Schiff Nutrition rides private label growth
This article was originally published in The Tan Sheet
The nutritional company's net sales rose 7.9 percent to 49.9 million on the strength of private label business in the fiscal third quarter (ended Feb. 28), though branded business hampered net sales in the period, the Salt Lake City-based firm reports March 17. Though Schiff's Move Free brand sales fell in the mid-single digits, MegaRed Krill Oil performed well, due in part to increased marketing, Schiff President and CEO Bruce Wood says. However, the National Advertising Division told Schiff to modify misleading MegaRed ad claims (1"The Tan Sheet" March 9, 2009, p. 10). Net earnings for the quarter were $3.6 million, compared to $4 million in the same period last year, negatively impacted by a compensation charge related to a special dividend. Schiff will continue supporting Move Free and MegaRed products and will "continue our efforts to explore other branded and private label organic growth opportunities as well as potential acquisition opportunities," Wood says
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