Snack maker Poore Brothers has announced a fall in sales and net income in the first quarter ended 26 March 2005.
Net revenues for the first quarter were $16.6m, compared with $17.7m in the same quarter a year ago. Net income was $0.2m compared to $0.5m a year ago.
The company’s net revenue decrease was principally caused by changes to the timing of promotional events with several large retailers and a decline in sales in the vending channel, it said.
“Our first quarter performance this year was a difficult comparison to last year’s results because of the exceptional promotional revenue we realized in last year’s first quarter,” said president and CEO Thomas W. Freeze. “However, we continue to believe that our T.G.I. Friday’s brand’s growth rate for the year will achieve our targeted low double-digit growth-rate guidance.”
“We have commenced initial promotional shipments of three new Cinnabon cookies for retail market testing this quarter,” he said. “Based on consumer research testing, we are very excited about the prospect for their success. In addition, we have several other Cinnabon products under development with plans for market testing this summer and our meat snacks product line under the T.G.I. Friday’s brand will commence shipments this quarter also.”
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