TORONTO, Nov. 28, 2022 /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) ("EMERGE" or the "Company"), a diversified acquirer and operator of niche e-commerce brands, today announced a new Black Friday record for Gross Merchandise Sales ("GMS") (1).
In total, EMERGE's e-commerce brand portfolio combined for GMS(1) of $846K during this year's Black Friday (November 25, 2022), compared to $723K during Black Friday 2021, representing year-over-year growth of 17%.
Ghassan Halazon, Founder and CEO, EMERGE commented, "Black Friday exceeded management's expectations. We are particularly pleased to drive strong double-digit organic growth on this landmark shopping day, a testament to the team's efforts. We believe these positive early results bode well for the remainder of the Black Friday - Cyber Monday period, as well as the peak holiday shopping season to follow."
A number of EMERGE brands achieved double-digit organic GMS(1) growth year-over-year, this Black Friday, including WholesalePet, UnderPar, JustGolfStuff and WagJag.
"Notably, our main discount-driven brands performed exceptionally well, which we believe stand to gain in a weaker economy, as consumers seek more deals. We take immense pride in driving significant savings for our loyal members, while connecting our merchant partners to our digitally savvy, intent based, e-commerce customer base, during a sensitive time for the economy at large."
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(1)
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Non-GAAP Financial Measure. Refer to section "Non-GAAP Financial Measures" below for additional information.
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About EMERGE
EMERGE is a diversified acquirer and operator of profitable niche e-commerce brands. Our subscription and marketplace e-commerce properties provide our members with access to pet products, premium meat, outdoor gear, golf, and other curated experiences. Our portfolio houses various online destinations including WholesalePet.com, trulocal.ca, BattlBox.com, UnderPar.com, JustGolfStuff.ca, CarnivoreClub.co, WagJag.com, BeRightBack.ca, and Wanlow.com. EMERGE was named one of Canada's Top Growing Companies by the Globe and Mail in 2022 (and 2020), and one the fastest growing companies in Canada by the Startup 50 in 2020.
To learn more visit https://www.emerge-commerce.com/
Cautionary notice
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-GAAP Measures
This press release makes reference to certain non-GAAP measures. These non-GAAP measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the financial information of the Company reported under IFRS. Gross Merchandise Sales ("GMS") should not be construed as alternatives to revenue or net income/loss determined in accordance with IFRS. GMS does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
GMS as defined by management is the total dollar value of customer purchases of goods and services, excluding applicable taxes and net of discounts and refunds. Management believes GMS provides a useful measure for the dollar volume of e-commerce transactions made through our platforms and an indicator for our business performance.
Notice regarding forward-looking statements
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions, and including statements with respect to the anticipated savings to result from the implementation of the cost optimization and synergies initiative. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including the risk factors discussed in the Company's MD&A and Annual Information Form, which are available through SEDAR at www.sedar.com. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention, and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
All data presented here is approximate and is based on various assumptions. All data is unaudited and is subject to adjustment. All financial figures are in CAD.
On Behalf of the Board
Ghassan Halazon
Director, CEO and President
SOURCE EMERGE Commerce Ltd.
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