US: Castle Brands cuts Q1 losses

By | 15 August 2008

Castle Brands cut losses by 16% in the first quarter, thanks to cost savings and a focus on key spirits brands, it has announced.

The US-based premium spirits importer and marketer reduced losses by US$0.7m to $3.8m for the three months ended 30 June, it said yesterday (14 August).

Castle president Donald Marsh used the performance as evidence the firm was making progress in its mission to become profitable. Full-year losses for its 2007/08 financial year had deepened to $27.6m, from $16.5m a year earlier.

Donald said: "Our first quarter results are in line with our plan to focus our sales and marketing efforts on our most profitable brands. We continue to aggressively cut and control costs and expect to continue to promote efficiency in the company as we concentrate on our goal of achieving profitability."

Castle increased net revenue by 5% to $5.9m for the quarter, while selling expenses fell by almost a fifth, due to restructuring and lower advertising spend, the firm said.

Its transition to a new distributor in the Republic of Ireland sent international case sales down 33%, however, added the group, whose portfolio includes Boru vodka, Gosling's rum and Limoncello.

Sectors: Spirits

Companies: Castle

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