NASSAU, BAHAMAS — BISX-listed AML Foods says that it continues to battle supply chain challenges and the impact of inflation, although the company reported a 5.5 percent sales increase for its last fiscal year.
The company, in revealing its results for the fourth quarter and fiscal year ended April 30, 2023, noted that sales for the quarter were $48.6 million compared to $44.8 million for the same period last year.
Total sales for the year were $185 million, an increase of 5.5 percent over the prior year. Net profit for the quarter was $1.2 million compared to $1.5 million for the same period in the previous year. Total net profit for the year was $2.8 million compared to $4 million in the prior year.
Gavin Watchorn CEO & President stated: “We are pleased to report positive sales growth, driven by increases in overall customer counts.
“This is an indication that our shoppers are appreciating the value we are providing during difficult times, as well as the changes we are making to our product mix in stores. Margins, however, continued to be impacted by rising costs as well as other influences.
“Additionally, we are recording significant increases in energy, insurance, and payroll costs, but overall continue to manage expenses well compared to the prior year.”
He added: “As a whole, it has been a challenging year, which began with supply chain challenges, then continued with having to manage inflation, while still delivering value and affordability to our customers.
“We are confident that the foundation we have established for our business is strong, and look forward to recording improved results in 2023, all while balancing the needs of our customers, associates, and shareholders.”
