US: Hansen denies sales wrongdoings
Hansen Natural Corporation has hit back at what it has called "unfounded speculation", and said it offered no unusual incentives, return rights, or extended credit terms to Dr Pepper/Seven Up.
In a statement, Hansen said that the level of business conducted with Dr Pepper/Seven Up has increased substantially, primarily due to the increased sales of Monster Energy drinks throughout the year, combined with increased territory allocated to this customer group from time to time.
However, it added that Hansen did not extend to this customer group, or to any of its customers, either return rights or other incentives out of the ordinary and regular course of business and rejects any suggestion that this customer group or indeed any other customers were persuaded or encouraged to purchase more product than they may have under normal circumstances.
"No extended or different credit terms were granted to this customer group," a statement said. "Any assertion or innuendo to the contrary is untrue. The company has always followed and will continue to follow appropriate accounting and business practices, and its recently filed Form 10Q conforms with generally accepted accounting principles."
The statement went on to say that promotional expenditures incurred in the quarter were deemed appropriate by management given prevailing market conditions and the competitive environment.
"In the ordinary course of its business, the company incurs and will continue to incur promotional expenditures that it believes are appropriate in the circumstances based on market conditions and the anticipated actions of competitors, without regard to the possible impact thereof on quarterly reporting," the statement said.
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