Continued Progress on Cost Reduction Initiatives
in Transitional Quarter Products and Services Revenue Grew
Slightly in Q2, Up 3.9% in First Half Net Loss and Adjusted
EBITDA Loss Narrowed Quarter-over-Quarter and Year-over-YearGross
Margins Improved from 18% to 21% in Second QuarterIncreased Retail
as a Percentage of Sales
XpresSpa Group, Inc. (Nasdaq: XSPA), a health and wellness holding
company, today announced financial results for the second quarter
ended June 30, 2018.
Ed Jankowski, XpresSpa Group CEO, stated,
“Second quarter 2018 was a period of transition in which we took
the next steps in our plan to reduce corporate overhead and store
costs, refine our labor model and increase our process efficiencies
to maximize both store-level and overall profitability. We
generated general and administrative savings of $1.3 million on a
sequential basis, excluding severance expense and other one-time
costs totaling $0.6 million. Additionally, our cost reduction and
operational improvement efforts at the store-level are producing
immediate enhancements to store-level contribution margins,
improving to 21% of sales in the second quarter, compared to 18% in
the first quarter. Combined, these efforts have reduced our
consolidated operating and adjusted EBITDA losses in the second
quarter.”
“During the second quarter, we made refinements
to our store remodel and new buildout process, and opened 2 spa
locations, one in Houston’s George Bush Intercontinental Airport
and one in New York’s LaGuardia Airport, while closing two
underperforming locations. New store contributions supported modest
overall growth in revenue despite challenges such as airline
reassignments in three key XpresSpa airport terminals, two store
closures for remodeling, and staffing turnovers in three other
locations. Even so, our store-level gross margin improved through
increased retail sales in our revenue mix and tremendous
improvements in our staffing efficiencies. Our new point-of-sale
system’s ability to provide real-time information is significantly
enhancing our operational control, allowing us greater overall cost
control of the variable components of our model. The actions we
have taken to further improve our store model enhance XpresSpa’s
ability to capitalize on our position as the leading on-the-go spa
experience provider, creating shareholder value while satisfying
airports’ need to offer travelers a compelling health and wellness
solution and capture their discretionary dollars.”
Mr. Jankowski concluded, “Looking into the
second half of the year, we will rigorously continue our cost
reduction initiatives and further streamline our corporate
processes and related costs. We continue to compete in RFPs, but
have implemented a thoughtful and regimented capital allocation
framework which is focused on high-priority new store openings to
ensure we are maximizing return on investment. We have three new
store openings planned for the second half of 2018 and are also
making progress on the implementation of our franchising model and
expect to finalize some of these plans later in the year.
Additionally, due to the high store-level contribution margins
achieved in our international locations, we are looking at
opportunities to expand our international footprint including
additional locations in Amsterdam and Dubai. Last, we continue to
develop strategic partnerships with leading health and wellness
brands to broaden and enhance the range of products and services
offered by XpresSpa. XpresSpa remains in demand by airport and real
estate partners because of our unique offering and value
proposition. In the second quarter, we delivered on our objective
to improve our profitability, and remain focused on driving
incremental increases throughout the rest of 2018.”
Second Quarter 2018
Highlights
- Total products and services revenue from continuing operations,
increased 0.9% to $13.0 million in second quarter 2018 compared to
$12.9 million in second quarter 2017 and increased 10.5% from $11.8
million in first quarter 2018.
- Same store sales decreased 3.5% as XpresSpa was impacted by
changes in airline assignments within key LaGuardia, John F.
Kennedy, and Los Angeles terminals, and to a lesser extent
management changes in other locations. Same store sales in
Pittsburgh and Charlotte were affected by new store openings,
though overall revenue and profitability improved in those
airports.
- Closed 2 locations in the second quarter: Philadelphia
Terminal D and the original Raleigh-Durham location, which was
replaced by a larger, better located spa that opened in the first
quarter.
- Opened 2 locations in the second quarter, including a location
in Houston’s George Bush Intercontinental Airport, and a smaller
location in LaGuardia Airport.
- Revenue was also affected by temporary closures related to spa
remodels at John F Kennedy Terminal 1, which was closed for 15
days, and Amsterdam Lounge 3, which was closed for 51 days.
- Retail sales comprised 17% of revenue in second quarter 2018,
compared to 19% in second quarter 2017 and 14% in first quarter
2018.
- Product and service gross profit of $2.7 million, or 20.5%
margin, grew 12.5% from second quarter 2017 gross profit of $2.4
million, or 18.6% margin, and $2.1 million, or 17.7% margin, in
first quarter 2018.
- Labor costs decreased through greater efficiency in staffing
and scheduling.
- Product and operating costs decreased due to cost control and
the complete transition of product sourcing to the Company’s
strategic partner.
- General and administrative expenses of $3.9 million were flat
compared to $3.9 million in second quarter 2017 and decreased 15.2%
from $4.6 million in first quarter 2018. Second quarter 2018
general and administrative included $0.4 million of severance
expense associated with XpresSpa’s rightsizing of its corporate
structure. Excluding severance, expenses decreased through the
elimination of costs and overhead and the streamlining of
processes, as well as lower stock compensation expense of $0.3
million in second quarter 2018 compared to $0.5 million in second
quarter 2017.
- Operating loss from continuing operations decreased to $2.8
million from $4.6 million in second quarter 2017.
- Net loss of $3.5 million improved from a loss of $7.0 million
in second quarter 2017. Net loss decreased through increasing
revenue and improvements in gross margin and reductions in general
and administrative costs excluding severance as well as lower
depreciation compared to last year.
- Adjusted EBITDA* loss of $0.4 million improved from $0.6
million in second quarter 2017 and $1.5 million in first quarter
2018 through improved gross margin and reduced general and
administrative expenses.
*EBITDA and Adjusted EBITDA are non-GAAP financial measures; see
"Use of Non-GAAP Financial Measures" below. See tables below for
abbreviated financial results for the three and six months ended
June 30, 2018 and 2017.
Balance Sheet & Cash
Flows
As of June 30, 2018, the Company had:
- Current assets of $6.2 million
- Cash and cash equivalents of $4.5 million
- Other assets of $3.7 million
- Current liabilities of $8.1 million, excluding current portion
of convertible notes
- Convertible notes payable of $2.3 million ($4.4 million face
value)
- Long term debt of $6.5 million, to a related party
Included in total current liabilities is approximately $1,762
which relates to obligations that will not settle in cash, and an
additional $465 of liabilities that are not expected to settle in
the next 12 months.
XpresSpa believes its current cash balance, cash
to be provided by future operating activities, and cash proceeds
from the anticipated liquidation of certain investments, will be
sufficient to fund its planned operations and pay its liabilities
as they become due, including scheduled convertible note principal
repayments, for at least the next twelve months. At the Company’s
election, principal repayments of the convertible notes may be made
in cash or, subject to certain conditions, in registered shares of
the Company’s common stock. In addition, the Company has access to
additional sources of financing and may attempt to renegotiate
terms of various contracts.
About XpresSpa Group, Inc.
XpresSpa Group, Inc. (Nasdaq: XSPA) is a health
and wellness holding company. XpresSpa Group’s core asset,
XpresSpa, is the world’s largest airport spa company, with 57
locations in 23 airports globally (as of June 30, 2018), and one
off-airport spa at Westfield World Trade Center in New York City.
XpresSpa offers services that are tailored specifically to the busy
customer. XpresSpa is committed to providing exceptional customer
experiences with its innovative premium spa services, as well as
exclusive luxury travel products and accessories. XpresSpa serves
almost one million customers per year at its locations in the
United States, Netherlands, and the United Arab Emirates. XpresSpa
Group’s non-core assets include investments in InfoMedia and
intellectual property assets. To learn more about XpresSpa Group,
visit: www.XpresSpaGroup.com. To learn more about XpresSpa, visit
www.XpresSpa.com. Forward-Looking
Statements
This press release contains "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934.
These include statements preceded by, followed by or that otherwise
include the words "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements relating to expectations
about future results or events are based upon information available
to XpresSpa Group as of today's date, and are not guarantees of the
future performance of the company, and actual results may vary
materially from the results and expectations discussed. Additional
information concerning these and other risks is contained in
XpresSpa Group’s most recently filed Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K
and other SEC filings. All subsequent written and oral
forward-looking statements concerning XpresSpa Group, or other
matters and attributable to XpresSpa Group or any person acting on
its behalf are expressly qualified in their entirety by the
cautionary statements above. XpresSpa Group does not undertake any
obligation to publicly update any of these forward-looking
statements to reflect events or circumstances that may arise after
the date hereof.
Investor Contacts
LHA Jody Burfening/Carolyn Capaccio
212.838.3777 xspa@lhai.com
XpresSpa Group,
Inc.Condensed Consolidated Balance
Sheets($ in thousands)
|
|
|
|
|
|
|
|
|
June 30,2018
(Unaudited) |
|
|
December 31, 2017 |
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
4,458 |
|
|
$ |
6,368 |
|
Inventory |
|
|
1,087 |
|
|
|
1,159 |
|
Other current
assets |
|
|
581 |
|
|
|
2,120 |
|
Assets held for
disposal |
|
|
109 |
|
|
|
6,446 |
|
Total current
assets |
|
|
6,235 |
|
|
|
16,093 |
|
|
|
|
|
|
|
|
|
|
Restricted cash |
|
|
487 |
|
|
|
487 |
|
Property and equipment,
net |
|
|
15,576 |
|
|
|
15,797 |
|
Intangible assets,
net |
|
|
10,407 |
|
|
|
11,547 |
|
Goodwill |
|
|
— |
|
|
|
19,630 |
|
Other assets |
|
|
3,658 |
|
|
|
1,686 |
|
Total
assets |
|
$ |
36,363 |
|
|
$ |
65,240 |
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities |
|
$ |
8,079 |
|
|
$ |
8,736 |
|
Convertible notes,
net |
|
|
1,754 |
|
|
|
— |
|
Liabilities held for
disposal |
|
|
40 |
|
|
|
3,761 |
|
Total current
liabilities |
|
|
9,873 |
|
|
|
12,497 |
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
6,500 |
|
|
|
6,500 |
|
Convertible notes,
net |
|
|
520 |
|
|
|
— |
|
Derivative warrant
liabilities |
|
|
1,098 |
|
|
|
34 |
|
Other liabilities |
|
|
360 |
|
|
|
370 |
|
Total
liabilities |
|
|
18,351 |
|
|
|
19,401 |
|
Commitments and
contingencies (see Note 13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Series A Convertible
Preferred stock, $0.01 par value per share; 500,000 shares
authorized; 6,968 issued and none outstanding |
|
|
— |
|
|
|
— |
|
Series B Convertible
Preferred stock, $0.01 par value per share; 5,000,000 shares
authorized; 1,666,667 issued and none outstanding |
|
|
— |
|
|
|
— |
|
Series C Junior
Preferred stock, $0.01 par value per share; 300,000 shares
authorized; none issued and outstanding |
|
|
— |
|
|
|
— |
|
Series D Convertible
Preferred Stock, $0.01 par value per share; 500,000 shares
authorized; 475,208 shares issued and 420,541 shares outstanding
with a liquidation value of $20,186 |
|
|
4 |
|
|
|
4 |
|
Common stock, $0.01 par
value per share; 150,000,000 shares authorized; 27,114,662 and
26,545,690 issued and outstanding as of June 30, 2018 and December
31, 2017, respectively |
|
|
271 |
|
|
|
265 |
|
Additional paid-in
capital |
|
|
291,025 |
|
|
|
290,396 |
|
Accumulated
deficit |
|
|
(277,164 |
) |
|
|
(249,708 |
) |
Accumulated other
comprehensive loss |
|
|
(276 |
) |
|
|
(74 |
) |
Total
stockholders’ equity attributable to the Company |
|
|
13,860 |
|
|
|
40,883 |
|
Noncontrolling
interests |
|
|
4,152 |
|
|
|
4,956 |
|
Total stockholders’
equity |
|
|
18,012 |
|
|
|
45,839 |
|
Total
liabilities and stockholders’ equity |
|
$ |
36,363 |
|
|
$ |
65,240 |
|
|
|
|
|
|
|
|
|
|
XpresSpa Group,
Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
LOSS (Unaudited) (In
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Products
and services |
|
$ |
13,038 |
|
|
$ |
12,927 |
|
|
$ |
24,838 |
|
|
$ |
23,911 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
800 |
|
|
|
100 |
|
Total
revenue |
|
|
13,038 |
|
|
|
12,927 |
|
|
|
25,638 |
|
|
|
24,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
|
|
6,490 |
|
|
|
5,783 |
|
|
|
12,700 |
|
|
|
11,092 |
|
Occupancy |
|
|
2,160 |
|
|
|
1,983 |
|
|
|
4,220 |
|
|
|
3,754 |
|
Products
and other operating costs |
|
|
1,709 |
|
|
|
2,753 |
|
|
|
3,216 |
|
|
|
4,607 |
|
Total cost of
sales |
|
|
10,359 |
|
|
|
10,519 |
|
|
|
20,136 |
|
|
|
19,453 |
|
Depreciation and amortization |
|
|
1,843 |
|
|
|
2,931 |
|
|
|
3,496 |
|
|
|
4,657 |
|
Goodwill
impairment |
|
|
— |
|
|
|
— |
|
|
|
19,630 |
|
|
|
— |
|
General
and administrative* |
|
|
3,904 |
|
|
|
3,864 |
|
|
|
8,500 |
|
|
|
8,857 |
|
Total operating
expenses |
|
|
16,106 |
|
|
|
17,314 |
|
|
|
51,762 |
|
|
|
32,967 |
|
Operating loss
from continuing operations |
|
|
(3,068 |
) |
|
|
(4,387 |
) |
|
|
(26,124 |
) |
|
|
(8,956 |
) |
Interest
expense |
|
|
(405 |
) |
|
|
(177 |
) |
|
|
(588 |
) |
|
|
(366 |
) |
Other
non-operating income (expense), net |
|
|
589 |
|
|
|
(49 |
) |
|
|
499 |
|
|
|
65 |
|
Loss from
continuing operations before income taxes |
|
|
(2,884 |
) |
|
|
(4,613 |
) |
|
|
(26,213 |
) |
|
|
(9,257 |
) |
Income
tax benefit (expense) |
|
|
48 |
|
|
|
— |
|
|
|
132 |
|
|
|
(227 |
) |
Consolidated
net loss from continuing operations |
|
|
(2,836 |
) |
|
|
(4,613 |
) |
|
|
(26,081 |
) |
|
|
(9,484 |
) |
Loss from
discontinued operations before income taxes* |
|
|
(510 |
) |
|
|
(2,297 |
) |
|
|
(1,115 |
) |
|
|
(3,775 |
) |
Income
tax benefit (expense) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consolidated
net loss from discontinued operations |
|
|
(510 |
) |
|
|
(2,297 |
) |
|
|
(1,115 |
) |
|
|
(3,775 |
) |
Consolidated
net loss |
|
|
(3,346 |
) |
|
|
(6,910 |
) |
|
|
(27,196 |
) |
|
|
(13,259 |
) |
Net
income attributable to noncontrolling interests |
|
|
(177 |
) |
|
|
(100 |
) |
|
|
(260 |
) |
|
|
(176 |
) |
Net loss
attributable to the Company |
|
$ |
(3,523 |
) |
|
$ |
(7,010 |
) |
|
$ |
(27,456 |
) |
|
$ |
(13,435 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
net loss from continuing operations |
|
$ |
(2,836 |
) |
|
$ |
(4,613 |
) |
|
$ |
(26,081 |
) |
|
$ |
(9,484 |
) |
Other
comprehensive loss from continuing operations |
|
|
(136 |
) |
|
|
(107 |
) |
|
|
(202 |
) |
|
|
(151 |
) |
Comprehensive
loss from continuing operations |
|
|
(2,972 |
) |
|
|
(4,720 |
) |
|
|
(26,283 |
) |
|
|
(9,635 |
) |
Consolidated
net loss from discontinued operations |
|
|
(510 |
) |
|
|
(2,297 |
) |
|
|
(1,115 |
) |
|
|
(3,775 |
) |
Other
comprehensive loss from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Comprehensive
loss from discontinued operations |
|
|
(510 |
) |
|
|
(2,297 |
) |
|
|
(1,115 |
) |
|
|
(3,775 |
) |
Comprehensive
loss |
|
$ |
(3,482 |
) |
|
$ |
(7,017 |
) |
|
$ |
(27,398 |
) |
|
$ |
(13,410 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share from continuing operations |
|
$ |
(0.11 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.99 |
) |
|
$ |
(0.50 |
) |
Loss per
share from discontinued operations |
|
|
(0.02 |
) |
|
|
(0.12 |
) |
|
|
(0.04 |
) |
|
|
(0.20 |
) |
Total basic and diluted net loss per share |
|
$ |
(0.13 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.03 |
) |
|
$ |
(0.70 |
) |
Weighted-average number of shares outstanding during the
period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,841,975 |
|
|
|
19,310,994 |
|
|
|
26,718,066 |
|
|
|
19,178,769 |
|
Diluted |
|
|
26,841,975 |
|
|
|
19,310,994 |
|
|
|
26,718,066 |
|
|
|
19,178,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes
stock-based compensation expense, as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative |
|
$ |
259 |
|
|
$ |
543 |
|
|
$ |
571 |
|
|
$ |
1,090 |
|
Discontinued operations |
|
|
— |
|
|
|
189 |
|
|
|
— |
|
|
|
383 |
|
Total
stock-based compensation expense |
|
$ |
259 |
|
|
$ |
732 |
|
|
$ |
571 |
|
|
$ |
1,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XpresSpa Group,
Inc.Use of Non-GAAP Financial
Measures(In thousands)
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Products and
services revenue |
|
$ |
13,038,000 |
|
|
$ |
12,927,000 |
|
|
$ |
24,838,000 |
|
|
$ |
23,911,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
|
|
(6,490,000 |
) |
|
|
(5,783,000 |
) |
|
|
(12,700,000 |
) |
|
|
(11,092,000 |
) |
Occupancy |
|
|
(2,160,000 |
) |
|
|
(1,983,000 |
) |
|
|
(4,220,000 |
) |
|
|
(3,754,000 |
) |
Products
and other operating costs |
|
|
(1,709,000 |
) |
|
|
(2,635,000 |
) |
|
|
(3,216,000 |
) |
|
|
(4,390,000 |
) |
Total cost of
sales |
|
|
(10,359,000 |
) |
|
|
(10,401,000 |
) |
|
|
(20,136,000 |
) |
|
|
(19,236,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
2,679,000 |
|
|
|
2,526,000 |
|
|
|
4,702,000 |
|
|
|
4,675,000 |
|
Gross profit as
a % of total revenue |
|
|
20.5 |
% |
|
|
19.5 |
% |
|
|
18.9 |
% |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(1,232,000 |
) |
|
|
(2,334,000 |
) |
|
|
(2,279,000 |
) |
|
|
(3,468,000 |
) |
Amortization |
|
|
(611,000 |
) |
|
|
(597,000 |
) |
|
|
(1,217,000 |
) |
|
|
(1,189,000 |
) |
Goodwill
impairment |
|
|
— |
|
|
|
— |
|
|
|
(19,630,000 |
) |
|
|
— |
|
Total
depreciation, amortization and impairment |
|
|
(1,843,000 |
) |
|
|
(2,931,000 |
) |
|
|
(23,126,000 |
) |
|
|
(4,657,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total general
and administrative expense |
|
|
(3,904,000 |
) |
|
|
(3,864,000 |
) |
|
|
(8,500,000 |
) |
|
|
(8,857,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating revenue |
|
|
— |
|
|
|
— |
|
|
|
800,000 |
|
|
|
100,000 |
|
Other
operating expense |
|
|
— |
|
|
|
(118,000 |
) |
|
|
(64,000 |
) |
|
|
(217,000 |
) |
Total other
operating revenue, net |
|
|
— |
|
|
|
(118,000 |
) |
|
|
736,000 |
|
|
|
(117,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
from continuing operations |
|
|
(3,068,000 |
) |
|
|
(4,387,000 |
) |
|
|
(26,188,000 |
) |
|
|
(8,956,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,843,000 |
|
|
|
2,931,000 |
|
|
|
3,496,000 |
|
|
|
4,657,000 |
|
Goodwill
impairment |
|
|
— |
|
|
|
— |
|
|
|
19,630,000 |
|
|
|
— |
|
Merger
and acquisition, integration, and one-time costs |
|
|
605,000 |
|
|
|
310,000 |
|
|
|
605,000 |
|
|
|
836,000 |
|
Stock-based compensation expense |
|
|
259,000 |
|
|
|
543,000 |
|
|
|
571,000 |
|
|
|
1,090,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
loss |
|
$ |
(361,000 |
) |
|
$ |
(603,000 |
) |
|
$ |
(1,886,000 |
) |
|
$ |
(2,373,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XpresSpa Group
Inc. Wellness Segment Same Store Sales Growth
for Second Quarter 2018 ($ in thousands)
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
% |
|
|
Comp Store |
|
|
Non-Comp Store |
|
|
Total |
|
|
Comp Store |
|
|
Non-Comp Store |
|
|
Total |
|
|
|
Revenue |
|
$ |
10,933 |
|
|
$ |
2,105 |
|
|
$ |
13,038 |
|
|
$ |
11,332 |
|
|
$ |
1,595 |
|
|
$ |
12,927 |
|
|
|
(3.5 |
%) |
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