US: Craft Brew Alliance reports Q1 net loss as sales slump
- Q1 net losses of US$1.77m
- Net sales in three months to the end of March fall by 4.9% to $36.6m
- Operating loss of $2.82m
- Group confirms FY guidance of "meaningful" rise in sales and profits
Craft Brew Alliance has reported a loss in its first quarter
Craft Brew Alliance has fallen into the red in the first quarter of 2013 but has said the results are in line with its expectations.
Net losses in the three months to the end of March hit US$1.77m, against a net profit of $698,000 the prior year, the Pacific north-west brewing alliance said late yesterday (8 May). Sales in the period fell by 4.9% to $36.6m.
Operating losses came in at $2.82m in the three months, after operating profits of $1.33m in 2012's Q1.
The group, formed in 2008 through the merger of Widmer Brothers Brewing and Redhook Ale Brewery, said the drop in net sales was expected as it "optimised" its supply chain processes in the quarter to "align" with the seasonality of its sales.
Looking ahead, CEO Terry Michaelson, said: "We are reconfirming that we expect meaningful growth in both revenue and earnings in 2013 resulting from the overall strength of our portfolio strategy, operating expense leverage and SG&A leverage."
He added: "The next phase of our portfolio strategy is focused on leveraging our recent investments, brand momentum and breadth, together with geographic expansion to deliver improved sales and profit growth."
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