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  Title	Aegis Brands Reports Fourth Quarter and Year End Results
  ID	7539626
  External ID	7608266712
  Author	Unknown
  Published Date	March 7, 2025, 6:34 a.m.
  Summary	Operating Income increases 100% year over year TORONTO, March 7, 2025 /CNW/ - Today, Aegis Brands Inc. (TSX: AEG) has reported financial results for the fourth quarter and year end as of December 29t
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  URL	https://apnews.com/press-release/pr-newswire/st-louis-earnings-retail-and-wholesale-aba8a27b8075c7824694438fc67b83b7
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  Content ID	4844872
  Key	38466c78-c82b-4d11-9e15-29854453c9d7
  Content	Operating Income increases 100% year over year TORONTO, March 7, 2025 /CNW/ - Today, Aegis Brands Inc. (TSX: AEG) has reported financial results for the fourth quarter and year end as of December 29th, 2024. Fourth Quarter Highlights: System sales increased by 0.9% to $31 million and same store sales decreased by 4.5%. EBITDA from continuing operations for the fourth quarter increased to $1.2 million from $0.1 million in 2023. Net income for the quarter was $0.3 million compared to a loss of $1.1 million a year ago. St. Louis opened 2 new locations in the fourth quarter. Fiscal Year Highlights: System sales increased to $133.1 million or 8.1% and same store sales increased by 4.5% in 2024 over the prior year. Operating income from continuing operations doubled to $4.8 million in 2024. Net income from continuing operations for the year was $1.5 million or $0.02 per share compared to a loss of $0.7 million or $0.01 per share last year. EBITDA from continuing operations for the year increased 62% to $6.0 million compared to $3.7 million last year. St. Louis opened 4 new locations in the year. St. Louis Bar & Grill St. Louis contributed $11.4 million in EBITDA before corporate overhead for the 2024 year. St. Louis also grew same store sales by 4.5%, added four new locations and has expanded to six provinces and 81 stores in total at year end. System sales increased 0.9% for the quarter and for the 52 weeks in 2024 were $133.1 million compared to $123.1 million in 2023, representing an increase of $10.0 million or 8.1% This is due to the increase in same store sales and the opening of four new locations in fiscal 2024. Fourth quarter same store sales were challenged at – 4.5% compared to the full year at an increase of 4.5% for the comparable 52-week period ended December 31, 2023. The same store sales were very robust in the first half of the year but softened in the latter part of 2024. The Management team has built a plan and is executing strategies focused on restoring the same store sales momentum. “It was a good year for St. Louis. We were able to drive meaningful and profitable traffic to the restaurants. We grew some of the recurring limited time offers, expanded our off-premise reach through Uber Eats and continued to focus on hospitality and creating new regular guests.” said Steven Pelton, President and CEO of Aegis Brands. “As we look forward, we are launching an exciting new menu in the spring of 2025. We will always have our world-famous wings as the hero product, but this new menu will also offer pastas, steak frites, lettuce wraps and several other items that we expect will attract new guests into our restaurants.” Aegis EBITDA from continuing operations for the fourth quarter increased to $1.2 million from $0.1 million in 2023. EBITDA from continuing operations for the year increased by 62% to $6.0 million from $3.7 million a year ago, mainly due to the improvement of the St. Louis business. The Company's net income from continuing operations was $1.5 million or $0.02 per share for the fiscal year versus a net loss in 2023 of $0.7 million or ($0.01) per share. Adjusted for losses of discontinued operations, revaluations of securities, warrants, and other income, the net loss was $1.3 million or ($0.01) per share for the fiscal year versus a net loss $4.7 million or ($0.06) per share in 2023. The increase is primarily due to the improvement of the St. Louis business, the exit of the Bridgehead and Wing City businesses, and the reduced interest expense. The company has undergone some substantial changes throughout the year: Opened 4 new St. Louis locations that are trending 17% higher than the chain's existing average unit volume Completed the rebrand and re-design for the St. Louis brand Restructured the home office team to better support aggressive new store growth plans Signed a master franchise agreement for the Sweet Jesus brand Reconfigured and streamlined the kitchens to launch pizza Partnered with Top Golf “Swing Suite” for a trial in one location Sold the Bridgehead assets Discontinued the Wing City trial “Although 2024 provided some great results with the St. Louis brand, in many respects it was a year in which we set up the company for more growth. We shed assets, restructured the team and focused the home office on the opportunity that lies ahead of us with St. Louis,” said Pelton. “The three core pillars of: hospitality, new and exciting menu items and a rebrand, refreshed look has set the franchisees up for long term sustainable growth. Additionally, the company will open new stores at an accelerated pace as the franchisees' bottom line continues to improve”. Financial Highlights (in thousands of Canadian dollars): Net income (loss) to EBITDA and Adjusted EBITDA: 13 & 14 weeks ended Dec 29, 2024 Dec 31, 2023 52 & 53 weeks ended Dec 29, 2024 Dec 31, 2023 Net loss Add (deduct): Net loss from discontinued operations Interest and financing charges Restructuring costs Depreciation of property and equipment Amortization of intangible assets Amortization of right-of-use assets Add (deduct) impact of the following: Other loss (income) Revaluations of securities, warrants, and other Adjusted EBITDA Net income (loss) to adjusted net income: 13 & 14 weeks ended Dec 29, 2024 Dec 31, 2023 52 & 53 weeks ended Dec 29, 2024 Dec 31, 2023 Net loss Add (deduct): Net loss from discontinued operations Restructuring costs Revaluations of securities, warrants, and other Other loss (income) Adjusted net income (loss) Net income (loss) per share to adjusted net income (loss) per share: 13 & 14 weeks ended Dec 29, 2024 Dec 31, 2023 52 & 53 weeks ended Dec 29, 2024 Dec 31, 2023 Net loss per share Add (deduct): Net loss per share from discontinued operations Restructuring costs Revaluations of securities, warrants, and other Other loss (income) Adjusted net income (loss) per share About Aegis Brands Aegis Brands owns and operates St. Louis Bar & Grill and holds the master franchise for the Sweet Jesus ice cream brand in Canada. Aegis is committed to growing through strategic partnerships, retail expansion, acquisitions and focus on operational excellence. For more information, please visit www.aegisbrands.ca Aegis measures the success of its business in part by employing several key performance indicators referenced herein that are not recognized under IFRS, including same store sales and EBITDA. These indicators should not be considered an alternative to IFRS financial measures, such as net income, and are presented because management of Aegis believes that such measures are relevant in interpreting the performance of its business. As non‐IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies. A description of the non‐IFRS measures used by Aegis in measuring its performance and a reconciliation of certain non‐IFRS measures to the nearest IFRS measure is included in Aegis' management's discussion and analysis for the year ended December 29, 2024 available on SEDAR at www.sedarplus.ca This press release contains forward-looking statements within the meaning of Canadian securities laws. The forward-looking statements included in this press release, including statements regarding the nature of Aegis' growth strategy going forward and Aegis' execution on any of its potential plans (including with respect to the growth and development of St. Louis Bar and Grill), are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. Risks and uncertainties that may cause such differences include but are not limited to: risks related to the company's strategy going forward; risks related to interest rates and inflationary pressures on the cost of doing business; and other risks inherent in the industry in which Aegis operates. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information on these and other factors that could affect Aegis' operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( www.sedarplus.ca The forward-looking statements in this press release are made as of the date it was issued and Aegis does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. For more information, please visit aegisbrands.ca. SOURCE Aegis Brands Inc. Administrations change, our mission endures.
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