YCBD - CBD Giant's Challenging Year: Q4 Net Sales Slide By 27% But Net Loss Narrows 67% YoY | Benzinga
cbdMD, Inc. (NYSE:YCBD) (NYSE:YCBD) reported its quarterly and full fiscal financial results on Friday for Sept. 30, 2023, revealing a 27% year-over-year drop in fourth-quarter net sales to $5.7 million.
The company attributed the revenue decline to "industry trends, a reduction of marketing spend and lower wholesale pricing initiatives with our new high-strength products that launched mid-September of 2022."
Total net sales amounted to $24.2 million in fiscal 2023, down from $35.4 million in the prior year's period.
"We knew it was going to be a challenging year while we reset the business and are proud of the way our team executed on the challenge,” said Ronan Kennedy, cbdMD’s interim CEO and CFO. “Despite barriers at retail due to our category, we continued to invest in developing new strategic relationships for the cbdMD brand and are excited to announce that cbdMD launched into 160 Sprouts Markets stores across the nation this month."
See also: cbdMD Reports Q3 2023 Performance: Net Loss Improves, Focus On Cost Management & Strategic Growth
2023 Financial Highlights
- Gross profit totaled roughly $15 million, down from $22.3 million in ...