Reign Sapphire Corp. Reports First Quarter 2018 Results
Reign Sapphire Corporation
May. 16, 2018
LOS ANGELES, CA, May 16, 2018 (GLOBE NEWSWIRE) -- Reign Sapphire Corp. (OTCQB: RGNP) ("Reign" or the "Company"), a direct-to-consumer, custom and branded jewelry company, is pleased to provide a summary of first quarter 2018 results.
Net revenues increased by 1.6%, to $273,250 for the three months ended March 31, 2018 from $268,926 for the three months ended March 31, 2017.
Cost of Sales
As a percentage of revenue, cost of sales was 30.2% and 28.3% resulting in a gross margin of 69.8% and 71.7% for the three months ended March 31, 2018 and for the three months ended March 31, 2017.
Strategic Marketing Optimization
Management continues to focus on improving gross margins, expanding into new markets and introducing new products. As previously reported, in Q1 2018, repeat customer purchases increased from 24.02% in Q1 2017 to 38.94%, improving the lifetime value of our customers which is key to our growth strategy.
We are on schedule to launch our completely revamped online shopping experience on May 31, 2018. Our new website which will be accessible in English and Spanish is built on a highly customizable and scalable Shopify Plus platform. Shopify Plus platform, will enable us to regionalize and customize our shopping experience in 10 regions and in multiple languages. Our current key markets are the US, Canada, Australia, UAE and Mexico.
About Reign Sapphire Corp.
Reign Brands operates through four key divisions: Reign Sapphires, which offers ethically produced, millennial-targeted sapphire jewelry; Coordinates Collection, a provider of custom jewelry inscribed with location coordinates to commemorate life’s special moments; and Le Bloc, which offers classic customized jewelry and the athleisure jewelry brand, ION Collection.
For more information visit www.ReignSC.com
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation ("Reign" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although Reign's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2017, which is available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
Reign Sapphire Corp. 213-457-3772 firstname.lastname@example.org