Premium chocolate producer and franchisor Rocky Mountain Chocolate Factory has reported an 8% increase in first-quarter sales to US$7.3m.
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Net earnings for the three months rose by 11% to $1.03m, with basic earnings per share growing by 13% to $0.17.
Rocky Mountain said that same-store sales at franchised retail outlets rose by 1% in the quarter. However, same-store volumes of confectionery products purchased from the company’s factory by franchisees fell by 9%. Total retail sales at the company’s network of stores rose by 6% to $26.0m.
“We are pleased to report another quarter of record earnings, particularly in light of the fact that net income in the first quarter of last year was 24% higher than in the prior-year period,” said chief operating officer and chief financial officer Bryan Merryman. “Franchisees opened four new stores during the most recent quarter, and approximately 8 to ten new stores are currently scheduled to come on line during the second quarter.”
Merryman added that the company remained “comfortable” with its guidance for full-year earnings to rise by 15% to 20% from the previous fiscal year.
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By GlobalData
