MamaMancini's falls on posting Q2 loss

Mama's Creations

14/09/2022 22:49

** Shares of frozen foods distributor MamaMancini's Holdings
Inc  MMMB.O  down ~6% at $1.19 in after-market trade
    ** Company posts Q2 net loss of $743,000, or 2 cents per
share, compared to net income of $432,000, or 1 cent per share,
a year earlier
    ** Q2 gross profit fell to $2.7 mln, or 11.9% of total
revenue, from $3.4 million, or 27.9% of total revenue, a year
earlier
    ** MMMB says margin compression was caused by inflation of
raw materials, packaging, and freight costs – which outpaced
price increases 
    ** However, Q2 revenue rose 89.4% to $22.9 mln
    ** Up to Wednesday's close, stock had fallen ~37% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))