High Tide revenue surpasses C$131M for the third quarter | How to order Skittles Moonrock online

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High Tide Inc. reported its third quarter financial results ending on July 31. The results exceeded analysts’ expectations.

The company reported revenue of C$131.7 (US$96.9) million for the quarter, surpassing the Yahoo Finance average estimate US$94.35. The new record represents a 6% increase from the previous quarter and year. Net income reached C$800,000. This compares to a C$3.6million loss during the same period of last year.

The same-store sales increased 1% in the last year and 5% over the previous six months. Calculated daily, same-store revenue increased by 3%. High Tide reported that between October 2021 and June 2024, Canna Cabana’s same-store sales rose 118%. The average operator in the provinces where Canna Cabana operates experienced a 21% decrease.

High Tide CEO Raj Grover stated in a statement that “our numbers continue to drive home that we are an innovative, well-managed company that has grown responsibly and continues to build value for our shareholders.” Statement.

In August, the company nabbed A new C$15-million line of credit will be used to support growth initiatives. High Tide is still planning to open 20-30 dispensaries by the end of 2024. However, it insists that it will not overpay. For acquisitions.

It said that the company’s Canna Cabana stores reached 183 locations in Canada, adding 12% to market share growth in provinces where High Tide is active.

Grover said that the Cabana club loyalty program has now surpassed more than 1.55 millions members. He also praised the ELITE paid-membership program, which grew to 57,000 members in a year, a 203% increase and a 30% sequential increase. He said it was the fastest growth rate since inception.

High Tide’s cash and cash equivalents totaled C$35.3 millions, an increase of 37% on the previous year. The company has generated positive free cash flow for five consecutive quarters.

The retailer wants to reach 300 Canna Cabana stores nationwide and 15% market share within its operating provinces. The retailer is also looking to expand internationally, especially in GermanyIt “continues” to monitor legislative and regulation developments.