Sugarmade Reports July BudCars Data: New Record Performance,
Annualized
Net
Sales
on Track to Hit
$11M
in Current Quarter
NEW YORK -- August 6, 2020 -- InvestorsHub NewsWire -- Sugarmade,
Inc. (OTCQB:SGMD)
("Sugarmade", "SGMD", or the "Company"), and its BudCars Cannabis
Delivery Service ("BudCars"), is pleased to provide shareholders
with fresh performance data following the conclusion of another
strong month in July, which featured over $660K in total BudCars
gross sales ($537K, net of sales taxes), representing 32%
sequential monthly top-line growth, with both total sales and gross
profits growing by more than 30% m/m for the fourth consecutive
month.
-
Total
July BudCars gross sales of $662,836 ($537,591, net of sales
taxes), representing 32% month-over-month sales
growth (compared to June 2020 sales)
-
Total
July BudCars gross profits of $310,489, representing 36%
month-over-month gross profit growth (compared to June 2020
gross
profits)
-
Average
daily gross sales increased 32% m/m to $22,095
-
Total
customer tickets increased 33% m/m to 5,579
-
Calendar
Q3 now on pace to potentially more than double calendar Q2 total
BudCars sales
"Last month featured strong growth in basically every major metric
once again for our BudCars segment," stated Jimmy Chan, CEO of
Sugarmade. "We saw an increase in gross margins while demonstrating
another breakout month-over-month performance on both the top and
bottom line."
Management notes that July data demonstrate similar
second-derivative characteristics to trends witnessed in May and
June data for BudCars, with sharp sequential monthly gains in
topline sales, pricing, margins, average daily sales, and total
customer tickets.
This duration of this continued strong growth curve continues to
suggest that the Company is executing well in customer acquisition
both among new conversions to delivery cannabis dispensation and
market share grab – ie,
"stealing" customers from competitors and maintaining those new
customers.
Overall, July performance was well above the Company's forecast
model across every tracked metric. This process will inform the
Company's modeling and expectations as it launches two LA BudCars
hubs in coming weeks.
Chan added, "Note that April was our first full month operating
Budcars. In July we more than doubled the sales and gross profits
booked in April. That pace of growth suggests another potentially
doubling by October on a per-location basis. And we will be
operating additional locations by then, which will serve to
compound that growth."
About
Sugarmade, Inc.
Sugarmade, Inc. (OTCQB:
SGMD) is a product and branding marketing company investing in
operations and technologies with disruptive potential. Our Brand
portfolio includes CarryOutsupplies.com, SugarRush™
and Budcars.com. For more information please reference
www.Sugarmade.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking
statements" within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements also may be included in other publicly
available documents issued by the Company
and in oral statements made by our officers and representatives
from time to time. These forward-looking statements are intended to
provide management's current expectations or plans for our future
operating and financial performance, based on assumptions currently
believed to be valid. They can be identified by the use of words
such as "anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward looking statements
include, among others, statements relating to future sales,
earnings, cash flows, results of operations, uses of cash and other
measures of financial performance.
Because forward-looking statements relate to the future, they are
subject to inherent risks, uncertainties and other factors that may
cause the Company's actual results and financial condition to
differ materially from those expressed or implied in the
forward-looking statements. Such risks, uncertainties and other
factors include, among others. such as, but not limited to economic
conditions, changes in the laws or regulations, demand for products
and services of the company, the effects of competition and other
factors that could cause actual results to differ materially from
those projected or represented in the forward looking
statements.
Any forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this
report.
Corporate
Contact:
Jimmy Chan
+1-(888)-982-1628
info@Sugarmade.com
Public
Relations:
Tiger Global
Management
info@TigerGMP.com
www.TigerGMP.com