- Israel-based consumer-packaged goods business, Else Nutrition Holdings Inc. reported its Q3 2023 financial results
- Total revenues were C$1.7 million CAD for the quarter, versus C$2.2 million for the same period last year
- Sales to brick-and-mortar retailers in the U.S. and Canada during Q3 increased by 8 per cent, compared to Q3 2022
- Else Nutrition stock last traded at $0.71 per share
Israel-based consumer-packaged goods business, Else Nutrition Holdings Inc. (TSX:BABY) reported its Q3 2023 financial results.
Total revenues were C$1.7 million CAD for the quarter, versus C$2.2 million for the same period last year. The company stated this was because of a deliberate shift of limited inventory earlier this year, away from e-commerce channels, towards new retail channels.
Sales to brick-and-mortar retailers in the U.S. and Canada during Q3 increased by 8 per cent, compared to Q3 2022.
Total e-commerce sales during Q3 2023 decreased by 40 per cent compared to the same period last year, because of management’s decision in Q1 2023 to divert products from e-commerce channels to brick-and-mortar retailers because of limited inventory at the time.
Cash position as of Sept. 30 was C$4.2 million, including restricted cash and short-term bank deposits.
The company reported a favourable outlook with revenue guidance in the range of C$2.7 million to C$3.0 million for Q4 2023 from growth in the retail network, high retail follow-on orders, and expanding online distribution.
“We continue to make progress on our growth objectives and have advanced Else Nutrition as a national brand in North America. Over the past year we have focused on expanding our North American distribution to over 13,000 retail locations including Walmart, CVS, and many more leading retailers,” Hamutal Yitzhak, CEO of Else Nutrition, said in a news release. “The feedback from these retailers and their customers has been overwhelmingly positive. We are now at an exciting point in time where many of these retailers have sold through the initial orders and are starting (to place) follow-on orders – a significant validation of our products and overall retail strategy. As a result, we expect sales to meaningfully accelerate in the coming quarters.”
Else Nutrition is a global food and nutrition company offering plant-based products for infants, toddlers, children and adults. It specializes in non-soy and non-dairy alternatives.
Else Nutrition stock last traded at $0.71 per share.
Join the discussion: Find out what everybody’s saying about this Canadian microcap stock on the Else Nutrition Holdings Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.