Edible Arrangements Franchise Named number 4 on Inc.'s 2006 Top 500 List
Posted on: 30/08/2006
Inc. Magazine has announced the Top 500 fastest growing companies to be featured in the September 2006 issue. Edible Arrangements, the leading purveyor of exquisite, hand-sculpted, fresh fruit "bouquets," was named the #4 company on Inc.'s 2006 Top 500 list, a list celebrating the fastest-growing privately held businesses in America.
According to Inc., Edible Arrangements was selected in the top five and growing because it taps into three industries experiencing fast growth: fresh fruit, gifts and specialty foods. Edible Arrangements is the only retail franchise in the top 25 fastest growing companies.
Convinced he had a winning concept back in 2002, Tariq Farid, CEO and founder of Edible Arrangements, told Inc. Magazine that he was aiming to open 30 franchises in the next five years. Less than four years later, he has nearly multiplied that projection by 20. The company recently announced the signing of their 500th store.
"We are honoured and ecstatic to be ranked in the top five fastest growing companies on this list," says Tariq Farid. "We have a passion for this wonderful business and it is clear that others feel the same way.
Edible Arrangements began in 1999 with a single store in East Haven, Conn., followed by the opening of the first franchise store in 2001. Now they are one of the nation's fastest-growing franchise systems, consisting of over 540 Edible Arrangements signed franchise stores across the U.S. and Canada, and in Puerto Rico and England. Stores are opening at the rate of eight stores a week with projections of reaching the 1000 store mark by early 2007.
In 2005, stores in business for 12 months had an average of $453,825 in sales. Edible Arrangements companywide sales for 2005 were $40.5 million. 2006 year to date companywide sales are $54.8 million, up from $21.2 million for the same period in 2005, an increase of over 155%
"Our growth plan has accelerated significantly from our initial goal in 1999 which was to open 30 stores over five years," said Tariq Farid, CEO. "The concept grew faster than expected, causing us to surpass that number and revise our plan to target 1,000 stores in 6 years with the launch of franchises across the U.S. and internationally."
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