NASSAU, BAHAMAS- BISX-listed AML Foods Ltd in its latest quarterly results reported a $2.1 million net profit- a 75 percent year-over-year increase.
Gavin Watshorn, CEO and President of the BISX-listed food retail and franchise group, in unveiling its results for the fourth quarter and fiscal year that ended April 30th, 2024 expressed satisfaction with the quarterly results as well as the improvement in the group’s year-to-date performance.
“Sales for the quarter were $49.1 million an improvement of $0.5m or one percent, for the same period last year. Year-to-date sales were $191 million an increase of 3.2 percent over the previous year. Net profit for the quarter was $2.1 million, compared to $1.2 million for the same period last year. Decreases in the company’s shrink expense have driven improvements in profitability. Year-to-date net profit was $4.9 million or 2.7 percent of sales, compared to $2.8 million in the prior year,” Watchorn informed shareholders.
He further noted that despite increased costs and customer count losses during the remodel of Solomon’s Old Trail, sales and profitability grew. “Our team has made great progress in improving our supply chain, our processes, and our operational efficiencies, and this is being reflected in our overall customer count, which continues to grow.”
According to Watchorn, the remodel work at Solomon’s Old Trail is nearing completion and it is set to relaunch in July. Following this will come the relocation of Cost Right Nassau within the Old Trail building. This project he noted is due to be completed in November 2024.
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