ONSITE CATERING & EVENTS

The National Kidney Foundation returned to Chandlery to host a kick-off breakfast meeting for their annual walk-a-thon fundraising event. We also introduced two new Genentech groups to Chandlery at the Shore.

Sales: Sales for the four-week period totaled ~$71.8k with a weekly average of ~$14.4K. We are still being impacted by the cold and rainy weather we experienced in week 1-3. The tenants are still strongly gravitating to the new weekly specials due to the added variety and lower price point, and we are continuing to see reduced numbers from JNJ and Graphite Bio due to their layoffs in February and March. We are still unable to maximize on revenue for meeting room bookings due to the construction noise caused by the BMS remodel. Estimated losses in space rental revenue this period is approximately ~$7K in revenue.

COGS: Cost of goods came in at 28.4% against the budgeted 24%. This was largely due to the low sales and dip in tenant numbers in week 1-3 due to the extreme weather. While the Cost of Goods percentage was higher than forecasted, the operation spent $11K less than was budgeted. Management worked to reduce purchases where possible to reduce COGs where possible.

Labor: Labor came in $22.8K under budget this period. Management has continued to aggressively cut labor whenever possible while still offering all services to the tenants. Currently Chandlery has one chef and one manager dedicated to the unit to minimize cost.

Other Expenses: Total other expenses were 28.2% of revenue, but $5k under what was budgeted. The high percentage is due to the lower sales, as well as $1k in marketing charges to advertise Chandlery on the Knot and Wedding Wire for a wedding venue. Other expenses included vendors, POS equipment, software, licenses, insurance, and culinary garden maintenance.

Total Losses: Total losses were ~$67.4k against budgeted losses of ~$43.7k. The largest contributing factor is the missed revenue that the meeting room is not capturing. The extreme weather caused us to close for happy hour 3 days this month which saved approximately $1.5K in labor.