Canadian frozen desserts maker CoolBrands International has issued earnings guidance for its full year, saying results were adversely affected by cool summer weathaer.
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The company, whose brands include Dreamery, Godiva and Eskimo Pie, said it expects earnings for the full year to 31 August to be in the range of 90 to 97 Canadian cents per share. Revenues are expected to be around C$650m (US$500m). Last year the company reported earnings per share of 59 cents, on revenues of $357.3m.
“This guidance reflects a year-over-year improvement driven primarily by increased sales of prepackaged consumer products resulting from acquisitions, new licensing agreements and internal growth,” said David Stein, president and co-chief executive officer.
“At the same time, during the fourth quarter our results were adversely affected by write-offs incurred in connection with the non-renewal of the license agreement for the Weight Watchers trademark and costs incurred in the associated litigation, the effects of higher retail prices on demand across the ice cream and frozen novelty segments and an unseasonably cool summer,” Stein added.
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By GlobalData
