$NGTF News Today : Nightfood Records Record Quarterly Revenues, Management Revises Internal Revenue and Distribution Targets
Tarrytown, NY, Oct. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nightfood, Inc. (NGTF), the start-up ice cream company addressing America’s $50 billion nighttime snacking problem, announced today that unaudited quarterly revenues for the quarter ended September 30, 2019 exceeded $200,000.
Revenue for the quarter exceeded the previous high set in the quarter ending March 31, 2019. The majority of quarterly revenues were from preexisting distribution partners ordering product to replenish inventory levels which decrease as consumers continue to buy more Nightfood off the shelves. The other significant component was the initial order from our newest supermarket distribution partner.
“We’re seeing more new consumers learning about and buying Nightfood every day,” stated Sean Folkson, Nightfood CEO. “The data we have indicate that same store sales have been steadily increasing, with an extra jump in September due to new marketing initiatives we’ve been testing and are working to scale.”
The award-winning ice cream line, which launched earlier this year, has now established distribution in four of the Top-50 supermarket chains in the United States on the way to a national distribution footprint. The sales team, led by Folkson and former Unilever ice cream executive Jim Christensen, has meetings scheduled with supermarket chains around the country in the coming weeks.
“The fact that we’ve successfully secured over 450 high-volume supermarket points of distribution in 9 months is a significant accomplishment,” continued Folkson. “Like many investors I want more, and want it faster. My mentors and consultants remind me how difficult it is to launch a new brand into retail, especially in frozen, and how much patience is required before you hit the tipping point.”
Management previously expressed targets of securing 10,000 points of retail distribution by March 31, 2020, while stating it targeted revenues in the millions for the upcoming quarter.
“We expect the ongoing rollout will be successful, and, at the same time, more methodical, than our previously-stated targets,” commented Folkson. “At this point, we are revising our internal distribution and revenue targets. 10,000 points of distribution could still happen in 2020, but we believe spring of 2021 is a more likely timeline. We will not be stating new revenue goals at this time due to the high level of unpredictability in these very early stages. Our immediate goal is to continue to grow sales on a store-by-store basis, while adding points of distribution, growing our customer base and total revenue. Nightfood consumption is increasing, revenues are growing, and momentum is building; consumer response and feedback remain outstanding.”
Management is working diligently with company auditors to complete the 10K Annual Filing as quickly as possible. An investor call will be scheduled for the week of October 21.
https://finance.yahoo.com/news/nightfood-reco...00000.html
Tarrytown, NY, Oct. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nightfood, Inc. (NGTF), the start-up ice cream company addressing America’s $50 billion nighttime snacking problem, announced today that unaudited quarterly revenues for the quarter ended September 30, 2019 exceeded $200,000.
Revenue for the quarter exceeded the previous high set in the quarter ending March 31, 2019. The majority of quarterly revenues were from preexisting distribution partners ordering product to replenish inventory levels which decrease as consumers continue to buy more Nightfood off the shelves. The other significant component was the initial order from our newest supermarket distribution partner.
“We’re seeing more new consumers learning about and buying Nightfood every day,” stated Sean Folkson, Nightfood CEO. “The data we have indicate that same store sales have been steadily increasing, with an extra jump in September due to new marketing initiatives we’ve been testing and are working to scale.”
The award-winning ice cream line, which launched earlier this year, has now established distribution in four of the Top-50 supermarket chains in the United States on the way to a national distribution footprint. The sales team, led by Folkson and former Unilever ice cream executive Jim Christensen, has meetings scheduled with supermarket chains around the country in the coming weeks.
“The fact that we’ve successfully secured over 450 high-volume supermarket points of distribution in 9 months is a significant accomplishment,” continued Folkson. “Like many investors I want more, and want it faster. My mentors and consultants remind me how difficult it is to launch a new brand into retail, especially in frozen, and how much patience is required before you hit the tipping point.”
Management previously expressed targets of securing 10,000 points of retail distribution by March 31, 2020, while stating it targeted revenues in the millions for the upcoming quarter.
“We expect the ongoing rollout will be successful, and, at the same time, more methodical, than our previously-stated targets,” commented Folkson. “At this point, we are revising our internal distribution and revenue targets. 10,000 points of distribution could still happen in 2020, but we believe spring of 2021 is a more likely timeline. We will not be stating new revenue goals at this time due to the high level of unpredictability in these very early stages. Our immediate goal is to continue to grow sales on a store-by-store basis, while adding points of distribution, growing our customer base and total revenue. Nightfood consumption is increasing, revenues are growing, and momentum is building; consumer response and feedback remain outstanding.”
Management is working diligently with company auditors to complete the 10K Annual Filing as quickly as possible. An investor call will be scheduled for the week of October 21.
https://finance.yahoo.com/news/nightfood-reco...00000.html
