Rocky Mountain Chocolate earnings, sales up in '11
May 10, 2011
by Eric Schroeder
DURANGO, COLO. — Earnings and sales at Rocky Mountain Chocolate Factory, Inc. “improved meaningfully” during fiscal 2011. Net income in the year ended Feb. 28 was $3,911,000, equal to 65c per share on the common stock, up from $3,580,000, or 60c per share, in fiscal 2010. Net sales rose 9% to $31,128,000 from $28,437,000.
“The financial metrics of our business improved meaningfully during fiscal 2011, and we are pleased to report higher year-over-year earnings for the first time since the U.S. recession began to negatively impact consumer spending and customer traffic in most retail venues approximately three years ago,” said Bryan Merryman, chief operating officer and chief financial officer.
Mr. Merryman said the company has been encouraged by the initial success of growth initiatives involving co-branded stores, the pursuit of additional specialty market sales and entry into the self-serve frozen yogurt market.
For the fourth quarter ended Feb. 28, net income was $1,162,000, or 19c per share, down 3% from $1,200,000, or 20c per share, in the same period a year ago. Net sales, meanwhile, increased 2% to $8,970,000 from $8,800,000.