MamaMancini's Holdings tumbles on Q1 profit fall, margin squeeze

Mama's Creations

15/06/2022 14:53

** Shares of frozen foods distributor MamaMancini's Holdings
Inc  MMMB.O  fall as much as 6% to $1.35
    ** Stock last down ~3%, on course for fourth straight
session of losses
    ** Company posts Q1 net income of $103,697, compared to
$631,524, a year earlier
    ** Q1 gross profit rose to $3.9 mln, or 17.7% of total
revenue, compared to $3.3 million, or 32.4% of total revenue, a
year earlier  urn:newsml:reuters.com:*:nGNX2BVwhN
    ** MMMB says margin compression was due to inflation of raw
materials, packaging and freight costs and also because of lower
margins in newly acquired businesses 
    ** However, Q1 revenue more than doubled to 111.7% to $21.8
mln
    ** Stock has fallen ~30% this year 

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