Nightfood Management Sees Strong Growth Indicators in Fiscal 2020
Tarrytown, NY, Oct. 14, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Nightfood, Inc. (OTCQB:NGTF), the better-for-you snack company pioneering the category of sleep-friendly snacks for nighttime, yesterday announced sales of 262,574 pints of Nightfood ice cream in the twelve months ended June 30, 2020, up from 63,041 for the previous year.
During that same twelve-month period, Nightfood expanded its supermarket count from approximately 190 stores to approximately 700. As of today, the brand is available in almost 800 supermarkets across the country.
In the most recent three-month quarter, ending September 30, 2020, initial unaudited reports show 99,357 pints sold. Management expects volume increases to carry forward as we continue adding new retail partners in this phase of account acquisition.
Recent Company Highlights:
- 317% increase in pints sold from prior year
- 268% increase in store count during fiscal 2020
- New distribution into divisions of Kroger, Albertsons, and H-E-B, three of the larger supermarket chains in the country.
- All indicators point to Nightfood’s largest distribution arrangement to date, not only in size of the roll out, but also in name recognition, to begin next quarter. We believe this roll out would be an indicator that Nightfood’s retail acquisition model is working.
“We recently made the decision to begin speaking about pints in addition to revenues in an effort to provide investors with what we feel is a better way to judge our performance and truly measure the growth and progress we’re making without variable slotting fees confusing the issue,” commented Nightfood CEO Sean Folkson.
“We understood that our shareholders may have noticed ‘slotting’ in our quarterly filings. We know that these slotting fees are simply the cost of doing business, and we wanted to be sure to explain slotting in more detail.
“Not all of our desired retailers charge slotting fees, but many of them do, so with variable slotting fees being front loaded, we believe that providing pint volumes as an additional metric will be helpful to our shareholders’ understanding.”
- Ex. Nightfood enters into a distribution arrangement with new chain, with slotting fees of $50,000.
- If the first order from this retailer is $52,000, Nightfood fulfills the order, and delivers $52,000 worth of ice cream.
- Nightfood would recognize Gross Sales of $52,000, and net revenue of $2,000.
Many retailers charge …