SALES INCREASE FOR CASTLE BRANDS DESPITE SOME LOSSES
Castle Brands – with brands such as Boru vodka and Gosling’s rum - is looking to move up in the United States’ premium spirits segment in the next five years, despite some losses in 2006.
Castle Brands sales increased 68% to $21.1 million for the fiscal year ending March 31, while gross profit increased 94% to $7.5 millon.
The company jumped 57% in nine-liter case sales to approximately 270,000, citing strong gains in the premium U.S. segment and a stronger sales force.
CEO Mark Andrews claims the company has made “great strides in all of our key domestic and international markets.”
However, Castle reported an $11.9 million loss as the company invested heavily in marketing and distribution.
“While heavy investment in the company’s brand building activities and sales and marketing infrastructure in fiscal 2006 led to an expected short-term operating loss of $11.9m, we believe we are on track to experience continued substantial top-line growth as part of our long-term business strategy,” said Mark.
Castle Brands sales increased 68% to $21.1 million for the fiscal year ending March 31, while gross profit increased 94% to $7.5 millon.
The company jumped 57% in nine-liter case sales to approximately 270,000, citing strong gains in the premium U.S. segment and a stronger sales force.
CEO Mark Andrews claims the company has made “great strides in all of our key domestic and international markets.”
However, Castle reported an $11.9 million loss as the company invested heavily in marketing and distribution.
“While heavy investment in the company’s brand building activities and sales and marketing infrastructure in fiscal 2006 led to an expected short-term operating loss of $11.9m, we believe we are on track to experience continued substantial top-line growth as part of our long-term business strategy,” said Mark.
posted at 11:32 AM
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