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.
The Future of the US Alcoholic Drinks Packaging to 2017
The Future of the US Alcoholic Drinks Packaging to 2017 is a data only report providing extensive and highly detailed time series consumption data on primary and outer packaging in the market...read more
To the casual observer, it was a sweet moment - the campaign director for a high-profile anti-sugar group delivering a fire-brand sermon to the massed ranks of the UK soft drinks industry....
The Coca-Cola Co (TCCC) is the leading player in both soft drinks and in HW soft drinks. The company’s strength is based on its diversity of category presence from HW carbonates to RTD tea and bottled...
Ray Rowlands, of Drinksinfo Ltd, explores medicinal water, a segment of the bottled water category that, whilst offering undeniable health benefits, has been largely rejected by the global consumer....
The Coca-Cola Company slightly underperformed the world’s soft drinks market amid the recession in Western Europe and slow economic recovery in the US. It is actively expanding in low calorie carbonat...
"Castle Brands Inc. : Consumer Packaged Goods - Company Profile, SWOT & Financial Report" contains in depth information and data about the company and its operations. The profile contains a company ov...
Consumption of fruit/vegetable juice declined in 2012 in both the off-trade and on-trade channels. Off-trade volume sales of fruit/vegetable juice fell by 5% in 2012; a third consecutive year of decli...
- Interview - Bacardi global marketing boss, whisky
- Comment - Hybrid Spirits: Innovation or Laziness?
- Has Coca-Cola Jumped From Frying Pan to Fire?
- Constellation grapples with glass as reality bites
- Brewers Feel Prolonged Russian Winter
- Mast-Jägermeister targets UK off-trade boost
- Diageo doubles intake for spirits start-ups scheme
- Second senior exec to depart Bacardi
- Portman finds against Diageo "mix it up" tagline
- Diageo appoints head for Asia marketing unit