CANADA: Losses narrow in Q3 for Leading Brands
Leading Brands has posted a slowing of net loss in its third quarter, despite a slide in sales in the period.
The Canada-based soft drinks company said today (14 January) that net loss for the three months to the end of November came in at US$465,239, compared to a net loss in the corresponding period a year earlier of $1.6m. Net sales slowed, however, down to $5.4m from $7.4m.
The company blamed the 20% reduction in the value of the Canadian dollar against the US over comparative quarters, reduced sales in the US due to "a more difficult economic climate" and lesser bottled water sales in Canada for the sales dip.
Factoring in foreign exchange translation adjustment, however, Leading Brands delivered a worsening "comprehensive" loss in the quarter of $2.5m from $617,513 in Q3 2007/08.
For the nine months to the end of November, net sales slowed less dramatically, to $21.4m from $24.2m, with net loss dropping to $1.1m from a net loss of $3.3m a year earlier. "Comprehensive" loss leapt, however, to $4.4m from $998,692, thanks, again to foreign exchange translation adjustment.
Among the soft drinks in Leading Brands' portfolio are TrueBlue Blueberry Juice, Die Hard Sports Energy Drink and Caesar's Cocktails.
Frucor Beverages, the Australasian drinks group owned by Japan's Suntory, has signed a deal to acquire New Zealand fruit drinks firm Simply Squeezed Holdings....
Red Bull has succeeded in its request for a probe by the US International Trade Commission into grey market imports of the energy drink into the US....
The Pepsi Bottling Group has agreed a multiyear agreement to distribute Rockstar Energy Drink in Mexico....
US-based soft drinks company Reed's has entered into a sale-leaseback transaction on two buildings in Los Angeles for an undisclosed amount in a bid to cut debt....
Several countries have said that they are examining cans of Red Bull drinks for traces of cocaine, as the Austria-based energy drinks group attempts to stem a growing backlash against its products....
The top ten stories published on just-drinks this week:...
Energy drink producer Red Bull has said Hong Kong authorities that have reportedly found traces of cocaine in its beverages are "confused"....
Coca-Cola Amatil has said that it expects high single-digit profits growth for the first half of 2009....
- Brown-Forman's march on premium whisk(e)y -Comment
- Will US consolidation leave craft alcohol exposed?
- Are consumers getting tired of consuming?
- Where does AB InBev see the future of beer?
- Should Boston Beer Co put up the For Sale sign?
- Brown-Forman to buy BenRiach Distillery Co
- AB InBev snaps up Italy's Birra del Borgo
- Smirnoff Ice Electric flavours - NPD
- Bacardi rolls out new global Martini ad - video
- Brown-Forman appoints new GTR marketing head
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Consumer and Market Insights: Wine Market in China
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Emerging Drinks Industry Trends