Mr. Ghassan Halazon reports
EMERGE ANNOUNCES RETURN TO REVENUE GROWTH IN JANUARY 2024
Emerge Commerce Ltd. has provided the following corporate update based on preliminary unaudited financial highlights for January,
2024:
EMERGE achieved positive organic revenue growth in January
2024 compared to January
2023, including for truLOCAL, UnderPar, and JustGolfStuff
truLOCAL saw its largest influx of net new subscribers since Q2
2020 (peak-pandemic)
Cash on hand at January
31, 2024 was approximately $3M
EMERGE CEO to host virtual webcast on Thursday, February
15, at 11:00am
ET (Register Below)
Ghassan Halazon, Founder and CEO of EMERGE commented, "After having spent 2023 prioritizing debt paydown, we now shift our primary focus to driving organic revenue growth, while operating our streamlined business with discipline. In that spirit, we are pleased to share that we recorded positive year-over-year organic revenue growth in January 2024, based on preliminary results. While still early in the year, given our recent performance and upcoming plans, we are increasingly optimistic that 2024 can be the year EMERGE returns to organic growth for our key businesses, following the comedown from the artificially high peak-pandemic period."
In January 2024,
truLOCAL
, our premium meat subscription brand, saw its largest monthly influx of net new customers since Q2 2020, considered the peak-pandemic period accompanied by a temporary but pronounced spike in new subscribers at the time. truLOCAL is EMERGE's largest business by revenue, as well as our most profitable brand.
"We were especially pleased to see that truLOCAL experienced a substantial improvement in net new customers in January, primarily driven by our more effective marketing efforts, among other initiatives. As a Canadian leader in premium meat subscriptions, we believe truLOCAL presents an outsized strategic opportunity for us, and given our more focused vertical strategy, truLOCAL is finally starting to get the attention it deserves," continued Halazon.
EMERGE's golf brands,
UnderPar
, our discounted experiences marketplace, and
JustGolfStuff
, our rapidly growing golf products and apparel business, both also achieved positive organic growth in January 2024.
"Our thesis is that the weakening economic climate is conducive to UnderPar's model, a business that was founded during the 'Great Recession' in 2008. We are starting to see some landmark golf courses return to our discounted marketplace for the first time in years, which partially drove the positive results in January. JustGolfStuff, our golf products business, continues to record high double-digit revenue growth and has been optimized for profitability in recent months," added Halazon.
Cash Update
Following the closing of the WholesalePet sale transaction on January 31, 2024, EMERGE's cash balance was approximately $3M.
EMERGE Webcast
EMERGE Founder and CEO, Ghassan Halazon, will be hosting a virtual corporate presentation on Thursday, February
15
, at 11:00am
ET to discuss the Company's recent progress and upcoming plans. Mr. Halazon will also take some live questions from investors.
Webcast Details
Register Here:
https://us06web.zoom.us/webinar/register/WN_MXNXRF33RpisxNpkz42Yeg#/registration
Webinar (Zoom) ID: 872 3275 4558
Passcode: 815813
About EMERGE
EMERGE (TSXV:
ECOM
) is a premium e-commerce brand portfolio in Canada and the U.S. Our subscription and marketplace e-commerce properties provide our members with access to unique offerings across grocery and golf verticals. Our grocery businesses include
truLOCAL.ca
, our premium meat subscription brand, and
Carnivore Club
, our artisanal
/ cured meat brand. Our golf businesses include
UnderPar
, our discounted experiences business, and
JustGolfStuff
, our golf products & apparel brand.
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