Toronto-based manufacturer of ice creams and frozen snacks CoolBrands has reported a quarterly net loss of CND11.8m (US$10.4m), on the back of rising costs and melting sales of its frozen desserts.
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The company announced yesterday (17 July) that revenues in the third quarter ended 31 May increased by 3.7% on the same period last year, rising to CND95.5m.
However, gains were diminished by rising costs – the cost of goods sold increased to CND93.8m from CND90.4m and selling, general and administrative expenses were up marginally to CND13.5m.
Commenting on the results, David J. Stein, president, CEO and co-chairman of CoolBrands said: “Negative results were driven by continued declines in our frozen desserts business, underscoring our need to refocus our brand portfolio on more appealing and strongly differentiated brands and products. Our new product initiatives this year, which began showing up on store shelves in the third quarter, reflect that strategy. Meanwhile, our other three operating segments, including our Breyer’s Yogurt business, showed stable revenues and profitability.”
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By GlobalData
