PK Beans Reports a 72% Increase in Online Traffic and 57% Increase in Revenue in July 2020
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2020) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company"), a children's apparel brand with a focus on environmentally responsible clothing, is pleased to announce a 72% increase in online visitors in July 2020. With a 31% increase in conversion rate, this resulted in a 57% increase in sales revenue over July 2019.
First time customers of PK Beans accounted for 35% of July's online revenue with the Company continuing to see a strong returning customer rate this year, showing positive momentum for the Company in the lead up into its busiest season and final business quarter. PK Beans continues to expand their omni-channels and is launching a new wholesale program in August, as well as re-opening their PK RePlay second-hand and upcycle initiative program at their Flagship Store in Tsawwassen, BC.
"We are excited to see continued enthusiasm for our brand from both returning and new customers," said Traci Costa, Founder & CEO of PK Beans. "With more parents looking for quality children's wear online, people are finding PK Beans in greater numbers, and that is translating into a substantial increase in sales. This level of engagement projects strong revenue growth as we head into our busiest season."
In July, PK Beans granted an aggregate of 850,000 stock options to directors, officers and employees of the Company, to purchase 850,000 common shares in the capital of the Company pursuant to the Company's Share Option Plan. The Options vest over a period of three years and are exercisable at an exercise price of $0.10 per share for a period of 10 years from the date of grant. The grant of options is subject to regulatory approval.
About Peekaboo Beans Inc.
PK Beans is a children's apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omni-channel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online retailers, to maximize revenue and build brand loyalty. The Company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.
To learn more about PK Beans, visit: www.pkbeans.com.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at:
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62543