NASSAU, BAHAMAS — AML Foods saw an increase in its sales of just over $3 million in its first quarter results for 2024, while acknowledging that inflation pressures continue to impact its business.
According to the company’s results for the first quarter, which ended July 31, sales for the period were $47 million, an improvement of $3.2 million or 7.2 percent compared to the same quarter last year.
However, net profit for the quarter was $690,000 compared to $1.3 million in the year.
“Although sales for the quarter improved over the previous year, inflation pressures continue to impact our business. Expense increases, such as utilities and wages, as well as shrink, have had a negative impact on our margins, and customers’ shopping behaviors demonstrate that their spending capacity remains limited,” AML’s CEO and President Gavin Watchorn said.
To mitigate inflationary pressures, Watchorn revealed that the company will continue to focus on placing its best efforts into purchasing better and managing its expenses.
“As customers have changed their shopping habits, we have adapted well, and transaction counts continue to grow, an indication that we are driving value,” he continued.
“We are focused on working with our vendors to negotiate special buys that will continue to drive spending within our stores. Likewise, our new planograms are introducing greater variety and value products across all of our brands, which we believe will continue to improve customer satisfaction. Our attention remains on growing our sales and producing improved profits.”
Watchorn also noted that during the first quarter, the company purchased 4.23 acres of property between Faith Avenue and Milo Butler Highway, which has been identified for future development as a new shopping center that will include Solomon’s grocery store as the anchor tenant.