US: Castle Brands sales jump helps slow nine-month losses
- Nine-month net losses fall by 49% to US$1.9m
- YTD net sales up by 20% to $30.6m
- Operating losses cut by 41% to $1.7m
- Q3 net sales jump 22% to $10.6m
Castle Brands has reported a further drop in losses
Castle Brands is continuing its improved performance after reporting a drop in nine-month net losses, boosted by a strong performance from its spirits brands.
Net losses in the nine months to the end of December fell by 49% to US$1.9m, the New York-based spirits and wine group said late last week. Sales in the period jumped by 20% to $30.6m, while operating losses were cut by 41% to $1.7m.
In Q3, net losses fell by 62% to $0.48m, as sales leapt by 22% to $10.6m. Operating losses in the three months were cut by 44% to $0.4m.
The company flagged a strong performance from its Jefferson’s Bourbon and rye range, as sales from whiskey were up 66.4% in the third quarter.
Gosling's Stormy Ginger Beer case sales rose by 79.7% to 55,074 cases, the company said.
“Castle Brands continued to deliver on the key elements of our plan,” said Richard Lampen, Castle's president & CEO. “Case sales and revenues from our spirits brands increased strongly for the quarter and the year-to-date, well ahead of industry average. Cost containment continued to cause our operating margins to improve.”
The company announced a similar drop in losses in its first-half in November.
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