Blackmores reports 28% growth in Q1 profits

Company News

by Kathy Skantzos

Blackmores (ASX:BKL) has reported growth in the first quarter of the 2018 financial year, with net profit after tax reaching $15.4 million this quarter, 28 per cent higher compared to the prior corresponding period.

Net sales for the period is up 9 per cent to $134 million.

The nutritional supplement company said demand from Chinese consumers continues to increase, with direct sales to China up 28 per cent, while the retail environment in Australia remains challenging.

Blackmores CEO Richard Henfrey said implementing a global approach to pricing has supported the progress in the financial year margins so far.

The company commented that new product innovations, including the launch of a children’s sugar-free product line and a probiotic range has resonated well with consumers, resulting in stronger sales than expected.

Shares in Blackmores (ASX:BKL) are trading 4.34 lower to $131.11.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.