Premium US chocolate maker Rocky Mountain Chocolate Factory today (8 January) reported a fall in profits for its third quarter as a result of a decline in net sales.
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Net earnings for the three months ended 30 November fell 5% to $1.3m after sales dropped 3.6% to $8.8m.
Bryan Merryman, chief operating officer and chief financial officer of the company, said: “The modest decline in third-quarter revenues and earnings was not entirely unexpected. [It] was primarily due to the shifting of specialty market sales to a warehouse club customer from the third quarter of last fiscal year into the second quarter in the current fiscal year, along with a decrease in same-store pounds of product purchased from our factory relative to the prior-year period.”
Merryman added: “New store openings accelerated in the most recent quarter, with franchisees opening 14 new stores in time for the seasonally important Christmas selling season. This compared with 11 new store openings in the first half of the fiscal year. We continue to expect to achieve record revenues and earnings for fiscal year 2008.”
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By GlobalData
