US: Primo Water losses grow in Q3
Primo Water made net losses of US$5.9m in Q3
Primo Water has seen its net losses rise in the third-quarter but said it sees "positive" trends in the sale of its dispensers looking ahead.
For the three months to the end of September, net losses amounted to US$5.9m, compared to a net loss of $2.8m in the prior-year period. The figure included a non-recurring charge of $2.3m in connection with the company's IPO, the home, office, delivery (HOD) water firm said yesterday (7 December).
Total net sales for the period plunged by 25.3% year-on-year for the quarter, to $10.9m.
"We did see a significant sales decline in our product business, which we anticipated, as retailers continued to reduce their inventories of our water dispensers to make room for our new product line," said Billy Prim, Primo's president and CEO. "Nevertheless, we continue to see positive trends in consumer sell-through of our dispensers, reflected in the 15% year-to-date sales increase over the same period last year."
Looking ahead, Primo said it is targeting an additional 5,000 to 6,000 retail locations in 2011.
Click here to view the full earnings release.
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