The Very Good Food Company (CSE: VERY) this morning announced record monthly sales for the month of November, recording a total of $782,790 in revenue for the month of November 2020. Revenue for the month stands in stark contrast to the current valuation of the firm, which is currently pegged at $823.6 million as of market close yesterday.
The record monthly sales figure for the company is said to be a result of ecommerce promotions for that of Cyber Monday, Black Friday, and US Thanksgiving, with the large increase being solely attributable to e-commerce sales. Of the $0.8 million in sales recorded in November, $0.6 million came from that of online transactions.
Revenue from Black Friday and Cyber Monday sales alone amounted to $0.2 million, following a heavy promotional campaign conducted by the company. The American Thanksgiving meanwhile resulting in revenues of $0.4 million in ecommerce sales and 4,287 orders, bringing into question whether the company will continue to see this level of monthly sales orders.
In terms of the campaigns themselves, the company points to the sales figures as success at building brand awareness as well as growing demand for their products. Growth is to be further bolstered in the first quarter of 2021, with the completion of the firms Rupert Facility.
The Very Good Food Company last traded at $9.25 on the CSE.
Information for this briefing was found via Sedar and The Very Good Food Company. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
