MINILUXE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2023.

Reported figures in U.S. Dollars

Announces Continued Double-Digit Growth in Revenue and Gross Profit

Toronto, Ontario, May 31, 2023 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 13 weeks ended April 2, 2023 (“Q1 2023”). The fiscal year of MiniLuxe is a 52-week reporting cycle ending on the Sunday closest to December 31, which periodically necessitates a fiscal year of 53 weeks. FY2022 consisted of a 53-week period while all other fiscal years referred to in this release consist of 52-week periods. All quarters referred to in this release consist of 13-week periods. Unless otherwise specified, all amounts are reported in U.S. dollars.

MiniLuxe is pleased to announce continued double-digit growth in year-over-year (“YOY”) revenue and YOY gross profit demonstrating resiliency despite a challenging macro-economic backdrop. Q1 2023 revenue increased 18% versus Q1 2022 at $5.2M (all figures in US$ unless otherwise noted). Same-studio revenue hit a record level in Q1 2023, while demonstrating 21% growth on 2019 revenue (pre-COVID comparable) on a like-for-like basis of MiniLuxe on-premises fleet studio units open in 2019 vs those open in 2023. Overall growth of MiniLuxe’s most loyal customer base (those returning at least 20 visits or more per year) grew 37% versus the same period prior year.

Q1 2023 gross profit of $2.2M increased 16% vs. Q1 2022 – the Company views gross profit dollar growth as a key indicator of MiniLuxe’s positive trajectory towards long-term profitability. The MiniLuxe fleet of core studios continued to lead the business, accounting for 94% of revenue in the period, and the Company remains keenly focused on continuing to drive the full potential of the economics of these studios while expanding and scaling its omni-channel offering for the self-care industry.

Key to MiniLuxe’s current and future success is the continued growth, development and scaling of the MiniLuxe Talent Ecosystem of licensed and certified nail designers and waxing specialists. Beauty professionals who are part of MiniLuxe’s Talent Ecosystem are empowered to choose a well-defined career path tied to increasing economic earning power while also having flexibility of where, when, and how they will work. Expanding and growing the size and breadth of MiniLuxe’s Talent Ecosystem and continuing to make investments in the technology platform to serve as the infrastructure-as-a-service and marketplace for these designers are key strategic imperatives for 2023.