PK Beans 2020 Year in Review and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2020) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company") a responsible and innovative children's apparel brand would like to provide shareholders with a corporate update and look at 2020 in review.
This year has been filled with an unprecedented amount of disruption with Covid-19 impacting almost every aspect of our global economy, but through it all the company achieved some notable milestones.
- In March, the company announced the launch of their official Rebrand to "PK Beans", unveiling their new modernized name and logo.
- During the first part of lockdown the company announced the launch of their adventure subscription box. The company has created a monthly subscription that will help extend the PK Bean's apparel brand into the childhood adventure play space. Since its launch, the company has sold over 500 subscriptions.
- In April, the company launched locally made non-medical masks to support customers and provide entire families with mask options that have kids in mind for comfort and safety. Since launching the company has sold over 6800 masks and received funding to continue to build out the mask program.
- The company launched its second-hand resale and sustainable initiative with a positive reception supported by steady growth in demand since launching, selling over 1,500 pre-loved items with an average blended gross margin of 71%.
- The company successfully launched three new apparel collections, with an unprecedented 900% increase of sales on its Fall launch day (over Fall 2019), and a 25% inventory sell through within the first two weeks and a 75% returning customer rate, and with a 61% increase in average orders from $90 to $145.
- PK Beans continues to expand their omni-channels and launched a new wholesale program in August.
- The company consolidated operations during the year, which dramatically reduced overheads.
- Overall, the company saw a 55% increase in online visitors in 2020.
- In November, the Company continued to see strong return on ad spend, of 10 x ROA.
- Over the past three months insiders have increased their equity position in the Company by acquiring 767,000 common shares on the open market at an average price of .04 per share.
"Of all the things that I saw in 2020, one resounding quality that stood out for me is strength and courage of my team" says Traci Costa, Founder and CEO. "PK Beans is made up of a small, but mighty team of women and mothers who I saw endure so much this year. In March, when lockdown happened, I saw my team rise to each challenge they faced. Enduring the emotional trauma of family losing their jobs, reduced pay or hours cut, and yet they continued to teach, parent and build this company, simultaneously, this shows the heart and resiliency of the company".
The company will focus on its core initiatives and business fundamentals into 2021.
The company would like to thank you for your support throughout 2020 and wishes you a safe and happy holiday season.
About Peekaboo Beans Inc.
PK Beans is an innovative 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/70990