US: Q1 losses leap at Drinks Americas despite soaring sales
Drinks Americas has posted an increase in net losses for its first quarter, despite a strong leap in sales.
The Connecticut-based drinks marketer, which handles Trump Super Premium Vodka and Newman's Own Sparkling Fruit Juices, said yesterday (17 September) that net loss for the three months to the end of July leapt to US$1.6m from $0.8m in the corresponding quarter a year earlier. The company saw selling, general and administrative expenses climb markedly in the quarter, up to $1.9m from $865,510 a year earlier. The increase was blamed mainly on the final Trump Super Premium Vodka one-time launch costs.
Sales for the quarter, however, soared by 289% year-on-year, coming in at $1.3m.
"We continue to build tremendous momentum in our markets," said Drinks Americas president and CEO J. Patrick Kenny. "As a result, we continue to achieve year-over-year record revenue as we drive the value of our premium icon brands. The launch of Trump Super Premium Vodka has been a dramatic success, as has Newman's Own Sparkling Fruit Juices and Water as we expand nationally. Our results are beginning to reflect the opportunity we now have to put the capital we raised earlier in the year to work, fuelling our growth."
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