YOWIE HAS TO SLASH FORECAST
CHOCOLATE maker Yowie Group has again slashed its full-year revenue growth forecast despite exceeding expectations in its return to Australian supermarkets.
The company yesterday revised its annual sales growth guidance for the full year to June 30, to 55 per cent, down from April’s 70 per cent and 85-90 advised in February.
Chief executive Bert Alfonso said that despite the business performing on-track, the company had to reschedule the timing of two of its anticipated fourth quarter programs to start in the first quarter of 2018.
“The change to guidance resulted from the timing of the Canada launch and customer front-end programming change of Discovery World placement,” he said. yesterday.
“These programs are now being planned for Q1 (first quarter of) 2018.”
Yowie, which grew net sales from $US2 million in 2015 to $US12.9 million in 2016, expects to reach $US20 million in the 2017 financial year.
Australian retail sales of Yowie products are running ahead of expectations with fourth quarter net sales reaching around $US750,000 on the tail of $US1.2 million in the third quarter.