The Company recorded over $100k in revenue for the month of February alone, which overshoots the Company's previous all-time high in December of 2021 by 46%
Komo Plant Based Foods Inc. (CSE:YUM)(OTCQB:KOMOF)(FRA:9HB) ("Komo" or the "Company") a premium plant-based food company, is pleased to announce that it's February revenue catapulted to over $100k, a full 46% increase over Komo's previous best month of sales in December 2021
"We are extremely proud of the momentum that the brand is gaining, and we have been focused not only on driving immediate sales, but also on laying the foundation for sustainable growth by strategic expansion of our distribution network, and customer-centric new product development," said William White, CEO of Komo. "We have an aggressive expansion strategy that we are implementing for the U.S. retail market, while also continuing to expand our distribution throughout Canada."
Since shipping its first pallet to the Quebec and Ontario markets at the beginning of this year, the brand is now available for sale throughout Quebec and Ontario in 40 locations, with agreements signed for 60 additional distribution points. This includes mainstream grocery stores such as Metro in Quebec, Sobey's franchises such as Foodland in Ontario, and specialty natural food retailers throughout Ontario including Ambrosia and Fiesta Farms.
Komo also delivered its first order to GTFO It's Vegan, a major plant-based eCommerce platform that is bringing Komo's products to consumers across the U.S.
"Just one year ago, we launched in our home market of Vancouver, and now we are serving customers across North America," added White. "Our customers are at the heart of everything we do, and their feedback is an essential component of our product development process. This focus on the customer has paid off, and in less than one year, we have received over 200 verified five-star buyer reviews online."
The Company's gross profit margin was at 35% during the most recently reported quarter ended October 31, 2021. The Company anticipates its gross margin to decrease slightly, but remain healthy as the Company focuses more resources on expansion efforts through wholesale channels, which deliver lower margins, but enable the company to earn greater market share and achieve other economies of scale.
Komo Plant Based Foods Inc. is a premium plant-based food company that believes plant-based eating is the future, and that change can start with a single bite™. The Company develops, manufactures and sells a variety of 100% plant-based, preservative-free, hearty, satisfying, and wholesome frozen meals under its operating subsidiary Komo Comfort Foods. The product line is focused on recreating vegan versions of traditionally cheesy and meaty comfort foods such as Lasagna, Shepherd's Pie, Chickenless Pot Pie, and a line of Plant-Based Meal HelpersTM. The Company's goal is to make plant-based meals a staple through feel-good food that connect people and planet. The products are sold direct-to-consumer via eCommerce, as well as in grocery, convenience, and natural retailers. The frozen meals have a 1-year shelf-life. Ready-to-eat meals are also available in Metro Vancouver through Uber Eats and Skip the Dishes.
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The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Komo's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward looking information and are based on Komo's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Komo's product development plans, its ability to launch its products on food delivery apps, its ability to retain key personnel, its revenues, and its expectation as to the acceptance of its products by retailer stores and consumers constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Komo disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
SOURCE: Komo Plant Based Foods Inc.
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