Skinny Nutritional Corp has announced net revenues of $6.9m (net of slotting fees of $349,490 and bill-backs of $1.1m) for the year ended 31 December 2010. This represents an increase of $2.7m or 67% over revenues of $4.1m for the year ended 31 December 2009. The Company sold approximately 990,000 cases of Skinny Water for the year ended 31 December 2010 compared to approximately 580,000 cases for the same period in 2009, an increase of 71% (1 case = twelve 16oz bottles).
These increases are primarily due to the introduction of Skinny Water Sport, the upgrade of the company’s distribution network in certain territories and the influence of new distributors and new chain authorisations. Skinny Water is now sold through 47 distributors across the United States.?
“Skinny Nutritional Corp. reached almost the one million case mile-stone in 2010 as it expanded throughout the United States”, stated Michael Salaman, chief executive officer and chairman of the board. We continue to implement our business plan of building out a national distribution network while continuing to increase the number of authorized chain accounts.
“We introduced our sport line and our 12 pack variety pack during 2010, both of which we believe have been received favourably. In 2011, we are targeting completing our Southern California distributor network as well as further developing our Midwest network and the Florida and Southeast markets. Our further goals for 2011 are to continue to evaluate our cost of goods to seek further reductions and further increase our gross profit margins. In 2010 we increased our gross profit percentage to approximately 26% from approximately 15% in 2009. We intend to continue our efforts to control our selling, marketing and administrative expenses as part of our overall cost containment measures. We are continuing our efforts to build value around our Skinny Water brand, and today have numerous trademarks in the healthy beverage and snack food categories.”
Source: Skinny Nutritional Corp
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