The Very Good Food Company Delivers New Sales Record
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - The Very Good Food Company Inc. (TSXV: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company") is pleased to announce its product sales were the highest ever in the month of March 2021 surpassing C$1 million. VERY's performance was primarily driven by increased sales across both eCommerce and wholesale channels.
eCommerce sales have increased due to focused digital marketing efforts to deepen brand awareness and to direct consumer traffic to our online store www.verygoodbutchers.com. US eCommerce sales rose significantly in March since the introduction of our new US website in the fall of 2020. Digital marketing initiatives, such as new product promotions and subscription discounts, are being introduced in Q2 2021 to improve our customer lifetime value; the total revenue expected from a single customer.
Canadian retail sales have increased due to new retail distribution previously announced with Quality Foods, owned by the Jim Pattison Group and additional distribution points with Sobeys Inc. through its Safeway retail network. These partnerships are a result of VERY's efforts to scale distribution in line with production capacity. Canadian distribution points have grown from 275 at the end of 2020 to 301 at the end of March. The Company has expanded its US and Canadian sales teams, the latter with the acquisition of the Lloyd-James Marketing Group, to further expand distribution points in both regions.
"We continue to see strength in our eCommerce and wholesale channels as demand for VERY's products continues to grow." Mitchell Scott, CEO commented. "This continued momentum is being driven by key marketing and sales initiatives to increase orders and drive higher sales volume; and will soon be supported by production from our Rupert facility."
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company. Our mission is to use progressive food technology to create plant-based meat and other food products that are delicious while maintaining a wholesome nutritional profile. To date we have developed a core product line under The Very Good Butchers brand.
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Chief Executive Officer and Director
Edge Communications Group
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Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes, but is not limited to VERY's efforts to scale distribution in line with production capacity, the expected additional production capacity from the Rupert facility and the timing of such, as well as the introduction of new digital marketing initiatives. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation, continued strength in the demand for VERY's products. Other factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes and the impact of and risks associated with the ongoing COVID-19 pandemic. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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