SOURCE: Elegant Illusions

Elegant Illusions

May 26, 2016 15:30 ET

Elegant Illusions, Inc. Reports January - March 2016 Same Store and Company Wide Revenues

Elegant Illusions Announces Store Closing

MONTEREY, CA--(Marketwired - May 26, 2016) - Elegant Illusions, Inc. (OTC PINK: EILL) announces

  • Jan 2016 Company Wide Sales Down 50%-Same Store Sales Down 42%
  • Feb 2016 Company Wide Sales Down 37- Same Store Sales Down 21%
  • Mar 2016 Company Wide Sales Down 37%-Same Store Sales Down 26%

The closure of Riverwalk was the major contributor to lower Company Wide sales. We continue to expand same store sales while exploring the possibility of another retail location.

The Company is closing Palm Springs at the end of November 2015; however the Company anticipates minimal impact to the Company sales as Palm Springs was a minimal contributor to sales. The closing should contribute to the over all financial health of the Company.

During the months of September through March the Company demonstrated resiliency and sustainability by staying near last year's numbers in both same store and company wide. Beginning in April 2014 the Company saw a significant shift in retail spending and client concern, however currently it appears we are moving past that circumstance, as evidenced by our sales numbers.

The Company is continuing to maintain greater contact with past clients; added moderate price points and staff support is still in place. Additionally, the Company is lowering its prices across the board to raise the level of sales.

The single most contributing factor in sales growth and the possibility of future Company Wide sales growth in the near term is the development of fine art sales, which is currently playing to the upside. The Company continues to lower its overhead. Because the Company owns all of its inventory we are able to immediately lower prices due to the drop in gold and silver and customer malaise and in purchasing new inventory at today's prices still maintain a reasonable profit margin that should sustain the Company until our direction becomes clearer.

The Company continues to be debt free with a PCAOB audited financial and has the potential to list on a higher exchange when conditions are correct. The company is currently working on potential options for a relisting on Nasdag small cap. There isn't anything solid at present time and there is not a projected date in the future when that will materialize.

Company wide figures are based on the revenues of 4 stores in 2013 versus revenues of 4 stores in 2014.

Elegant Illusions, Inc. is engaged primarily in the created gem jewelry business with 4 specialty stores across the continental United States. The Company also has an art gallery in Carmel that contributes a growing share of sales to the Company.

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.

Contact Information

  • Contact:
    James Cardinal
    Elegant Illusions, Inc
    (831) 649-1814
    Email contact