US: Castle Brands losses widen despite H1 sales lift
- H1 net losses widen by 264% to US$5.2m
- Net sales up 10% to $22.08bn
- Operating losses narrow 48% to $663,540
Castle Brands is undergoing a strategic review
Castle Brands has widened its H1 losses despite an upturn in net sales.
Net losses grew by 264% to US$5.2m in the six months to the end of September, the New York-based company said today (13 November). Net sales were up 10% to $22.08bn in the same period while operating losses narrowed 48% to $663,540.
Second-quarter net losses also widened, from $703,000 to $4.1m while Q2 sales increased by 13% to $11.7m.
Most of the losses were caused by a heavier net change in fair value of warrant liability, which sunk from a gain of $71,279 in H1 last year to a $4m loss in this year's H1.
Management was optimistic, praising “very strong growth” in core brands, including Gosling's rum and Jefferson's Bourbons and rye whiskies.
In Q2 Gosling's Stormy Ginger Beer case sales increased 48.8% to around 110,000.
Castle Brands has launched a strategic review committee to help improve the company's growth. The committee will be lead by Sergio Zyman, the former Coca-Cola Co CMO, who joined Castle Brands' board of directors this year.
Castle Brand's share price was trading up 2.8% on the New York Stock Exchange at noon today.
To read the company's full statement, click here.
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