Kiaro Reports 230% Increase in Revenue in Fiscal Year 2021
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Record revenues of $17.1 million for fiscal year 2021, an increase of 230%, compared to $5.2 million the year prior
Same store sales increase of 58% year over year
Gross margin of 38.1% for the retail operations during fiscal year 2021 compared to 35% the prior year
General and administrative expense for fiscal year 2021 substantially decreased to 12% of revenue compared to 61% in the prior year
Total HQ salaries decreased to 10% of revenue compared to 46% in the prior year
Convertible debt and accrued interest of $6.5M converted to equity and settlement of $1.75M in promissory notes in fiscal year 2021, leaving only $895K in total principal debt remaining
Cannabis retailer and distributor Kiaro Holdings Corp. (TSXV:KO) reported record revenues of CA$17.1 million in 2021, representing a year-over-year increase of 230%.
Same-store sales spiked 58% over the same period.
Daniel Petrov, CEO of the Vancouver-based company, called 2021 a transformational year for Kiaro. Our significant revenue growth for the fiscal year 2021 reflects the rapid scale of our business segments and the execution capabilities of the entire Kiaro team, Petrov said Tuesday.
Fiscal Year 2021 Financial Highlights
The gross margin was 38.1% for retail operations, compared to 35% in 2020.
General and administrative expenses dropped to 12% of revenue from 61% in the year before.
Operating expenses amounted to CA$8.85 million, representing a 9% year-over-year decrease.