US: Castle Brands cuts losses, sales rise

By | 16 February 2010

Castle Brands, the international spirits and fine wine group, has cut losses and increased sales in the first nine months of its fiscal year.

Net losses for the nine months to the end of December 2009 fell to US$1.3m, against $12.7m in the same period of the previous year, said Castle Brands today (16 February).

Net sales for the nine months rose to $22.1m, from $20.2m a year earlier.

The group, which owns Gosling's rum and Jefferson's Reserve Bourbon, said it cut losses in third quarter to $237,000, from $2.2m in the prior year.

"Our continued focus on improving margins and controlling expenses moved us closer to profitability this quarter," said Castle president and CEO Richard Lampen.

Chief operating officer John Glover added: "Our Bourbon sales continued to grow during the quarter. To support future growth, we acquired in December 2009 a rare stock of aged Bourbon to provide us with a guaranteed supply for our Jefferson's and Jefferson's Reserve very small batch Bourbons."

Third quarter net sales rose to $7.5m, from $6.9m a year earlier.

For the full announcement, click here.

Sectors: Spirits, Wine

Companies: Castle

View next/previous articles

Currently reading -

US: Castle Brands cuts losses, sales rise

There are currently no comments on this article

Be the first to comment on this article

Related articles

US: Castle Brands losses deepen in Q1, signs Drink Pie deal

Castle Brands has reported heavier losses in the first quarter of its fiscal year, as unfavourable currency offset a rise in sales.

Marketing Brief - Promoting a Pint

In this month's marketing brief, marketing analyst Cream Global considers the marketing of beer during the World Cup.

SOUTH AFRICA: World Cup set to save SABMiller unit's Q1 volumes

SABMiller sold more beer than it expected in South Africa during the FIFA World Cup, helping to offset difficult conditions for the brewer's local subsidiary in its first fiscal quarter.

just-drinks tagline

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page