VANCOUVER, BC, June 13, 2022 /PRNewswire/ – RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) (FWB: RYA) (“RYU” or the “Company“), creator of award-winning urban athletic apparel, has filed its earnings for the quarter ending March 31, 2022. Overall revenue increased 175% over the same period last year while gross profit doubled. This uptick is attributed to a strategic shift toward ecommerce and wholesale activity plus cost-reductions from retail store closures and looser Covid-19 restrictions.
2022 Q1 Highlights:
- Revenue hit $347,938, up from $198,825 during the same period last year.
- Sales grew 49% compared to Q1 2021, from $175,243 to $261,319.
- Gross profit increased from 12% in Q1, 2021 to 25% in Q1, 2022.
- Lease obligations decreased with the closure of two retail locations (Toronto, ON and Brooklyn, NY).
Much of the quarterly growth can be attributed to the company’s ecommerce and wholesale strategies, which have been bolstered by strategic new hires. Zachary Beers was tapped as Marketing Director in January to lead the company’s omni-channel marketing efforts and support their 4-pillar growth strategy. In March, DJM Sales Consulting joined the team to lead global sales and oversee the company’s wholesale strategy, in addition to Caraway & Company who serves as RYU’s wholesale representative across the US, helping to scale the business through nationwide premium brand partners and volume retail partnerships.
To keep the positive momentum going for the rest of 2022 and beyond, RYU will continue investing in digital marketing strategies that focus on storytelling to build brand awareness and increase product demand. Concurrently they are approaching wholesale partners in three specific categories: traditional (brick + mortar and ecommerce), clearance (premium clearance partners) and drop ship (partners who sell RYU products on their ecommerce storefront).
“2021 was a year of transition for us, and our performance reflected that,” says RYU CEO and Chairman, Cesare Fazari. “2022, however, is off to a much better start. With a new brand campaign, re-invigorated product lines and growing list of wholesale partners, I couldn’t be happier about the direction we’re headed.”
RYU Apparel will host its Annual Generals Meeting (AGM) on June 24th at 10:00am Pacific Standard Time. The AGM will be held in Vancouver at the registered corporate headquarters located at 1745 West 4th Ave.
About RYU Apparel
RYU Apparel (TSXV: RYU,OTCQB: RYPPF), or Respect Your Universe, is an award winning urban athletic apparel and accessories brand engineered for active lifestyles. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate optimal human performance. For more information, please visit the RYU website at: http://ryu.com
Forward Looking Statements Disclaimer
This news release contains forward-looking information that involves 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 RYU, such as statements regarding, but not limited to, RYU’s future, long-term growth and success; rebuilding RYU into an omni-channel business positioned to compete on a global scale; the Company’s belief about opportunities to overachieve in RYU’s newly-launched wholesale division; and RYU’s plans to continue to invest in wholesale and digital marketing to build awareness, resulting in higher product demand and a positive return to shareholders. There are numerous risks and uncertainties that could cause actual results and RYU’s plans and objectives to differ materially from those expressed in the forward-looking information, including, without limitation, adverse market conditions and such other factors beyond the control of the Company and which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements 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, RYU does not intend to update these forward-looking statements.
Neither 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.
SOURCE RYU Apparel Inc.