US: Glacier Water Services losses rise in H1
Glacier Water widened its net loss in the period
Glacier Water Services has seen its net losses worsen in the first six months of the year.
In the period to 4 July, the US-based company made net losses of US$1.7m compared to losses of $1.4m in the prior year, the firm announced yesterday (10 August). Operating profits also dropped, to $2.6m from $2.8m in the comparable period of last year, while net sales edged up to $48.48m.
In the second quarter, net profits slid to $76,000 from $77,000, while operating profits increased to $2.2m versus $2.1m in the prior-year period. Sales in the quarter decreased 0.7% to $25.4m.
Brian McInerney, CEO of Glacier Water, said: “Revenues were impacted in the second quarter by the volume-per-store reduction from replacing some mature stores with new and ramping locations, coupled with below-average temperatures in many parts of the country.”
Click here to view the full earnings release.
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