iCrowdNewswire
Spain Brazil Russia France Germany China Korea Japan

Artificial Intelligence driven Marketing Communications

May 10, 2019 6:27 AM ET

RYU Apparel Reports 52% Increase in 2018 4th Quarter Revenue and 67% Increase in 2018 Full Year Revenue


iCrowd Newswire - May 10, 2019

VANCOUVER,- RYU Apparel Inc. (TSX-V: RYU.V,OTCQB: RYPPF), creator of urban athletic apparel, is pleased to report its financial results for its third full year of operations since relaunching the brand in November 2015.

Revenue for the year ended December 31, 2018 was $5,047,600, 67% higher than revenue of $3,019,586 during the year ended December 31, 2017. The RYU team is encouraged with its sales record to date in addition to achieving a 47% gross profit for the year.

 

Three months ended December 31,

Twelve months ended December 31,

 

2018

2017

% Change

2018

2017

% Change

             

Revenue

$

1,773,589

$

1,166,126

52%

$

5,047,600

$

3,019,586

67%

Cost of sales

1,113,864

636,654

75%

2,653,749

1,637,293

62%

Gross profit

$

659,725

$

529,472

25%

$

2,393,851

$

1,382,293

73%

Gross profit %

37%

45%

(8%)

47%

46%

1%

Fourth quarter 2018 results included additional revenue from the Company’s new retail locations in WilliamsburgBrooklyn in New York City, and CF Sherway Gardens in Toronto, Ontario.

The fourth quarter of 2018 is RYU’s thirteenth quarter of increasing revenue and of increasing gross profit.

“We are delighted with this quarter and yearly results and the constant progress we are making in our strategic plan,” said Marcello Leone, CEO. “Moving forward, RYU remains focused and we have a solid execution plan in place to position the brand for success. As creators of Urban Athletic Apparel, we are growing day after day and we are thrilled about our next steps.”

During the year ended December 31, 2018 the Company achieved the following milestones:

Fourth quarter summary:

Annual summary:

The Company is also pleased to provide the following 2019 updates:

For convenience, copies of the Company’s annual consolidated statements of financial position, comprehensive loss and cash flows for the years discussed herein are attached to this news release.  Readers are encouraged to review such statements in their entirety, including the notes thereto, on SEDAR.  Full details of the Company’s financial performance can be obtained by viewing the annual consolidated financial statements and corresponding MD&A available on SEDAR.

About RYU

Respect Your Universe is an award-winning urban athletic apparel and accessories brand engineered for the fitness, performance and lifestyle of the athletic man and woman. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate human performance. For more information, visit: http://ryu.com

On Behalf of the Board

RYU APPAREL INC.

Marcello Leone
Marcello Leone, CEO, President and Chairman of the Board
Tel: 604-235-2880

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as statements that the store locations under construction have target openings during the summer of 2019. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including the ability of the company to finance operations, the ability of the management team to execute on its business plan, risks in the apparel industry in general, and delays and risks associated with renovating and opening new store locations. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

Contact Information:

RYU Apparel Inc.








Tags:    Wire, Profitwire, North America, English