PK Beans Re-Opens Flagship Store; Reporting Strong Conversion Rates and Margin Growth for June
June 24, 2020 (Source) – Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) (“PK Beans” or the “Company”) a children’s apparel brand with a focus on environmentally responsible clothes, is pleased to announce the successful re-opening of their Flagship store location in Tsawwassen Mills Mall on June 2nd. The store is seeing steady increases in sales throughout the month, welcoming back customers after closing its doors on March 19 due to COVID-19.
Month to date sees PK Beans’ store location accounting for 27% of the Company’s June revenue. The company is excited to share a 46% traffic to sale conversion rate in store, compared to a 15-30% industry standard. The launch of the Company’s Summer 2020 Collection has received positive reception both online and in store, contributing to a 23% increase in average margins for the Company. As previously reported, PK Beans saw an increase in page views of 65% and increase in new users of 58% year-over-year with the launch of their Summer Collection. These results, along with the positive re-opening of the Company’s flagship store, collectively help strengthen the Company’s omni-channel distribution.
“The value of our product becomes evident when you experience it in person. This is reflected by our conversion rates that we have been tracking since reopening our store,” says CEO and President, Traci Costa. “Seeing and hearing the negative impacts that COVID-19 is having on the retail industry at this time, I am very excited at the statistics and traffic we’re experiencing both in store and online. The quality of our product and customer service experience are exceptional and we are beyond thrilled to be able to welcome back our local community to shop with us in person as we continue to grow and strengthen our brand.”
The PK Beans store at Tsawwassen Mills is following COVID-19 Health and Safety guidelines for the health and safety of customers and their team members. Hand sanitizer is available in multiple locations, social distancing is practiced, contactless payment available and extra cleaning and sanitization measures are in effect while preserving a positive shopping experience and environment for customers.
About Peekaboo Beans Inc.
PK Beans is a children’s apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omni-channel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online retailers, to maximize revenue and build brand loyalty. The Company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.
To learn more about PK Beans, visit: www.pkbeans.com
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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