Fintech
PesoRama Reports Q3 2022 Financial Results
- Sales increased by 57.0% to $4,125,085
- Product gross margins increased by 37.6% to $1,549,154
- Merchandising strategies, product assortment, and overall customer experience increased store traffic by 153.0% and average ticket by 16.9%
Toronto, Ontario–(Newsfile Corp. – December 28, 2022) – PesoRama Inc. (TSXV: PESO) (“PesoRama” or the “Company“), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores brand, today announced its financial results for the third quarter ended October 31, 2022 (“Q3 2022“). All financial figures are in Canadian dollars unless otherwise noted.
“As the only true dollar store company in Mexico, we are constantly innovating and pushing the boundaries of what is possible,” said Erica Fattore, President & CEO of PesoRama. “Creating a new market space requires strategic thinking, operational excellence, and execution, which is reflected in this quarter’s results. During Q3 2022, we saw a significant increase in-store traffic of 153%, and average ticket grew by 16.9% over Q2 2022. We attribute this to the success of our unique merchandising strategies, product assortment, and overall customer experience. Our JOi Dollar Plus Stores are increasing in popularity as we continue to expand our footprint and raise the bar in our market. We believe we have the winning strategy and we are meeting the needs of the cost-conscious shopper in a massively underserved market that will ultimately drive long-term value for our shareholders. We have big ambitions and will continue to think outside the box to set ourselves apart.”
Key Financial Highlights: Q3 2022 vs Q3 2021
- Multi-price points continue to lead to increased product assortment and increased growth of new product categories across all departments.
- Sales increased by 57.0% to $4,125,085 for the three-months ended October 31, 2022, primarily from organic growth and the opening of two additional stores since October 31, 2021.
- Product gross margins were $1,549,154 or 37.6% for the three-months ended October 31, 2022, compared to $923,431 or 35.1% for the same period in 2021, due to a decrease in product and freight costs per item as a result of the Company’s inventory purchasing strategies.
- Adjusted EBITDA increased to a loss of $1,658,100 from a loss of $895,839 for the same period in 2021, primarily driven by additional public-company expenses, personnel, and infrastructure to support growth.
Key Financial Highlights: November 1 to December 20, 2022
(compared to the same period in the prior year)
- Same store sales increased by 24.4%
- Sales increased by 42.2%
- Traffic increased by 178.8%
- Number of transactions increased by 29.2%
- Average ticket increased by 10.1%
Key Achievements YTD 2022
- Opened 21st JOi Dollar Plus Store in December 2022 in Power Center San Marcos, Mexico.
- Opened 20th JOi Dollar Plus Store in May 2022 in Cuemanco, Mexico.
- Opened 19th JOi Dollar Plus Store in April 2022 in Cuernavaca, Mexico.
- Expanded customer base with a larger product mix at multiple price points that appeal to more customers looking for the discount value proposition on higher valued items.
- Diversified product sources by adding South Asia and Europe for broader product assortment and supply chain risk mitigation.
This earnings news release should be read in conjunction with the Company’s interim condensed consolidated financial statements for the three-month period ending October 31, 2022, which can be found on PesoRama’s issuer profile on SEDAR at www.sedar.com.
About PesoRama Inc.
PesoRama, operating under the JOi Dollar Plus brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high-density, high-traffic locations. PesoRama’s 21 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery, and more. For more information visit: http://pesorama.ca/.
For further information please contact:
Rahim Bhaloo
Founder & Executive Chairman
[email protected]
416-816-3291
Erica Fattore
President & Chief Executive Officer
[email protected]
Alyssa Barry
Investor Relations
[email protected]
Non-IFRS Measures
There are measures included in this news release that do not have a standardized meaning under international financial reporting standards (IFRS) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use them as a means of assessing financial performance. Adjusted gross margin, EBITDA and Adjusted EBITDA are financial measures that do not have a standardized meaning under IFRS. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA refers to earnings before interest, taxes, depreciation, amortization, stock-based compensation, one-time transaction expenses and financing costs. Adjusted gross margin is defined as gross profit plus distribution costs divided by sales.
We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with IFRS. We also disclose and discuss certain non-GAAP (Generally Accepted Accounting Principles) financial information used to evaluate our performance in this and other earnings releases and investor conference calls as a complement to results provided in accordance with IFRS. We believe that current shareholders and potential investors in the Company use non-GAAP financial measures, such as adjusted gross margin, EBITDA, and adjusted EBITDA in making investment decisions about the Company and measuring its operational results.
Management believes that investors and financial analysts measure our business on the same basis, and we are providing the adjusted gross margin, operating profit, EBITDA, and adjusted EBITDA as financial metrics to assist in this evaluation and to provide a higher level of transparency into how we measure our own business.
Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in Company’s Management’s Discussion and Analysis (“MD&A”) for the third quarter ended October 31, 2022.
Cautionary Note
This press release contains “forward-looking information” within the meaning of applicable securities laws, including, among other things, statements regarding the Company’s planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the “Risk Factors” section of the Company’s prospectus dated January 31, 2022 and filed under the Company’s profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The fintech landscape continues to evolve with groundbreaking developments reshaping the industry’s global footprint. Today’s briefing dives into key events across the fintech ecosystem, emphasizing regulatory advancements, regional expansion, investment inflows, and sustainability partnerships. These narratives offer a glimpse into the sector’s resilience and its relentless pursuit of innovation.
Doo Financial Secures CySEC License: Broadening Horizons
Source: PR Newswire
Doo Financial, a subsidiary of the Doo Group, has achieved a significant milestone by obtaining the Cyprus Securities and Exchange Commission (CySEC) license. This regulatory approval expands the group’s operational capacity across the European Economic Area (EEA), providing clients access to an increasingly diversified portfolio of financial services.
The CySEC license is not just a testament to Doo Financial’s commitment to compliance but also a strategic step towards enhancing its global competitiveness. This move underscores a broader trend among fintech firms to establish regulatory strongholds in regions with robust governance frameworks. Europe’s stringent yet adaptive regulations offer fintech companies a balanced environment to innovate while adhering to consumer protection laws.
The CySEC approval signals a broader ambition: leveraging the EEA as a launchpad for expanding into other regulated markets globally. For the fintech sector, this development highlights the importance of regulatory alignment in building investor confidence and fostering sustainable growth.
Quantoz Payments Ventures into Stablecoins
Source: PR Newswire
Dutch fintech company Quantoz Payments has taken a bold step into the burgeoning stablecoin market by issuing euro and US dollar-denominated stablecoins. Backed by prominent crypto asset firms, this initiative positions Quantoz as a key player in the stablecoin ecosystem, bridging the gap between traditional finance and digital currencies.
Stablecoins have long been hailed as the connective tissue between volatile cryptocurrencies and traditional fiat systems. Quantoz’s approach emphasizes compliance and transparency, addressing major concerns surrounding digital asset adoption. This development reflects a growing consensus within the industry: stablecoins are the linchpin of future financial systems.
Quantoz’s move also highlights the increasing involvement of traditional institutions in digital finance. Backing from established crypto asset firms signals confidence in the stability and utility of these digital tokens. The future may see stablecoins becoming integral to cross-border transactions, remittances, and even central bank digital currency (CBDC) initiatives.
Asia’s Fintech Giants Target Middle Eastern Markets
Source: Fortune
Two leading Asian fintech firms, StashAway and Thunes, are spearheading expansions into the Middle East, a region emerging as a hotspot for fintech innovation. StashAway, renowned for its wealth management solutions, and Thunes, a global payments platform, aim to capitalize on the Middle East’s growing demand for digital financial services.
This expansion is not without challenges. Middle Eastern markets, while lucrative, present regulatory complexities and stiff competition from local players. Yet, these firms bring unique value propositions. StashAway’s data-driven investment strategies and Thunes’ seamless payment networks could fill critical gaps in the region’s financial infrastructure.
This move also underscores the strategic importance of Middle Eastern economies in the global fintech narrative. Countries like the UAE and Saudi Arabia are investing heavily in digital transformation, making them fertile ground for innovative financial solutions. By establishing a presence here, Asian fintech firms are not only diversifying their portfolios but also setting the stage for long-term growth.
Ualá Secures $300 Million in Investment: Latin America’s Fintech Boom
Source: Latin Lawyer
Argentine fintech company Ualá has successfully raised $300 million in its latest funding round, reaffirming Latin America’s status as a global fintech powerhouse. The investment, led by international heavyweights, reflects growing confidence in the region’s financial technology ecosystem.
Ualá’s meteoric rise is emblematic of Latin America’s fintech narrative—a story of innovation fueled by necessity. With large segments of the population underbanked or unbanked, fintech solutions have become a lifeline, offering accessible and affordable financial services.
The $300 million infusion will enable Ualá to expand its product offerings and penetrate new markets, further solidifying its position as a regional leader. For investors, this marks an opportunity to tap into one of the world’s fastest-growing fintech markets, characterized by high adoption rates and a youthful, tech-savvy demographic.
FTS Money Partners with Nano to Advance Fintech Sustainability
Source: The Paypers
FTS Money’s partnership with Nano sets a new benchmark for sustainability in fintech. By integrating Nano’s technology, FTS aims to reduce its carbon footprint and drive environmentally conscious financial practices. This collaboration highlights a critical trend: the convergence of financial innovation and environmental responsibility.
Sustainability has become a cornerstone for fintech companies seeking to align with global ESG (environmental, social, and governance) goals. Partnerships like this not only enhance operational efficiency but also resonate with a growing segment of environmentally conscious consumers.
The fintech sector’s focus on sustainability reflects a broader shift in corporate priorities. Companies are increasingly recognizing that profitability and environmental stewardship are not mutually exclusive. By embedding sustainability into their operations, fintech firms like FTS Money and Nano are paving the way for a more responsible and resilient industry.
Conclusion: A Tapestry of Transformation
Today’s developments paint a vivid picture of an industry in flux—embracing regulation, exploring new markets, innovating with stablecoins, and championing sustainability. Each story underscores a central theme: fintech’s ability to adapt and thrive amid changing landscapes.
As fintech firms continue to evolve, their success will hinge on balancing innovation with responsibility. Whether through regulatory compliance, strategic expansions, or sustainable practices, the industry is charting a path toward a future that is inclusive, resilient, and transformative.
The post Fintech Pulse: Navigating Expansion, Innovation, and Sustainability appeared first on .
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
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