- Children’s apparel brand, Peekaboo Beans (CSE:BEAN) has reported a 66 per cent increase in online visitor numbers year-on-year
- Sales during April 2020 were up 21 per cent from April 2019, with 32 per cent from first-time customers
- Like most retailers, Peekaboo Beans has closed its brick-and-mortar stores and moved business online, due to the COVID-19 pandemic
- The company has remained busy during the crisis, launching a children’s interactive subscription series, and preparing its 2020 Summer Collection
- Peekaboo Beans (BEAN) is holding steady and is trading at C$0.02 per share
Children’s apparel brand, Peekaboo Beans (CSE:BEAN) has reported a 66 per cent increase in online visitor numbers year-on-year.
These numbers were for the month of April 2020, in comparison to April 2019. In April 2020, the company experienced a 21 per cent increase in sales, compared to the same month last year. Approximately 32 per cent of those sales came from first-time customers.
Peekaboo Beans attributed this rise in visitor and sales numbers to the recent mass exodus of retailers to online platforms. Due to the COVID-19 pandemic, most retailers have had to close brick-and-mortar stores and focus on online sales.
In some cases, the crisis has forced traditionally operating stores to finally start using online channels of revenue.
Peekaboo Beans recently extended a temporary closure of its flagship store and redirected all initiatives online. While the loss of revenue from physical locations is undeniable, the company is certainly benefitting from its online presence.
In spite of the crisis, Peekaboo Beans has remained busy with a number of well-timed initiatives.
In March, the company launched an interactive adventure series for children, called the PKB Explorers’ Club. To date, the series has garnered 107 subscribers, as well as attention on a number of high-profile social media accounts.
Peekaboo Beans has also designed and produced over 2,000 reusable masks for children, which sold out instantly. The company is preparing to launch its 2020 Summer Collection this week, which it expects will boost its current margins.
Peekaboo Beans’ founder and CEO, Traci Costa, commented on the extraordinary market circumstances which are currently ongoing.
“While the COVID-19 virus has extended substantial challenges for all of us, there is no question that the greatest challenge has been for parents of young children.
“Understanding that enrichment for our leaders of tomorrow was tantamount. We were forward-thinking in the development of PK Beans Explorers’ Club and the launch of our omni-channel model,” she said.
Peekaboo Beans (BEAN) is holding steady and is trading at C$0.02 per share at 9:47am EDT.
