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Elegant Illusions witnesses slide in revenues
27 May '08
2 min read
Elegant Illusions Inc announced that same store revenues for April 2008 were approximately 10% down from April 2007. Company wide revenues were approximately 11% down from total revenues for April 2007.
Management on a continual basis for the last four years has invested strongly in inventory while gold was at lower prices. We have kept our leases in option form thereby being able to move with the changes in the economy. We have moved our jewelry design and price point to appeal to the upper middle class and above.
The Company has recognized the trend of shrinking discretionary funds for the last several years. Management believes that this trend will continue and increase due to rising energy costs, the shrinking access to credit and lower wages because of the shrinking manufacturing base in America.
In response to this trend, we have closed our non performing locations in an orderly manner and expect to close additional stores in an orderly manner while maintaining a level of sales that will allow the Company to continue its moving into different markets that have a maximum return with a minimal initial risk of capital investment.
The Company continues to evolve and move its concept into the upper classes where we believe we provide tremendous value and uniqueness. We believe a viable avenue to broaden sales of our products is through large retail companies.
While we have yet to realize any positive results in this area, we are continuing our efforts in this area. We anticipate lower sales, and store closures, however there will be corresponding lower expenses and we anticipate this Company will be debt free and ready to deliver on any opportunity that it is presented with.
Company wide figures are based on the revenues of 19 stores in 2006 versus revenues of 17 stores in 2007.
Management on a continual basis for the last four years has invested strongly in inventory while gold was at lower prices. We have kept our leases in option form thereby being able to move with the changes in the economy. We have moved our jewelry design and price point to appeal to the upper middle class and above.
The Company has recognized the trend of shrinking discretionary funds for the last several years. Management believes that this trend will continue and increase due to rising energy costs, the shrinking access to credit and lower wages because of the shrinking manufacturing base in America.
In response to this trend, we have closed our non performing locations in an orderly manner and expect to close additional stores in an orderly manner while maintaining a level of sales that will allow the Company to continue its moving into different markets that have a maximum return with a minimal initial risk of capital investment.
The Company continues to evolve and move its concept into the upper classes where we believe we provide tremendous value and uniqueness. We believe a viable avenue to broaden sales of our products is through large retail companies.
While we have yet to realize any positive results in this area, we are continuing our efforts in this area. We anticipate lower sales, and store closures, however there will be corresponding lower expenses and we anticipate this Company will be debt free and ready to deliver on any opportunity that it is presented with.
Company wide figures are based on the revenues of 19 stores in 2006 versus revenues of 17 stores in 2007.
Elegant Illusions Inc
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