Looking to right a ship that has sunk shares from near $1 in January to a low of 22.5 cents last week, Peekaboo Beans (TSX-V:BEAN)(OTCQB:PBBSF) recently hosted four special sales events across Canada, events that helped perk up sales and generate brand awareness for the high quality children’s apparel.
The shows, each two days, were held in Newfoundland, New Brunswick, Edmonton and Vancouver.
Generally, the company generates revenue through a direct sales model where “stylists” earn commission from sales and increase their paychecks by building “vines,” or additional downstream stylists, and receiving a commission on their sales as well.
On average, the shows produced sales of $40,000 each for a total of nearly $160,000 in eight days for Peekaboo Beans. During the entire second quarter, the Vancouver-based company reported revenue of $752,000 (in 90 days).
The success of the “pop-up” shows has convinced management to go back to the well, with more shows now planned for the coming weeks in Canada. The company is also looking to expand the shows into the U.S., where the company is starting to see some traction in select markets.
“We’re very excited to see our marketing initiatives provide concrete results for Peekaboo Beans, and we aim to continue delivering innovative promotions moving forward,” said Peekaboo Beans founder, president and chief executive Traci Costa in today’s news release on the sales.
The news is helping stem the tide that has been steadily driving shares of BEAN lower. After gapping ahead to $0.28 at the opening bell, shares were flat at 27 cents as of 11:30 a.m in Toronto. Shares of BEAN have gained ground in each of the last three trading sessions.
This article provided by NewsEdge.