Gosling's rum owner Castle Brands sees sales surge by 37.8% in Q1
The owner of Gosling's rum and Jefferson's bourbon has reported a 37.8% increase in net sales in the first quarter of its financial year, to June 30.
New York-based Castle Brands said rum case sales were ahead by 11.8% while revenue from whiskey more than doubled, driven by Jefferson's and the Irish brands Knappogue and Clontarf.
EBITDA was US$600,000 against a US$100,000 loss in the previous comparable period.
"This was a particularly strong quarter for Castle Brands," said president and chief executive officer Richard J Lampen.
""We continued to drive sales of our more profitable brands, such as Jefferson's, Gosling's and our Irish whiskeys.
"This resulted in strong revenue growth, improved margin, decreased [overheads] as a per cent of revenue, reduced net loss and increased EBITDA.
"We expect these trends of increasing sales and improving financial performance to continue."
Chief operating officer John Glover said Gosling's rum had increased sales by over 10% and Gosling's Stormy ginger beer was up 40%.
"This increased brand recognition should stimulate demand in core markets and provide opportunities for expansion to new markets," said Glover.
"We expect significant growth in whiskey sales to continue," he added.
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