“Customer habits continued to trend toward larger basket sizes but lower shop frequency”
NASSAU, BAHAMAS — AML Foods recorded its highest net profit in any single year for the 12 months ending April 2021, the BISX-listed food retail and franchise group has reported.
The company, in its 2021 report for its fiscal year, which ended April 30, 2021, noted its $11 million net profit was up $9.7 million or 673 percent compared to a net profit of $1.4 million for the 12 months ended April 30, 2020 — its highest net profit in any single year.
The company explained that during the year, it received insurance recoveries related to Hurricane Dorian claims in the amount of $4.9 million, which was included in the current year’s profit and loss.
“Net operating profit increased by $2 million from $6.8 million to $8.8 million, an increase of 30.9 percent,” the company reported.
“Sales increased by $2.5 million (or 1.4 percent) and SGA as a percentage of sales improved from 27.3 percent to 26.3 percent, impacting profit positively by $1.6 million.”
The company also noted that for the tenth consecutive year, sales growth was positive.
“Total sales were $174.9 million for the 12 months ended April 30, 2021, compared to sales of $172.4 million for the 12 months ended April 30, 2020,” the company said.
“Within our Food Distribution division, customer habits continued to trend toward larger basket sizes but lower shop frequency.
“Compared to 2020, transaction counts decreased by 16 percent while average spend increased by 23 percent.
“Overall, our Food Distribution segment recorded sales of $168. million, an increase of $3.7 million or 2.2 percent over prior year. Food Distribution sales accounted for 96 percent of total sales.”
Back in June, the company opened its 9,600-square-foot store in George Town, Exuma, operating under the trade name of Exuma Markets.
“The new location puts the company one step forward in achieving top-line revenues of $250 million by 2030,” the company said.
“Additionally, in July 2021, the company entered into an agreement to lease space in the Downtown Freeport area which will be the future site of another one of its Solomon’s brand grocery stores.
“In the near future, the company has plans to open a new location in the South East district of New Providence and is exploring opportunities for additional sites.”
