USA: Hain Celestial full year sales, income up
Natural and organic food company Hain Celestial has reported increased sales and income for the year ended 30 June 2005, although final quarter income was hit by the costs of a rationalisation programme.
Net sales for the year reached $620.0m up from the previous year's sales of $544.1m. Net income was $21.870m, compared with $27.008m the previous year.
Sales for the final quarter were $151.349m, compared with $137.351m last year, while the company made a loss of $2.688m, compared with a $5.080m profit in the final quarter last year.
"In fiscal 2005 we were able to continue to grow our business by leveraging our strengths to meet growing consumer demand for natural and organic products," said president and CEO Irwin D Simon. "Strong execution of our business strategy and sales and marketing programs increased sales by 14% and increased our net income per share, excluding charges, by 20% for the year. We are particularly proud to have accomplished this in an operating environment of warehouse consolidations and inventory reductions by our primary distributors, coupled with rising input costs for the natural and organic ingredients used in our products and soaring fuel and transportation costs,"
During the fourth quarter the company recorded its previously announced $11m stock keeping unit (SKU) rationalization charge effectively bringing the total charge for the entire fiscal year 2005 to $12.2m. Also impacting the fourth quarter was the previously announced stock compensation charge of $3.9m resulting from the acceleration of the vesting of employee stock options.
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