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Whiskey boosts Castle Brands’ sales in Q2
US spirits maker Castle Brands saw an 11.6% increase in sales to reach US$23.3 million in the second quarter of its 2019 fiscal year.
Castle Brands saw its second quarter sales increase by double digits
The Jefferson’s Bourbon, Knappogue Irish whiskey and Goslings rum maker saw its gross profits rise by 7% to reach US$9.1 million in the three months ending 30 September.
Income from operations reached US$1m in Q2 2019, which was down from US$1.2m for the same period last year.
The spirits maker’s latest results mean that its net sales have increased by 11.2% to US$46.4m and gross profit reached US$18.4m for the first six months of fiscal 2019.
The double-digit growth for the US producer has been attributed to strong performance for its Irish whiskey brands, Jefferson’s Bourbon and Goslings Stormy Ginger Beer – which saw a 13.2% sales increase in the last 12 months.
Continued strong growth of Jefferson’s Bourbon and Castle Brand’s Irish whiskeys led to a 32% increase in whiskey revenues for the first six months of fiscal 2019.
Richard J. Lampen, president and CEO of Castle Brands, said: “We are again reporting strong sales growth of our lead brands, including Jefferson’s Bourbons, our Irish whiskeys and Goslings Stormy Ginger Beer. We expect these trends of increasing sales and improving financial performance to continue over the balance of the fiscal year and beyond.
“The continued growing popularity of ginger beer cocktails, including Goslings’ trademarked Dark ‘n’ Stormy cocktail, has been an important growth driver of Goslings Stormy Ginger Beer.
“We are very pleased with the success of our first six months of fiscal 2019, and look forward to continuing the overall growth of the brand in Walmart and other grocery chains.”
During the six-month period, Castle Brands purchased an additional US$7.5m of Bourbon to support the continued growth of its Jefferson’s Bourbon brand.