Miami, FL, April 20, 2022 (GLOBE NEWSWIRE) -- Grand Havana, Inc. (OTC Pink: GHAV), the parent company of Grand Havana Cafe, Grand Havana Coffee and Grand Havana Food Service and Coffee-Equipment Sales - today announced the posting of its fiscal year 2021 financial results for the full year ending December 31, 2021.
MAJOR DEVELOPMENTS FY 2021
• Covid related hospitality restrictions loosened in Q3
• Purchase of Panini Schmini in Q2
• SYSCO coffee invoices increases
• Miami International Airport collaboration agreement with Halfmoon Empanadas
• Signed equipment financing agreement with Marlin Financial
• Significantly lowered our convertible debt with legacy holders
“We are pleased with the sales performance for 2021 which continues its growth pattern into the beginning of 2022. Sales in the fourth quarter 2021 increased by 131% compared to 2020. We are enjoying a strong 2022 start with impressive growth and remain optimistic as we refine and implement our new growth initiatives,” said Ms. Tanya Bredemeier, CEO.
Ms. Bredemeier continued, “Our focus in Grand Havana is to continue to make progress on growth initiatives, enhancing our menu and adding new cafes all along while selling more coffee. As part of our efforts to continue triple-digit revenue growth, we are successfully working on new menu offerings that are more efficient. The new menu is expected to significantly reduce costs while increasing sales. Industry-wide staff availability challenges continued in the fourth and first quarter of 2022. Our proactive action plans included hiring incentives and benefit enhancements.”
Hugo Gutiérrez, President of Grand Havana further commented, “We are also continuing our plan to opportunistically improve margins in an increasingly inflationary environment based on price increases of 7% in March 2022, as well as through labor optimization that includes significant reduction of extra hours. We are also further reducing general and administrative expenses to a target range. A large part of the increases in labor costs are expected to be only short-term. We are encouraged by our accelerated sales and margin momentum so far in 2022, which we expect to continue, barring any unforeseen changes to our cost structure and operating environment.”
About Grand Havana, Inc.
Grand Havana is a coffee company headquartered in Miami, Florida “The Capital of Espresso in the US.”
Grand Havana products are distributed by Sysco, Ambassador Foods and Amazon. We proudly serve our coffees in corporate offices, airports, universities, non-traditional avenues, supermarkets, convenience stores, hotels, online marketplaces and in our fresh and exciting chain of Grand Havana Café coffee shops across the US. With more than 10 million cups of coffee served nationwide, Grand Havana is the choice of consumers when it comes to delving into the nostalgia and essence of the best cup of Cuban coffee, thus offering a b2b solution that provides our high-quality coffee product delivered and reliable with timely technical service.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may, “will,” “should,” “plans,” explores,” expects,” anticipates,” continue,” estimate,” project,” intend,” and similar expressions. Forward-looking statements involve risks and uncertainties include, but not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and marketing, and various other factors beyond the Company’s control.
For more information, visit www.Grandhavanacoffee.com, call 1.800.608.5441, or email orders@grandhavanacoffee.com Find out more about the company at www.Facebook.com/grandhavanacoffee, twitter.com/grandhavcoffee1, or www.instagram.com/grandhavanacoffee/
