USA: Fuel costs trigger Golden Enterprises Q1 loss
Snack maker Golden Enterprises has reported a move into loss for the first quarter ended 2 September 2005, because of the effect of increased fuel costs.
Net sales were $26.03m, compared with $24,77m in the equivalent quarter last year. But the company reported a loss of $64,242, compared with a profit of $118,175 in the year earlier period.
During the first quarter, gross margins increased $59,894, or 1%, compared to the prior year quarter. Higher sales volume and improvement in pricing continues to offset promotional spending.
Selling, general and administrative expenses increased $416,074, or 4%, due to substantial increases in fuel cost, the company said.
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