Wednesday, 2 April 2008

A Loaf Can Often Be More Than A Loaf

Basic shares: 33.1 million
Full Diluted: 38.2 million
Sometimes, it's the little things that make or break a company.
In the case of Planet Organic, one of the little things that made its flagship store in western Canada was chocolate chip banana bread.
That's because chocolate chip banana bread is one of many hot-selling, organic deli food items that inspired Planet executives to announce April 2nd yet another expansion of its flagship store in the city of Edmonton.
It's the third expansion in three years and it will more than double the current 10,400 sq. ft. size.
But there's another reason this banana bread has almost mythical status in the store that started the whole Planet Organic empire.
Store manager Doug Fleshman has a passion for this bread. A passion so great, some employees jokingly swear they've seen Mr. Fleshman sweat and quiver if the deli shelves ran bare of his favourite loaf.
Because of in-store-made delicacies like this, sales in the flagship store moved from $1.6 million in fiscal 2001 (June 3oth) to $4.1 million in fiscal '04 to $6.14 million in just the first half of this fiscal year.
Planet Organic Market stores are now one division of the mother corporation, Planet Organic Health Corp. (POH).
Growth throughout Planet's divisions largely mirror that of the Edmonton store and that is why POH now employs 650 and is projecting overall corporate revenues at over $100 million this fiscal year.
To view the full press release about the Edmonton store expansion, please click here.