US-based soy food producer Tofutti Brands has recorded a full-year net loss on the back of a drop in sales.
In the year ended 29 December, the company made a net loss of US$824,000 compared to earnings of $43,000 last year.
Sales in the period slid 10% to $14.3m. Tofutti blamed the decline on the loss of a contract with retailer Trader Joe’s and the impact of the east coast’s Superstorm Sandy in the fourth quarter.
Nonetheless, the company said it believes sales will improve during fiscal 2013 due to the launch of new products and price increases during the second and third quarters.
“We enter 2013 with renewed enthusiasm and are working hard to increase our revenues and operating margins,” said chairman and CEO David Mintz.
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