MONTREAL, Dec. 11, 2017 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today reported net revenue for the month of November 2017 of $6.2 million, an 88% increase from $3.3 million for the month of November 2016. As of November 10, the Company had 128 stores in operation, increasing to 130 stores by November 30.
"The month of November was an excellent start to the 2017 holiday season, punctuated by our first ever million-dollar sales day on Black Friday," said Fred Mannella, Chief Executive Officer, LXRandCo, Inc. "The holiday season is our busiest period of the year and is expected to contribute to a profitable fourth quarter of 2017 on an adjusted EBITDA basis. We look forward to building on this momentum throughout 2018, with a continued focus on improved profitability, as our more than 60 new stores opened in the second half of this year ramp to full productivity and we increasingly benefit from the operating leverage in our business."
New Partnership w/ Leading Specialty Retailer
LXRandCo also announced it has signed a partnership agreement with a leading specialty retailer of branded footwear and accessories, with more than 500 stores in the U.S. Through this new partnership, LXRandCo has initially opened two flagship "shop-in-shop" locations inside two of the partner's top performing stores in Union Square in San Francisco and Dublin (Columbus), Ohio.
"We are thrilled to add our first specialty retailer to our growing roster of leading retail partners in North America and Europe," said Mr. Mannella. "This new partnership brings together two highly complementary product categories. Our new partner is one of the most recognized and successful banners in the branded footwear and accessories category in the United States and LXRandCo adds a truly unique vintage luxury handbag and accessory shopping experience."
LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements concerning future objectives and strategies to achieve those objectives, including, without limitation, store openings, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company's ability to meet its future objectives and strategies, the Company's ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company's e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company's ability to source products, the Company's competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company's products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.
For further information: Jeremy Stepak, Interim Chief Financial Officer, LXRandCo. Inc., +1 (416) 301-1333; Lawrence Chamberlain, LodeRock Advisors, +1 (416) 519-4196, [email protected]