TORONTO, Canada – Aegis Brands Inc. has reported financial results for the first quarter ended March 31st, 2024. System sales reached $31.6 million in the first quarter increased by 17.2% over the prior year. Same store sales increased by 12.9% in the quarter. EBITDA from continuing operations for the quarter was $1.0 million compared to $0.8 million last year.
Net loss from continuing operations for the quarter was $0.2 million or $0.00 per share compared to a loss of $0.6 million or $0.01 per share last year. Aegis closed the previously announced sale of the assets of Bridgehead Coffee on March 8th, 2024.
Bridgehead
On March 8th the company closed the sale of the substantially all of the assets of Bridgehead Coffee to Pilot Coffee, for a purchase price of $3,500,000 in cash.
“This strategic divestiture allows us to focus on the momentum of the St. Louis brand. We know there is significant growth yet to be realized with this brand and we are creating shareholder value with this great asset.” said Steven Pelton, President and CEO of Aegis Brands Inc.
Aegis
Aegis is focused on increasing shareholder value by building and evolving its brands to have second-to-none store level economics. The company’s goal is to provide franchisees with brands that are the best investment option for their time and money.
“We invested in St. Louis because it has been delivering strong returns for franchisees for two decades. With our help, its economics will continue to improve and the new store growth will accelerate” said Pelton. “Wing City has the same ambitions as St. Louis, as will any other brands we purchase or develop.”
