|By Marketwired .||
|August 6, 2014 05:54 PM EDT||
PACIFIC GROVE, CA -- (Marketwired) -- 08/06/14 -- Elegant Illusions, Inc. (PINKSHEETS: EILL) announces
- April 2014 Company Wide Sales Up 15% - Same Store Sales Up 33%
- May 2014 Company Wide Sales Up 16% - Same Store Sales Up 27%
- June 2014 Company Wide Sales down 12% - Same Store Sales down 6%
The closure of Riverwalk is the major contributor to lower Company Wide sales. We continue to expand same store sales while exploring the possibility of another retail location.
During the months of September through March the Company demonstrated resiliency and sustainability by staying near last year's numbers in both same store and company wide. Beginning in April 2013 the Company saw a significant shift in retail spending and client concern, however currently it appears we are moving past that circumstance.
The Company is continuing to maintain greater contact with past clients; added moderate price points and staff support is still in place. Additionally, the Company is lowering its prices across the board to raise the level of sales.
The single most contributing factor in sales growth and the possibility of future Company Wide sales growth in the near term is the development of fine art sales. That possibility was delivered on until April at which time art sales slowed dramatically and affected the Company's overall sales. The Company continues to lower its overhead. Because the Company owns all of its inventory we are able to immediately lower prices due to the drop in gold and silver and customer malaise and in purchasing new inventory at today's prices still maintain a reasonable profit margin that should sustain the Company until our direction becomes more clear.
The Company continues to be debt free with a PCAOB audited financial and has the potential to list on a higher exchange when conditions are correct.
Company wide figures are based on the revenues of 5 stores in 2013 versus revenues of 4 stores in 2014.
Elegant Illusions, Inc. is engaged primarily in the created gem jewelry business with 4 specialty stores across the continental United States. The Company also has an art gallery in Carmel that contributes a greater share of sales to the Company.
This release includes certain forward-looking information. This forward-looking information involves certain risks and uncertainties which could cause actual results to differ materially from those discussed herein including, but not limited to, risks relating to changing economic conditions, competitive pressures and changes in expenses (such as changes in labor, rent and/or inventory purchase costs). Forward-looking information generally is information stated to be anticipated, expected or projected by the Company. We caution readers that any such forward-looking statements are based on our current expectations and beliefs but are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
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