Revenue of $339,307 in the second quarter of 2016 was 28% higher than revenue of $265,757 recognized in the first quarter. Year to date revenue includes sales from the Vancouver West 4th Flagship store, the new RYU e-commerce platform, and local team sales.
"Since launching the new RYU on November 27, 2015, we have had cumulative revenue of $850,231 and we are extremely pleased with our year to date revenue performance. We anticipate stronger revenue moving forward as we open our second and third store locations in Vancouver later this year," said Marcello Leone, CEO of RYU.
For regular updates on RYU Apparel visit: http://ryu.com
RYU Apparel Inc. is a global, tailored technical urban athletic apparel and accessories brand engineered for the fitness, training and performance of the multi-discipline athlete. Designed without compromise, RYU exists to facilitate human performance. For more information, visit: http://ryu.com
On Behalf of the Board
RYU APPAREL INC.
Marcello Leone, CEO, President and Chairman of the Board
Contact: Anna Brazier
This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of RYU, such as the statements anticipating stronger revenue moving forward and that the Company may open additional stores. There are numerous risks and uncertainties that could cause actual results and RYU's plans and objectives to differ materially from those expressed in the forward-looking information, including (i) the risk that the Company's revenue for the three and six months ended June 30, 2016 may be materially different than reported herein; (ii) adverse market conditions; (iii) ability of the Company to raise additional funds required to finance growth and open additional stores; and (iv) the ability of the Company to execute on its business plan. Actual results and future events could differ materially from those anticipated in such information and the Company makes no reference to profitability based on the reported revenue. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, RYU does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE RYU Apparel Inc.