Luvu Brands Announces Preliminary Fiscal 2017 Results
(firmenpresse) - ATLANTA, GA -- (Marketwired) -- 08/15/17 -- Luvu Brands, Inc., (OTCQB: LUVU), a manufacturer and marketer of premium lifestyle brands in the categories of sexual wellness, sleep /relaxation and fashion loungers, today announced preliminary, unaudited, net sales and gross profit for the fiscal year ended June 30, 2017.
Preliminary net sales for the fiscal year ended June 30, 2017 were a record $16.9 million, an increase of .6% from the prior fiscal year. Sales of the companies Jaxx and Avana brands (combined) increased approximately 52% in the current fiscal year and offset the lower sales of imported products from Japan.
Revenue growth of branded products was partially offset by lower sales of distributed products. As announced earlier this year, the Company ended its relationship with Tenga Japan. Net sales of these imported products in the current fiscal year were approximately $1.2 million less than in the prior fiscal year.
Preliminary gross profit for the fiscal year ended June 30, 2017 was a record $4.8 million, an increase of $.6 million, or 14%, from the prior fiscal year. The improvement in gross profit was due to greater sales of manufactured products, and process and manufacturing improvements.
Louis Friedman, Chairman and Chief Executive Officer, commented, "We are pleased with the growth in net sales of our higher margin manufactured products in the year ended June 30, 2017. The changes that we made at the beginning of this calendar year are yielding positive results. Our increased focus on sales and product development of branded products and the production automation improvements that we put in place in January and earlier this fiscal year have resulted in a positive increase in gross profit."
Final audited financial results will be released with the filing of Luvu Brand''s Annual Report on Form 10-K, which will be filed with the U.S. Securities and Exchange Commission before the Company''s late-September 2017 deadline.
designs, manufactures and markets a portfolio of consumer brands in the categories of sexual wellness, top-of-bed sleep / relaxation and fashion beanbags, loungers and sofas. Most products are supplied compressed in convenient "bed-in-a-box" like packaging.
The Company is headquartered in Atlanta, Georgia in a 140,000 square foot vertically-integrated manufacturing facility that employs over 150 people. Bringing sewn products manufacturing back to the USA and creating innovative vacuum-compressed consumer products are core to the Company''s operating principles. As the majority of the Company''s products are constructed of polyurethane foam, sustainable manufacturing practices are used including re-purposing of foam trim into beanbag fill to reduce our overall carbon footprint.
Luvu Brands promotes its products globally in a variety of distribution channels including mass market web retailers, catalogers and specialty retail stores. The Company''s brand sites include: , , plus other global e-commerce sites. For more information about Luvu Brands, please visit .
Luvu Brands, Inc.
Ronald Scott
Chief Financial Officer
770-246-6426
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Datum: 15.08.2017 - 08:25 Uhr
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News-ID 1517638
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