SYDNEY, Australia, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Banjo & Matilda, Inc. (OTCQB: BANJ) ("Banjo & Matilda" or the "Company"), an emerging Australian lifestyle brand, today announced the filing of its fiscal 2014 Annual Report with the Securities and Exchange Commission on Form 10-K, highlighted by the following:
• Retail outlets ("Doors") increased 617% to 129 as of June 30, 2014 from 18 at the end of the December 2013 quarter as key premium department and specialty retailers continue to adopt the Banjo and Matilda brand. As of September 30, 2014, the Company has grown its number of retail outlets to 203.
• FY 2014 total revenue increased 31% to $2,264,264 (see picture attached).
• FY 2014 online sales grew 61%; retail sales increased 65% with same store sales growing 12%.
• Gross margin remained stable at 41%.
• Loss from operations was $81,130 before corporate and public company costs.
Ben Macpherson, Chief Executive Officer, stated, "Fiscal 2014 was a milestone year for Banjo & Matilda, as we became a public company and continued to expand our sales and distribution channels. We are very proud of the accomplishments throughout the year, as the Banjo & Matilda brand continued to gain increased recognition across the globe. Our greatest challenge at the moment is to build appropriate scale as a public company, which will allow us to gain greater efficiencies in our operations, expand our margins, and help to accelerate the distribution of our quality brand. We are excited with the pipeline of opportunities developing in fiscal 2015. The brand and creative direction continues to elevate and improve along with the expansion of our wholesale partner distribution, retail, and e-commerce sales.
About Banjo & Matilda
Banjo & Matilda, Inc. is an emerging Australian lifestyle brand, best known as a designer, producer and marketer of premium contemporary woman's knitwear. Inspired by the iconic Bondi Beach surroundings of its creative studios, Banjo & Matilda launched its first knitwear collection in 2008. Big on quality, small on pretence, and known globally for their fun statement sweaters and luxury cashmere basics, Banjo & Matilda is discreetly luxurious, yet able to capture the essence of beach culture in a range of apparel made with supreme quality and integrity. The brand has a rapidly growing loyal global following, is quickly being stocked in major and specialty retailers around the world, and is sold through its online store www.banjoandmatilda.com.
Additional information about Banjo & Matilda can be found at the Company's corporate website: http://www.banjoandmatildainvestors.com.
Forward looking Statement
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, growth in the number of stores that will carry its products, increases in its sales and financial results, are examples of forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, economic trends and conditions, trends in the fashion and retail industries, the acceptance of new product designs, inherent discrepancy in actual results from estimates, projections and forecasts made by management and other factors not within the Company's control The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by forward looking statements made by the Company. The forward-looking statements contained herein are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=28333
