Although Berekk Blackwell is the president of Daily Jam, he cannot help but think back to what drew him in initially as a customer. According to Blackwell, Daily Jam had a good reputation in the community, possibly due in part to the undeniably warm, happy, and contagious vibe customers felt once inside. By Cindy Charette
Monson Recognized for Enabling and Empowering Countless Entrepreneurs to Build a Successful Career in Franchising.
CARROLLTON, Texas — FASTSIGNS International, Inc., franchisor of FASTSIGNS®, the leading sign, graphics and visual communications franchise, announced today that Business Woman magazine has named CEO Catherine Monson one of its 100 Influential Women in Franchising. Monson was recognized as an advocate of support and mentorship for her commitment to enabling and empowering countless entrepreneurs to build a successful career in franchising.
The notable 100 Influential Women In Franchising list is an annual list which celebrates and champions key figureheads, disruptors, and up-and-comers who work in the international franchise space and have changed the franchising industry for the better. Under Monson’s leadership, FASTSIGNS has grown to more than 735 locations across nine countries, and the brand has repeatedly been recognized as the top franchise opportunity in its space and for its high franchisee satisfaction.
“Support and mentoring are the foundation of franchising, which has allowed millions of entrepreneurs to be in business for themselves, but not by themselves. During the COVID-19 pandemic, empowering franchisees to be successful has been more important than ever,” said Catherine Monson, CEO of FASTSIGNS International, Inc. and IFA Chair. “I am incredibly grateful to be recognized alongside so many influential female leaders in franchising. It’s because of these women that our industry continues to grow stronger every day.”
The Annual 100 Influential Women in Franchising list is featured in Business Woman Magazine’s October 2020 issue, available at https://www.globalfranchisemagazine.com/assets/images/reports/BW-3.pdf.
FASTSIGNS is consistently ranked as a top franchise opportunity. In 2020, Entrepreneur magazine named FASTSIGNS the #1 franchise opportunity in its category and #55 overall on its annual Franchise 500® list, making it the only sign, graphics, and visual communications franchise to be recognized in the top 100. Entrepreneur also named FASTSIGNS a Top Growth Franchise for 2020. Additionally, Franchise Gator named FASTSIGNS to its Top 100 Franchises of 2020 list, and Franchise Business Review named FASTSIGNS one of its Top Franchises for Second Careers. In 2019, Entrepreneur named FASTSIGNS one of the Top Franchises for Veterans, and the brand was also recognized in Franchise Business Review’s Top Franchises for Veterans report, was named to America’s Best Franchises to Buy list by Forbes magazine, and made Franchise Direct’s list of the Top 100 Franchises. Franchise Business Review has also recognized FASTSIGNS as one of the “Best of the Best” for franchisee satisfaction for the last 10 years as well as its Top 50 Franchises for Women and Top Service Franchises lists in 2019.
About Catherine Monson
Catherine became CEO of FASTSIGNS International, Inc. in 2009, bringing over 25 years of franchising and management experience. In 2009, she received the International Franchise Association (IFA) Bonny LeVine Award in recognition of her contributions to the growth of the franchising industry and in 2010, the Dallas Business Journal named her a top Women Industry Leader in the Dallas Metroplex. In 2012, Catherine appeared on the Emmy Award-winning series Undercover Boss to learn new ways to advance the FASTSIGNS® brand. In 2013, she was named an “Innovator and Influencer” by Sign and Digital Graphics Magazine. In 2015, she received the IFA’s first Franchise Action Network “FAN of the Year” award for her advocacy work on behalf of the franchising community. In 2016, she was selected as a Soderstrom Society Inductee for her contributions to the printing and graphic communications industry and was also honored with the 2016 Leadership Award from the Women That Soar organization. Under Monson’s leadership, FASTSIGNS International, Inc. received the 2016 Secretary of Defense Employer Support Freedom Award, the highest recognition presented by the Department of Defense to employers for their exemplary support of National Guard and Reserve members. In 2017, Monson received the Distinguished Women Award presented by Northwood University in Midland, Michigan. In 2018, she was honored by the Sales and Marketing Executives International (SMEI) with their Ambassador of Free Enterprise Award. Catherine has served on the Board of Directors of the IFA since 2008 and is currently Vice Chair and will become Chairwoman in February 2020. Additionally, she serves on the Board of Directors of Brain Balance, a franchise company with a non-drug alternative for children with behavioral challenges, and on the Board of Directors of the franchisor Big Blue Swim School, one of the nation’s fastest growing swim schools. She is a keynote speaker at many franchise industry events, as well as at many sign and visual graphics industry events.
For more videos on Catherine Monson, visit https://www.youtube.com/channel/UC7qJckb26TTPGWl9wQJNjKA. Visit the section, “Get to Know the FASTSIGNS CEO Catherine Monson,” and click to the right.
About FASTSIGNS®
FASTSIGNS International, Inc. celebrates its 35th anniversary in business in 2020 as the leading sign and visual communications franchisor in North America, and is the worldwide franchisor of more than 735 independently owned and operated FASTSIGNS® centers in 9 countries including the United States and Puerto Rico, the United Kingdom, Canada, Chile, Grand Cayman, the United Arab Emirates, Malta, France and Australia (where centers operate as SIGNWAVE®). FASTSIGNS locations provide comprehensive signage and graphic solutions to help companies of all sizes and across all industries attract more attention, communicate their message, promote their products, help visitors find their way and extend their branding across all of their customer touchpoints.
In 2020, Fastsigns Holdings Inc. acquired GTN CAPITAL GROUP, LLC the parent company of NerdsToGo, an emerging IT services franchise brand. Learn more about sign and graphic solutions or find a location at fastsigns.com. Follow the brand on LinkedIn at linkedin.com/company/fastsigns, Twitter @FASTSIGNS or Facebook at facebook.com/FASTSIGNS.
Su and Sumit Madan honored with prestigious award at ComForCare’s annual franchise conference.
DETROIT — Canton, MA ComForCare franchise owners, Su and Sumit Madan were awarded the 2020 Franchise of the Year award at ComForCare’s 18th annual franchise conference. Franchise of the Year is the most prestigious award following Caregiver of the Year.
The Madans were recognized out of more than 200 locations for being high-level producers in the franchise system, creating and nurturing a strong local team, and being selfless givers among other qualities.
“Su and Sumit embody the ComForCare values within their office and for the population they serve,” said J.J. Sorrenti, CEO of Best Life Brands, parent company to ComForCare and At Your Side Home Care. “They care for their clients as family, serve the community passionately, realize that dignity matters, are present and engaged in managing their internal and external staff, and have fun while they do it.”
Su has been a natural caregiver most of her life. From taking care of her own extended family and neighbors, she finds caring for people incredibly satisfying and is what led her to open a home care franchise with her husband.
“In India, it is ingrained into the culture that the family takes care of the older generations as they age,” said Su Madan. “Most of the steps I’ve taken and the things I’ve done have been to care for others and to make a difference in someone’s life. Our office works hard every day for our clients and we are proud to be known as the reliable home care company in our community.”
The Madans opened their franchise in 2013 and are part of one of the fastest-growing franchise business sectors in the country. And with the number of Americans aged 65 and older projected to nearly double from 52 million in 2018 to 95 million by 2060, demand for businesses like the ComForCare franchise that the Madans operate will continue to increase as people strive to age in place.
About ComForCare Franchise Systems:
ComForCare is a premier franchised provider of in-home caregiving services with more than 225 independently-owned and operated locations in the U.S. and Canada helping older adults live independently in their own homes. ComForCare is committed to helping people live their best life possible and offers special programs for people with Alzheimer’s disease and other forms of dementia. Founded in 1996, ComForCare was acquired by private equity firm The Riverside Company in 2017 and now is part of Best Life Brands, which has plans for continued expansion of service brands across the continuum of care for aging adults. ComForCare operates as At Your Side Home Care in Houston. For more information, visit www.comforcare.com.
Sheets recognized for her continuing efforts to lead the company and the home care industry safely through the COVID-19 pandemic.
SUNRISE, Fla. — Interim HealthCare Inc., the nation’s leading franchise network of home care, senior care, home health and hospice and healthcare staffing services, announced that its CEO and President, Jennifer Sheets, was recognized as one of Next Avenue’s 2020 Influencers in Aging. The sixth-annual Influencers in Aging list acknowledges the twenty people who have been most influential in their work to push beyond traditional boundaries to change society’s understanding of what it means to grow older.
Jennifer Sheets, together with her team, began preparing for the challenges that COVID-19 would bring early in 2020. She quickly channeled her operational, clinical and government relations expertise and creativity to ensure Interim HealthCare’s clinicians could serve home-bound clients, including seniors and other at-risk patients, without the risk of spreading or contracting COVID-19. She also focused on advocating at the federal and state levels for home care clinicians’ “essential” worker status and set up rigorous trainings and new measures to keep staff safe while caring for patients at home.
In addition, Jennifer Sheets led executives across the Caring Brands International organization, the parent company of Interim HealthCare, to ensure clinicians and caregivers had access to personal protective equipment (PPE) like face masks, hand sanitizer, and gowns amid a global shortage. This work extended into spearheading a PPE website available to any home care organization to purchase PPE quickly, at a fair-market price and at scale, so that no one in the industry faced a lack of essential safety equipment. Jennifer Sheets continues to expertly lead Interim HealthCare and its tens of thousands of caregivers across the country to care for patients safely and effectively amid the ongoing COVID-19 pandemic.
“I’m honored to be recognized with an Influencers in Aging award amid this unprecedented year,” said Jennifer Sheets, CEO and President of Interim HealthCare. “Throughout my healthcare career, I’ve committed my work to impacting people’s lives for the better. I’m proud that our efforts this year have advocated for home care being recognized as an essential service and led to greater awareness and support for the importance of the overall industry in meeting growing healthcare needs.”
Next Avenue, as part of PBS, aims to meet the needs and unleash the potential of older Americans through the power of media. The 2020 Influencers in Aging award recipients represent the fields of health and well-being, caregiving, personal finance, work and purpose, volunteering, arts and entertainment, lifestyle, housing, relationships and technology. Recipients also represent all ages and were eligible to have lived anywhere in the world. To view the full list of 2020 winners, click here.
For more information on Interim HealthCare, please visit www.interimhealthcare.com.
About Interim HealthCare Inc.
Interim HealthCare Inc., founded in 1966, is a leading national franchisor of home care, hospice and healthcare staffing. It is part of Caring Brands International, which also includes UK-based Bluebird Care and Australia-based Just Better Care, both well-known franchise brands in their countries. With more than 530 franchise locations in seven countries, Caring Brands International is a global healthcare leader.
Interim HealthCare in the United States is unique in combining the commitment of local ownership with the support of a national organization that develops innovative programs and quality standards that improve the delivery of service. Franchisees employ nurses, therapists, aides, companions and other healthcare professionals who provide 25 million hours of home care service to 190,000 people each year, meeting a variety of home health, senior care, hospice, palliative care, pediatric care and healthcare staffing needs. For more information or to locate an Interim HealthCare office, visit www.interimhealthcare.com.
GLENDALE HEIGHTS, Ill. — Merlin Complete Auto Care today announced that small business owner, Muffadal Simba, has won a Synchrony Pillars Project award from Synchrony, a premier consumer financial services company. Muffadal Simba has supported the Glendale Heights community through times of change. As a winner he will receive a $10,000 prize to grow his business and honor its resiliency and ability to transform the lives of those in their communities.
“Muffadel Simba’s community service has been a guide that we can all hope to emulate,” said Abraham Nunez, General Manager of Merlin Complete Auto Care. “On behalf of the Merlin team, we are proud of his business and community accomplishments.”
“He has been an inspiration of care and support to those in need in the community of Glendale Heights,” said Valerie Zabriskie, Marketing Director at Merlin Complete Auto Care. “This award is a testament to Muffadel’s extraordinary character; we are proud to have him in the Merlin family.”
“A 2020 Synchrony Pillar is someone who brings bold new thinking to the table, a leader who is passionate about their community and supports it through the ups and downs,” said Neeraj Mehta, CEO, Payment Solutions, Synchrony. “We are honored to recognize this year’s award winners for their successes and how they are changing what’s possible for their business and community.”
About Synchrony
Synchrony is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what’s possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.
For more information, visit www.synchrony.com and Twitter: @Synchrony
About Merlin Complete Auto Care
With over 3500 centers in North America, Merlin Complete Auto Care is part of the Driven Brands family of companies. Locally-owned and operated in Glendale Heights, Illinois, franchise owner Simba Muffadal and his team are dedicated to premier service, customer education, and community service.
For more information visit: Merlins.com
CARROLLTON, Texas — Ronald K. Herbert with FASTSIGNS International, Inc. was recently named the Midsize Private Company CFO of the Year by D CEO magazine. Top corporate CFO’s across the metroplex were nominated for this prestigious honor, and the winner was determined by a panel of independent judges.
D CEO‘s Financial Executive Awards span multiple categories and honor top corporate finance executives in Dallas-Fort Worth, in partnership with the Association for Corporate Growth, Dallas CPA Society, and Financial Executives International. All finalists were celebrated at a virtual awards event and were profiled in the May issue of D CEO.
“Considering the incredible financial talent in Dallas, I was shocked to be named the Midsize Private Company CFO of the Year,” said Herbert. “This is something for which I have strived my entire career and am honored to join the amazing group of finalists and past winners.”
2019 and 2020 were vastly different for FASTSIGNS International, Inc. In 2019, FASTSIGNS had a change in ownership and the team started tackling areas ranging from e-commerce to tech-enabled sales prospecting and AI-aided employee recruiting to further accelerate franchisees’ growth. In 2019, FASTSIGNS also saw continued growth in locations domestically and in places like Canada, the UK, Chile, Spain and Malta, continued growth in franchisee’s sales, and its first acquisition which closed out the year. While 2020 brought a number of challenges during the pandemic, the FASTSIGNS corporate team pulled together to support their franchisees in every way possible.
Herbert believes strongly that having fun at work is critical to personal and professional success. To help stay connected with the corporate team now working almost exclusively remotely, Herbert has faithfully sent an email every day to the team with funny stories, anecdotes or inspirational quotes. Cultivating that spirit wherever he goes, he has been successful as a CFO for NASDAQ listed companies, venture-backed companies, and several private equity backed companies, including FASTSIGNS. He is a graduate of SMU and a Texas CPA. In 2019, Herbert was named a Dallas Business Journal’s 2019 CFO of the Year honoree, and he has been a member of the Dallas Chapter of Financial Executives International for 15 years.
“I am thrilled that Ron was recognized as an award-winning CFO,” said Catherine Monson, CEO at FASTSIGNS International, Inc. and Chair of the International Franchising Association. “Ron’s knowledge, experience, humility, tireless determination and contagious positive attitude are an asset to our FASTSIGNS family. It’s been an honor to work alongside him these past several years, especially this year with all of its challenges, and I look forward to our partnership as we move optimistically into 2021 and beyond.”
About FASTSIGNS®
FASTSIGNS International, Inc. celebrates its 35th anniversary in business in 2020 as the leading sign and visual communications franchisor in North America, and is the worldwide franchisor of more than 735 independently owned and operated FASTSIGNS® centers in 9 countries including the United States and Puerto Rico, the United Kingdom, Canada, Chile, Grand Cayman, the United Arab Emirates, Malta, France and Australia (where centers operate as SIGNWAVE®). FASTSIGNS locations provide comprehensive signage and graphic solutions to help companies of all sizes and across all industries attract more attention, communicate their message, promote their products, help visitors find their way and extend their branding across all of their customer touchpoints.
FASTSIGNS has been ranked the #1 franchise opportunity in its category in Entrepreneur magazine’s Franchise 500 for the past four years, and in 2020, Entrepreneur magazine named FASTSIGNS the #1 franchise opportunity in its category and #55 overall on its annual Franchise 500® list, making it the only sign, graphics, and visual communications franchise to be recognized in the top 100. Entrepreneur also named FASTSIGNS a Top Growth Franchise for 2020. Additionally, Franchise Gator named FASTSIGNS to its Top 100 Franchises of 2020 list, and in 2019, FASTSIGNS was named to America’s Best Franchises to Buy list by Forbes magazine, and made Franchise Direct’s list of the Top 100 Franchises. FASTSIGNS has also received the Canadian Franchise Association Franchisees’ Choice for 8 consecutive years.
Franchise Business Review has recognized FASTSIGNS as one of the “Best of the Best” for franchisee satisfaction for the last 10 years, and FASTSIGNS was also included on its Top 50 Franchises for Women and Top Service Franchises lists in 2019. FASTSIGNS has been awarded for franchisee satisfaction for multiple years by Franchise Business Review, in addition to a 2019 Top Franchises for Veterans and a Top Franchise for Second Career by Franchise Business Review. In addition, FASTSIGNS was recognized by Franchise Business Review in its 2019 Top Franchises for Veterans report and was recently named a Top Franchise for Veterans by Entrepreneur in 2020.
In 2020, Fastsigns Holdings Inc. acquired GTN CAPITAL GROUP, LLC the parent company of NerdsToGo, an emerging IT services franchise brand. Learn more about sign and graphic solutions or find a location at fastsigns.com. Follow the brand on LinkedIn at linkedin.com/company/fastsigns, Twitter @FASTSIGNS or Facebook at facebook.com/FASTSIGNS.
Fast-Casual Salad Concept Plans for Further West Coast Development.
WEST CONSHOHOCKEN, Pa. — Saladworks, the national create-your-own salad concept, has been delivering a variety of salad options across the country for years to encourage originality, and the brand is laser-focused on expanding in the California market, due to the high demand for the healthy concept to align with active lifestyles. Saladworks has already signed five franchisee deals in the state, which will total eight restaurants to open in Thousand Oaks, San Francisco, Bakersfield, Fresno and Visalia, in addition to the newly unveiled Hollister location that opened two months ago.
Even with these existing deals already in place, Saladworks hopes to develop more California locations all across the state, and it’s currently finalizing several more franchisee contracts that’ll soon result in more than a handful of additional locations to open in 2021.
To fuel the planned growth in California, Saladworks is actively seeking qualified franchise partners, preferably individuals with business experience and/or franchise experience, and a passion for serving guests. Before stores open, the training program for franchisees is designed to teach them the fundamentals for efficient skills to run a successful restaurant and is completed locally. Franchisees learn the expectations and procedures in the four-week program through hands-on experiences covering all aspects of the business, such as food preparation, food offering, inventory management and opening/closing procedures.
“Since Saladworks has already branched out west and awareness of our brand is growing considerably, we’re seeing big-time demand for salads that promote active lifestyles and healthy eating that’s regarded so highly in California,” said Eric Lavinder, VP of Franchise Development. “We’re looking for more potential franchisees who are excited about our concept and want to join our health-focused family, those who can benefit from this expanding brand awareness in a less-penetrated state thus far.”
Already in 2020, Saladworks has grown by 32 restaurant locations with many more left to open this year. Currently it has more than 20 new deals in the pipeline for next year already. As the franchise furthers development, it looks to diversify in more non-traditional retail presences, such as universities, ghost kitchens, Military bases and grocery stores. Saladworks is always looking for new ways to help franchisees expand their business beyond traditional franchising.
Saladworks has been in business for more than 30 years and has always placed a focus on guest originality through its healthy and fresh ingredients and create-your-own options. Ranked number 22 among this year’s Top 100 Fast Casual Movers and Shakers, the brand is currently experiencing impressive growth due to a rise in health-conscious consumer behaviors and its unique avenues for expansion.
For more information about the Saladworks franchise opportunity, visit www.saladworks.com/franchise.
ABOUT SALADWORKS:
Founded in 1986, Saladworks is the nation’s leading fast-casual create-your-own salad destination, with over 100 locations across 18 states and two countries. Saladworks encourages guests to be original, giving them the option to choose from bowls or wraps with greens, grains or both, along with an array of fresh vegetables, fruits, proteins and delicious dressings. Ranked #22 on Fast Casual’s Top 100 Movers and Shakers in 2020, Saladworks has been delivering the most original and incredible salad experience to guests for more than 30 years. For more information, visit www.saladworks.com.
– Record third quarter revenues of $2.0 billion, an increase of 30.7 percent from last year
– U.S. same-store-sales up 28.9 percent; Acehardware.com revenues up 221 percent
– Record third quarter net income of $98.7 million, an increase of 63.1 percent from last year
– Accrued patronage dividend to shareholders of $263.8 million, an increase of 66.9 percent from the first nine months of 2019
– Ace ranked 5th in Franchise Times top 200
OAK BROOK, Ill. — Ace Hardware Corporation (“Ace” or the “Company”) today reported record third quarter 2020 revenues of $2.0 billion, an increase of $470.4 million, or 30.7 percent, from the third quarter of 2019. Net income was $98.7 million for the third quarter of 2020, an increase of $38.2 million from the third quarter of 2019.
“A 221% increase in our digital business and same-store sales growth of 28.9% fueled record revenue and earnings in an environment that continues to be very difficult and demanding for both our customers and our associates,” said John Venhuizen, President & CEO. “I want to genuinely thank the Ace team for their gutsy performance, their servant hearts and their exceptional fulfillment of their essential calling.”
The 28.9 percent increase in U.S. retail same-store-sales during the third quarter of 2020 reported by the approximately 3,300 Ace retailers who share daily retail sales data was the result of a 12.3 percent increase in same-store transactions and a 14.8 percent increase in average ticket. The heightened importance of both convenience and safety, coupled with the shift in consumer discretionary spending from sectors such as travel and entertainment into home preservation, have distorted demand and driven much of the growth within Ace stores in the U.S.
Revenues
Consolidated revenues for the quarter ended September 26, 2020 totaled $2.0 billion. Total wholesale revenues were $1.81 billion, an increase of $410.4 million, or 29.2 percent, as compared to the prior year third quarter. Wholesale merchandise revenues to new domestic stores activated from January 2019 through September 2020 contributed $50.7 million of incremental revenues during the third quarter of 2020, while wholesale merchandise revenues decreased $10.1 million during the third quarter due to domestic stores whose memberships were cancelled. Wholesale merchandise revenues to comparable domestic stores increased $365.1 million for the quarter. Increases were seen across nearly all departments with grilling, paint, and lawn and garden showing the largest gains. The Company’s Ace International Holdings, Ltd. (“AIH”) subsidiary had a $19.2 million decrease in wholesale revenue from the third quarter of 2019. This was primarily the result of a $17.5 million decline in sales to AIH’s two largest customers, both of which experienced extensive store closures during the quarter. Ace Wholesale Holdings LLC (“AWH”) had a $6.0 million increase in wholesale revenues versus the third quarter of 2019.
Total retail revenues for the quarter were $186.3 million, an increase of $60.0 million, or 47.5 percent, as compared to the prior year third quarter. Retail revenues from Ace Retail Holdings LLC (“ARH”) were $179.8 million in the third quarter of 2020, an increase of $58.8 million, or 48.6 percent, from the third quarter of 2019. The Westlake Ace Hardware (“Westlake”) chain experienced a 28.3 percent increase in same-store-sales while the Great Lakes Ace Hardware, Inc. (“GLA”) chain grew same-store-sales by 40.5 percent in the quarter. The eleven new California stores opened by Westlake in 2019 contributed $19.7 million of the increase. Westlake and GLA together operated 194 stores at the end of the third quarter of 2020 compared to 183 stores at the end of the third quarter of 2019. Retail revenues from Ace Ecommerce Holdings LLC (“AEH”) were $6.5 million in the third quarter of 2020. This was an increase of $1.2 million, or 22.6 percent, from the third quarter of 2019. New customer acquisitions drove the increase during the third quarter.
Ace added 43 new domestic stores in the third quarter of 2020 and cancelled 22 stores. The Company’s total domestic store count was 4,585 at the end of the third quarter of 2020 which was an increase of 57 stores from the third quarter of 2019. On a worldwide basis, Ace added 46 stores in the third quarter of 2020 and cancelled 29, bringing the worldwide store count to 5,403 at the end of the third quarter of 2020.
Gross Profit
Wholesale gross profit for the three months ended September 26, 2020 was $242.2 million, an increase of $58.9 million from the third quarter of 2019. The wholesale gross margin percentage was 13.4 percent of wholesale revenues in the third quarter of 2020, up from 13.1 percent in the third quarter of 2019. The increase in the wholesale gross margin percentage was due to the increased volume, which lead to higher vendor funds earned.
Retail gross profit for the three months ended September 26, 2020 was $86.7 million, an increase of $29.7 million from the third quarter of 2019. This increase was the result of the 48.6 percent increase in ARH revenues. The retail gross margin percentage was 46.5 percent of retail revenues in the third quarter of 2020, an increase from 45.1 percent in the third quarter of 2019. For ARH, retail gross profit is based on the Company’s wholesale acquisition cost of product, not ARH’s acquisition cost which includes a markup from the Company.
Expenses and Other
Wholesale operating expenses increased $26.1 million, or 19.8 percent, from the third quarter of 2019. The increase is due to higher distribution costs resulting from higher wholesale revenues and an increase in advertising expenses. As a percentage of wholesale revenues, wholesale operating expenses decreased to 8.7 percent of wholesale revenues in the third quarter of 2020 from 9.4 percent of wholesale revenues in the third quarter of 2019.
Retail operating expenses increased $10.9 million, or 21.4 percent, from the third quarter of 2019. This increase was primarily due to expenses related to the eleven new California stores and expenses incurred related to the pandemic. Retail operating expenses as a percentage of retail revenue decreased to 33.2 percent of retail revenues in the third quarter of 2020 from 40.3 percent in the third quarter of 2019.
Retail pre-opening expenses decreased $1.8 million due to expenses related to the eleven new California stores which opened in 2019.
Balance Sheet and Cash Flow
Receivables increased $87.0 million from the third quarter of 2019 due to higher sales volumes and an increase in vendor rebates receivable.
Inventories increased $122.9 million from the third quarter of 2019 due to the intentional build-up of cleaning supplies and other COVID-19 products as well as power tools to support increased demand.
Long term debt, including current maturities, decreased $294.8 million versus the third quarter of 2019. At the end of the third quarter, long term debt consisted of $6.6 million outstanding on the Westlake credit facility and $26.3 million owed to former retailers.
About Ace Hardware
Ace Hardware is the largest retailer-owned hardware cooperative in the world with more than 5,400 locally owned and operated hardware stores in approximately 70 countries. Headquartered in Oak Brook, Ill., Ace and its subsidiaries operate an expansive network of distribution centers in the U.S. and have distribution capabilities in Ningbo, China; Colon, Panama; and Dubai, United Arab Emirates. Since 1924, Ace has become a part of local communities around the world and known as the place with the helpful hardware folks. For more information, visit acehardware.com or newsroom.acehardware.com.
In 2020, Ace ranked “Highest in Customer Satisfaction with Home Improvement Retail Stores” according to J.D. Power, thirteen out of the last fourteen years.
Catherine Monson will share insight on The Culture of a Successful Franchise Brand.
CARROLLTON, Texas — Catherine Monson, CEO at FASTSIGNS International, Inc. and Chair of the International Franchising Association, will deliver the keynote at the International Franchise Association’s Emerging Franchisor Virtual Convention held November 18 and 19, 2020.
During her keynote, Catherine Monson will share insight into The Culture of a Successful Franchise Brand. She will highlight how to have a clear vision of the brand’s culture amid the current crisis, creating a culture of positivity and fortitude, the importance of a strong culture in place for growth, development and sustainability, using culture to communicate and also how to create a strong core culture.
The main focus of this two-day virtual event is to help emerging franchisors know what it takes in today’s real world to grow, protect and evolve an emerging franchise brand to the next stage of sustainability. Leading experts in franchising unite to share advice on everything from communication strategies to infrastructure and culture, reinvesting in the business, smart franchise sales and more.
“Assessing the health of a franchise brand means understanding the heartbeat of the brand, otherwise known as the culture,” said Catherine Monson. “I’m thrilled to speak with attendees about culture as the foundation for the future growth and success of a franchise brand and the brand’s franchisees in order to attract and keep customers coming back among a sea of competition.”
Additional speakers at the for the event include the following: Sam Ballas, President & CEO, East Coast Wings; Joe Lewis, President & CEO, Painting with a Twist, LLC: Paul Pickett, CFE and Chief Development Officer Wild Birds Unlimited, Inc.: Meg Roberts, CEO & President, The Lash Lounge; Tony Valle, CEO, College Pro. For more information on the event, visit the link here.
About FASTSIGNS®
FASTSIGNS International, Inc. celebrates its 35th anniversary in business in 2020 as the leading sign and visual communications franchisor in North America, and is the worldwide franchisor of more than 735 independently owned and operated FASTSIGNS® centers in 9 countries including the United States and Puerto Rico, the United Kingdom, Canada, Chile, Grand Cayman, the United Arab Emirates, Malta, France and Australia (where centers operate as SIGNWAVE®). FASTSIGNS locations provide comprehensive signage and graphic solutions to help companies of all sizes and across all industries attract more attention, communicate their message, promote their products, help visitors find their way and extend their branding across all of their customer touchpoints.
FASTSIGNS has been ranked the #1 franchise opportunity in its category in Entrepreneur magazine’s Franchise 500 for the past four years, and in 2020, Entrepreneur magazine named FASTSIGNS the #1 franchise opportunity in its category and #55 overall on its annual Franchise 500® list, making it the only sign, graphics, and visual communications franchise to be recognized in the top 100. Entrepreneur also named FASTSIGNS a Top Growth Franchise for 2020. Additionally, Franchise Gator named FASTSIGNS to its Top 100 Franchises of 2020 list, and in 2019, FASTSIGNS was named to America’s Best Franchises to Buy list by Forbes magazine, and made Franchise Direct’s list of the Top 100 Franchises. FASTSIGNS has also received the Canadian Franchise Association Franchisees’ Choice for 8 consecutive years.
Franchise Business Review has recognized FASTSIGNS as one of the “Best of the Best” for franchisee satisfaction for the last 10 years, and FASTSIGNS was also included on its Top 50 Franchises for Women and Top Service Franchises lists in 2019. FASTSIGNS has been awarded for franchisee satisfaction for multiple years by Franchise Business Review, in addition to a 2019 Top Franchises for Veterans and a Top Franchise for Second Career by Franchise Business Review. In addition, FASTSIGNS was recognized by Franchise Business Review in its 2019 Top Franchises for Veterans report and was recently named a Top Franchise for Veterans by Entrepreneur in 2020.
In 2020, Fastsigns Holdings Inc. acquired GTN CAPITAL GROUP, LLC the parent company of NerdsToGo, an emerging IT services franchise brand. Learn more about sign and graphic solutions or find a location at fastsigns.com. Follow the brand on LinkedIn at linkedin.com/company/fastsigns, Twitter @FASTSIGNS or Facebook at facebook.com/FASTSIGNS.
U.S. Army Veteran Wins Franchise; PJ’s Coffee Set to Open in Stockbridge.
STOCKBRIDGE, Ga. — PJ’s Coffee of New Orleans, a New Orleans-based coffeehouse that prides itself on their “southern hospitality” experience, the freshest products, and better beans with superior roasting technique, has awarded U.S. Army Veteran, Michael Adams, the winner of its annual Veteran Franchise License Giveaway.
PJ’s Coffee received more than 35 applications from veterans across the United States interested in becoming the next PJ’s Coffee franchisee winner. After a thorough interview process of all applicants, Adams was chosen as the lucky winner, becoming the third overall recipient of this giveaway. The two previous veterans to have been awarded franchises have seen great success in their communities and continue to fully immerse themselves in the brand.
Adams served in the U.S. Army for 22 years and has been a federal government employee for the past 14 years. In his free time, during active duty and as a civilian, Adams volunteers with the local youth by coaching little league teams, both here in the states and overseas. Adams’ military experience, mixed with his love for giving back to the community, is what makes him the ideal PJ’s Coffee franchisee.
“I am so grateful for the opportunities to serve my country and all that they have taught me. However, I’m looking forward to this next chapter in my life,” said Michael Adams, the 2020 giveaway winner. “Being born and raised in Louisiana, I couldn’t think of a better business to get involved with. This endeavor isn’t just for me, but it is to support my family and allows me to get further involved in my community.”
Interested veterans should visit www.pjsfranchise.com/vets/ to enter their contact information and receive a franchise brochure. Once received, they will need to submit a one-minute video explaining how military service has prepared them to be a PJ’s Coffee owner. Next year’s application is now open and will run through January 31, 2021. The winner will be announced in February 2021.
“We are looking forward to working with Michael and welcoming him into our franchise system as the third winner of PJ’s Coffee’s franchise license giveaway. There are certain characteristics we look for in franchisees, and Michael checks every box,” said Ryan Stansbury, PJ’s Coffee Vice President of Franchise Development. “We have no doubt that Michael will proudly serve his community and exceed all of their expectations.”
PJ’s Coffee serves a wide variety of iced, hot, cold brew, frozen and nitro-infused coffees using only the top one percent of Arabica beans. Pioneered by Founder Phyllis Jordan, PJ’s famous iced coffees are brewed daily using a unique, cold-drip process that protects the flavor and strength of the high-quality beans while producing a coffee that is two thirds less acidic. The coffeehouse also serves organic tea and fresh breakfast pastries.
A prospective franchisee can expect a total investment range between $190,775 – $391,000 for non-traditional franchise units and $200,775 – $582,000 for traditional units. The operating model and menu are adaptable to any environment with different options including kiosks and free-standing locations with a drive-thru, ranging from a few hundred square feet up to 2200 square feet. PJ’s Coffee offers a proven franchise structure with strategic corporate support.
For more information about PJ’s Coffee franchise opportunities and to request your free franchise information booklet, please visit www.pjsfranchise.com.
ABOUT PJ’S COFFEE
PJ’s Coffee of New Orleans was founded in 1978 by Phyllis Jordan, a pioneer in the coffee industry. The coffeehouse was acquired by Ballard Brands in 2008 which was spearheaded by brothers Paul, Scott and Steve Ballard. The New Orleans-based coffeehouse demonstrates that better beans, superior roasting techniques, and pure passion for the art of coffee-making matter. The brand serves a wide variety of hot, iced and frozen coffee beverages using only the top one percent of Arabica beans, as well as organic tea and fresh breakfast pastries. With 42 years as an established brand, it continues to remain an authentic coffeehouse with a New Orleans spirit. PJ’s Coffee has 117 locations open and operating nationally and internationally.