Cannabis retailer Fire & Flower Holdings Corp. FAF released its 2019 fiscal year financial results for the period ending Feb. 1, 2020.
The Edmonton, Canada-based company posted revenue of $51.1 million, with a gross profit of 36.4%, for 2019. That's up 294% from 2018.
Fire & Flower also disclosed its operational results, including putting its 45 retail stores — spanning Alberta, Saskatchewan, Manitoba, Ontario and the Yukon — into operation before schedule.
The company reported its fourth quarter financial results with revenue of $16.8 million at a gross profit of 36.6%. That's an increase of 18.55% in revenue and 5.2% in gross profit in comparison to the third-quarter period, which ended Nov. 2, 2019.
EBITDA
For the fiscal year, ending Feb. 1, Fire & Flower reached an adjusted EBITDA loss of $16.3 million, versus an adjusted EBITDA loss of $18.4 million in the corresponding period of 2019.
For the fourth quarter, ending Feb. 1, there was a $5.3 million loss compared to $7.1 million for the same period, ending Feb. 2, 2019.
MILESTONES
During the fiscal year, the company had entered in a strategic investment agreement with Alimentation Couche-Tard Inc. and secured $25.9 million for the expansion of its strategy.
Earlier this year, the company's subsidiary Hifyre Inc., successfully launched the "click-and-collect" ordering program - Spark Perks Fastlane – available in Fire & Flower stores in Ottawa and Kingston. Since its inception, the program counts around 95,000 active members.
As a response to the coronavirus outbreak, the company decided to serve its Ontario customers only via Spark Perkls Fastlane service.
"Looking forward to fiscal 2020, our focus will be on optimizing and growing our retail network where the Hifyre Digital Retail and Analytics platform continues to be our competitive advantage," said Fire & Flower CEO Trevor Fencott in a statement. "We will focus on addressable markets and participating in those markets in a meaningful and accretive fashion to our business.
Photo courtesy of Fire & Flower
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