US: Castle Brands sales jump helps slow nine-month losses
By James Wilmore | 20 February 2013
- 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
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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.
Expert analysis
The Future of the Spirits Market in the US, to 2016
Future of the Spirits Market in the US, to 2016 is the result of Canadean’s extensive market research covering the Spirits market in the US.
Sectors: Company results, Spirits, Wine
Companies: Castle
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