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Forward-looking statements are subject to a wide range of risks and uncertainties and, although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third-party approvals not being obtained in the manner or timing anticipated, including inspections, licenses and approvals from the AGLC and the Saskatchewan Liquor and Gaming Authority, as applicable; the closing of the acquisition of the retail store in Swift Current; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the recreational cannabis market; changing customer habits; the availability of cannabis-retail products from licensed producers; government regulations, including future legislative and regulatory developments involving recreational cannabis; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company's annual information form and management's discussion and analysis for the year ended December 31, 2018 for additional risk factors relating to the Company, which can be accessed under the Company's profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's, investments, balance sheet, gross margin expenses, sales, store-level adjusted cash flow, profit, inventories, revenue and cash flow, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about YSS' future business operations. YSS disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.
Store-level EBITDA (Earnings Before Interest Tax Depreciation Amortization) is not a measure recognized by IFRS and does not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). Investors are cautioned that this measure should not be relied on as an indicator of the Company's financial performance, of its cash flows from operating, investing and financing activities or be relied on as a measure of its liquidity and cash flows. The Company's method of calculating the aforementioned non-IFRS financial measure, may differ from the methods used by other issuers. Therefore, this measure may not be comparable to similar measures presented by other issuers. Please refer to the MD&A for additional information relating to non-IFRS measures.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE YSS Corp.
Copyright 2019 Canada NewsWire
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