US firm Inventure Foods has booked a drop in earnings in the first nine months of the year.
Net income dropped 9.3% to US$4.6m in the period ended 28 September. Higher cost of goods sold and an increase in SG&A expenses contributed to the drop.
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Operating profit amounted to $7.8m in the nine-month period, a 9.3% decline on last year.
Net revenues, however, were up 10.7% to $156.7m, or 12.7% adjusting for the firm’s prior year sale of a distribution business. The increase was largely driven by an 18.2% increase in Inventure’s “healthy/natural” portfolio.
“We believe that the investments we have made so far this year in our brands, product assortment, facilities and strategic acquisitions will continue to position us well for driving shareholder value,” CEO Terry McDaniel said.
Click here to view the full earnings release.
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