Pacific Ventures Group's March 2021 Revenue Expected at $2.7 Million, a 46% Increase over March 2020

Rhea-AI Summary

Pacific Ventures Group, Inc. (PACV) reported a revenue of $2.7 million for March 2021, marking a 46% increase from March 2020. The company attributes this growth to lifting restrictions in California, leading to a surge in sales. CEO Shannon Masjedi highlighted an expanding customer base and increased order sizes as key factors in this growth. The first quarter earnings results are expected in mid-May, with hopes to approach previous records of $3.0 million achieved in May 2020.

Positive

• March 2021 revenue reached $2.7 million, a 46% increase year-over-year.
• The company noted a growing customer base and larger orders.
• Potential for further growth as key customers return post-COVID.

Negative

• None.

Sales Ramping as Restrictions Lift in California

LOS ANGELES, CA / ACCESSWIRE / April 21, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, announced today that the Company generated $2.7 million revenue in the month of March 2021. As California continues to lift restrictions, the Company is seeing an increase in sales, as demonstrated by this 46% growth over March 2020.

Pacific Venture Group's first quarter ended March 31, 2021 earnings results are expected to be released in mid-May.

Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are very pleased with our March results, which are nearing our highest monthly revenue record of $3.0 million achieved in May 2020. We were able to increase our overall customer base and increase the order size of the current customers. Our successful transition into an expanding customer base and the eventual return to normalcy of our two largest customers, who accounted for approximately 10-20% of our sales in 2019, but have been on pause due to Covid-19, puts us in great position for further growth in 2021 and beyond. We look forward to reporting our official first quarter 2021 results for the three months ended March 31, 2021 in mid-May."

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/641493/Pacific-Ventures-Groups-March-2021-Revenue-Expected-at-27-Million-a-46-Increase-over-March-2020

FAQ

What was Pacific Ventures Group's revenue for March 2021?

Pacific Ventures Group reported a revenue of $2.7 million for March 2021.

How much did Pacific Ventures Group's revenue increase in March 2021 compared to March 2020?

The revenue increased by 46% in March 2021 compared to March 2020.

When will Pacific Ventures Group release its first-quarter earnings results?

The first-quarter earnings results are expected to be released in mid-May 2021.

What factors contributed to the revenue growth for PACV in March 2021?

The revenue growth was attributed to lifting restrictions in California, an expanding customer base, and increased order sizes.