Giggles N’ Hugs, Inc. (OTCQB:GIGL) had reason to laugh, smile and embrace somebody, as its shares warmed to the third-quarter earnings dished out Thursday.
The Los Angeles-based restaurant chain, catering to families, serving up high-end, organic food with active, cutting-edge play and entertainment for children, reported overall net sales increased 3.8% year-over-year to $677,838.
The increase of $24,861 (or 3.8%) in net sales was mostly attributable to increased play area and party food sales.
The company’s net loss decreased 76.0% year-over-year to $44,851. The third-quarter EPS was flat year-over-year at $0.00.
Said CEO Joey Parsi, "Our third-quarter performance yet again demonstrates the viability of the Giggles N’ Hugs concept. With our crowdfunding campaign set to begin tomorrow, Friday November 16, we are hopeful we’ll soon have the capital required to begin to replicate our success in another market as we scale up our business and continue to keep tight controls on our corporate overhead, our attractive margins and store level economics should lead to sustainable profitability.”
Shares in the company grew one-10th of a cent, or 10.5%, to 1.05 cents, on volume of 266,000.
