Forbidden Foods Limited (ASX:FFF) Reports 80% Sales Growth
Significant Sales Growth
Forbidden Foods Limited (ASX:FFF) reported total invoiced sales of $512,932 for November 2024, marking an impressive 80% increase compared to the same month last year, which had sales of $284,864. This rise also reflects a substantial increase from October’s figure of $360,000. The November sales represent the highest monthly total since new management joined the Company in July 2023, focused on restructuring efforts aimed at cost management and high-margin growth channels.
Ecommerce Momentum
Ecommerce sales for Blue Dinosaur products reached $204,545 in November, representing a remarkable gain of 128% from October and a 110% increase from the prior year’s $97,273. This surge was propelled by a successful Black Friday campaign that set a record for one-day sales online. Increased ranging for Oat Milk Goodness products has also contributed to this sales momentum.
Management Changes
The Company announced the resignation of Marcus Brown, CEO of Forbidden Foods North America, effective 28 February 2025. Following his departure, Group CEO Alex Aleksic will manage US operations remotely. Mr Brown played a crucial role in establishing the Company’s presence in the US market, which includes supply chain logistics and partnerships.
CEO Comments
Alex Aleksic, CEO of Forbidden Foods, expressed confidence in the Company’s performance, stating, “November sales provide a very strong vote of confidence in our two leading brands. The growth of Oat Milk Goodness has been supported by increasing availability in retailers, alongside significant momentum for Blue Dinosaur products.” He added that the recent initiatives and acquisitions are expected to unlock further value for shareholders.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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