AML Foods Limited posted a 2.6 percent increase in sales and an increase in net profit, as compared to the previous year, in its third quarter results released on Friday.
In his chairman’s report, Franklyn Butler explained that, while the company’s financials were affected by utilities expenses, results were bolstered by improvements in sales trends.
In his report, Butler revealed that at the end of the third quarter – January 31, 2019 – net profit stood at $1.67 million, compared to $1.37 million in the same period last year. He said sales for the quarter stood at more than $45 million, compared to $44.3 million last year.
“We are pleased to report positive sales growth and profit, despite experiencing market challenges,” Butler said.
“Although some locations remain depressed, sales have started to rebound in a number of our stores.
“Consumer spending habits remain heavily focused on value, which continues to influence overall customer spend and margins. Our performance was also impacted by an increase in utilities that placed significant pressure on expenses, as well as elevated shrink levels.”
Butler said AML remains focused on improving store conditions and improving customer pass-through in order to “better manage shrink and expenses”.
He also announced that the company’s $600,000 training center in New Providence will be operational next month.
“To prepare us for further growth, we are maintaining our focus on investing in the development and training of our team and driving efficiency and effectiveness in our systems and processes,” said Butler.
“Our technology transition is progressing well, and our new operating system is now in three of our eight stores.”
According to Butler, the AML board of directors approved an ordinary dividend payment of $0.03 per share.
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