Shares in US organic food group Hain Celestial were down at the close of trading in New York last night (25 August) after the company booked a US$25m annual loss.
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The Celestial Seasonings and Rice Dream maker posted a net loss of $24.7m for the year to 30 June – against net income of $41.1m a year earlier.
Hain also reported an operating loss of $8.7m compared to operating income of $76.8m in its fiscal 2007/08 year.
Annual sales, however, were up 7.4% at $1.14bn, although fourth-quarter revenues fell, dipping 5.6% to $262.7m.
“Our business demonstrated solid performance with growth from our United States and Canada operations in a tough economy,” president and CEO Irwin Simon said.
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By GlobalDataHain’s shares stood at $18, down 1.3%.
Click here for the full statement from Hain Celestial and check back soon for further comment from the company’s management on the conference call.
