Rocky Mountain Chocolate Factory's Q1 Revenue Down
Posted on: Wednesday, 9 July 2008, 09:00 CDT
Rocky Mountain Chocolate Factory, which franchises gourmet chocolate and confection stores and manufactures confectionery products, has reported revenues of $7.1 million for the first quarter ended May 31, 2008, compared with approximately $7.3 million in the same quarter of fiscal 2008.
Same-store sales at franchised retail outlets decreased 2.5% during the most recent quarter, while same-store pounds of confectionery products purchased from the company's factory by franchisees declined 14% when compared with the same period in fiscal 2008.
Total retail sales for the company's franchised and company-owned stores increased 2.4% to approximately $26.6 million, compared with total retail sales of approximately $26 million in the corresponding period of fiscal 2008.
Net earnings declined 2.6% to $1 million, compared with $1.03 million in the three months ended May 31, 2007. Basic earnings per share increased 6.3% to $0.17, versus $0.16 in the first quarter of fiscal 2008, while fully diluted earnings per share were unchanged at $0.16, compared with $0.16 in the first quarter of fiscal 2008.
Bryan Merryman, COO and CFO of Rocky Mountain Chocolate Factory, said: "In light of widely reported weakness in retail sales throughout the US and lower foot traffic in most shopping environments where we have stores, we are pleased to report record first quarter basic earnings per share and only a slight decline in revenues, when compared with the prior-year period."
Source: Datamonitor
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