Elegant Illusions Announces Same Store 2007 Revenues Up Eleven Percent From 2006
PACIFIC GROVE, CA -- Elegant Illusions, Inc. (PINKSHEETS: EILL) announced today that same store revenues for February 2007 were up approximately 11% from February 2006. Company wide revenues were less than 1% down from total revenues for February 2006.
The Company closed five stores during the approximate 12-month period representing 24% of all store locations. “Elegant Illusions has demonstrated that it can anticipate economic shifts, be responsive to changing markets without losing financial stability and be poised for new growth,” said James Cardinal, CEO.
The store on Bourbon St., located in New Orleans, reopened for business in the beginning of December 2005 and is generating approximately 50% of pre-Katrina revenues. The Riverwalk location in New Orleans remains closed. The loss of sales from these stores continues to have a major impact on same store and Company wide revenues for the period. The Riverwalk location is not included in same store or Company wide sales from the previous year; however there is a continued loss of sales from a closed established store. Elegant Illusions continues to negotiate with the landlord for a mutually beneficial reopening of its Riverwalk location.
The Company closed its Estero, Florida location as well as its Philadelphia location in early January 2007.
Company wide figures are based on the revenues of 21 stores in 2006 versus revenues of 16 stores in 2007.
Elegant Illusions, Inc. is engaged primarily in the created gem jewelry business with 17 specialty stores across the continental United States. The Company also has art galleries in Sarasota, Florida, Vail, Colorado and New Orleans.
This release includes certain forward-looking information. This forward-looking information involves certain risks and uncertainties which could cause actual results to differ materially from those discussed herein including, but not limited to, risks relating to changing economic conditions, competitive pressures and changes in expenses (such as changes in labor, rent and/or inventory purchase costs). Forward-looking information generally is information stated to be anticipated, expected or projected by the Company. We caution readers that any such forward-looking statements are based on our current expectations and beliefs but are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
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