HOLLYWOOD, FL, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Healthy Choice Wellness Corp. (“HCWC” or the “Company”) (NYSEAM: HCWC), a holding company operating 19 natural and organic grocery stores across six states focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives, provides an update on its business operations and outlook.
Key Highlights:
Strong Financial Performance: The Company achieved record sales of $18 million for the three-month period ended September 30, 2024, a 43% increase year-over-year. Additionally, the Company generated a record $7 million in gross profit.
Strategic Initiatives: The Company has successfully integrated GreenAcres Market, a strategic acquisition operating five stores in Kansas and Oklahoma completed in late July. This addition has substantially broadened our market presence and allowed entrance into a growing and attractive region.
Operational Improvement: The Company strengthened its merchandising team with the appointment of Christopher Valenti, as Director of Merchandising. Mr. Valenti, a seasoned industry veteran with a decade of experience at United Natural Foods (UNFI). Mr. Valenti will focus on implementing a comprehensive, multi-level approach to product management including SKU placement, pricing (internal and competitive), velocity (inventory turns), aging and margin analysis.
The Company is optimistic about its future growth prospects. HCWC has adopted a multifaceted strategy to expand its customer base and cater to evolving preferences. The Company’s dedication to natural and organic products is complemented by targeted marketing and customer retention, ensuring that its offerings and customer service resonate across a diverse customer base. Key drivers for continued success include:
Market Expansion: HCWC is seeking to acquire additional new stores in 2025 with a focus on existing businesses in underserviced markets from the Midwest to the East Coast. Expanding into these new markets will enable HCWC to reach a wider customer base with less competitive pressure.
Strategic Partnerships: Collaborating with strategic partners to enhance market reach and operational efficiency.
Operational Excellence: Implementing advanced inventory management systems to optimize stock levels and reduce carrying costs. HCWC is also evaluating its supply chain efficiencies.
Technology Advancement: Investing in technology solutions, including AI, to automate processes and provide more detailed, accurate and real-time data analysis to improve and assist purchasing and marketing.
Focused Digital Marketing: HCWC has developed and is currently implementing a localized digital marketing program aimed at reaching new and existing customers using a tailored and measurable approach.
Jeffrey Holman, HCWC CEO, stated, "Our ongoing strong performance of our business reflects the dedication and hard work of our team and the success of our strategic initiatives. With a solid balance sheet, seasoned leadership, and a dedication to expansion through further acquisitions, we are well positioned to drive sustainable growth and significant long-term value for our shareholders."
About Healthy Choice Wellness Corp.
Healthy Choice Wellness Corp. is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives.
Through its wholly owned subsidiaries, the Company operates:
Ada’s Natural Market, a natural and organic grocery store offering fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, health & beauty products and natural household items (www.Adasmarket.com).
Paradise Health & Nutrition’s three stores that likewise offer fresh produce, bulk foods, vitamins, and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, health & beauty products and natural household items (www.ParadiseHealthDirect.com).
Mother Earth’s Storehouse, an organic and health food and vitamin store in New York’s Hudson Valley, which has been in existence for over 40 years (www.MotherEarthStorehouse.com).
Greens Natural Foods’ eight stores in New York and New Jersey, offering a selection of 100% organic produce and all-natural, non-GMO groceries and bulk foods; a wide selection of local products; an organic juice and smoothie bar; a fresh foods department, which offers fresh and healthy “grab & go” foods; a full selection of vitamins & supplements; as well as health and beauty products. (www.Greensnaturalfoods.com).
Ellwood Thompson’s, an organic and natural health food and vitamin store located in Richmond, Virginia (www.ellwoodthompsons.com).
GreenAcres Market, an organic and natural health food and vitamin chain with five store locations in Kansas and Oklahoma. GreenAcres Market is a chain of premier natural foods stores, offering organic and all natural products and vitamins from both top national brands as well as locally sourced specialty brand (www.greenacres.com).
Through its wholly owned subsidiary, Healthy Choice Wellness, LLC, the Company operates a Healthy Choice Wellness Center in Ft. Myers, FL and has a licensing agreement for a Healthy Choice Wellness Center located at the Casbah Spa and Salon in Fort Lauderdale, FL. The Company continues to seek out locations for new Healthy Choice Wellness Centers but there are not currently any agreements in place for the opening of any new locations.
Through its wholly owned subsidiary, Healthy U Wholesale, the Company sells vitamins and supplements, as well as health, beauty and personal care products on its website www.TheVitaminStore.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission (SEC) or otherwise. Statements contained in this press release that are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are based on management’s estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Forward looking statements may include, but are not limited to, projections or estimates of revenue, income, or loss, exit costs, cash flow needs and capital expenditures, statements regarding future operations, expansion or restructuring plans, including our recent exit from, and winding down of our wholesale distribution operations. In addition, when used in this release, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” and “plans” and variations thereof and similar expressions are intended to identify forward looking statements.
Factors that may affect our future results of operations and financial condition include, but are not limited to, fluctuations in demand for our products, the introduction of new products, our ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of our liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in our filings with the SEC.
