CANADA: CoolBrands sees significant growth from new products
Canadian frozen dessert maker CoolBrands International has said it expects its new product lines to boost its sales and profits.
The company said it now has a 26% share of the US$657m US diet frozen novelty sector, which it said is the fastest growing snacks category in the US. CoolBrands expects its market share to expand to 36% of an estimated $1.1bn market by 2005, reported Reuters.
CoolBrands, which recently reached a deal to make sell and distribute Atkins Endulge low-carbohydrate ice cream products, expects a net profit of C$31.4m (US$23.3m) on revenues of C$356m in fiscal 2003. Analysts expect a net profit of C$58m on C$730m in revenues in fiscal 2004.
"The 2004 numbers were published before the Atkins deal, and (the deal) suggests very significant growth in next three to five years. Atkins will be incremental (to our results)," David Stein, president and co-chief executive, was quoted by Reuters as saying.
The company also plans to launch in December a line of frozen breakfast products under the Yoplait brand in the US.
Sectors: Ice cream
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