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.
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