Blackmores Limited
(ASX:BKL) has blamed the tough retail environment and stock write-offs for a dip in third quarter profit.
The nutritional supplements and vitamins supplier saw net profit drop by seven per cent to $18.5 million for the nine months to March, despite sales growing by 29 per cent to $241 million.
Chief executive Christine Holgate said profits had come under pressure from heavy price promotions and higher than normal stock write-offs due to structural changes within the Australian market.
But Ms Holgate said sales results were very encouraging, with strong growth in Asia, New Zealand and the Australian business.
The company’s results included expenses relating to the consolidation of the BioCeuticals business and the adoption of a new operating model in New Zealand.
