Formula-maker Bubs has seen revenue jump 36 per cent in the second quarter compared to the first, but sales are still down 12 per cent compared to the same period last year.
The business’ infant formula products made up 57 per cent of revenue, with sales in that product range up 27 per cent compared to the first quarter.
Founder and chief executive Kristy Carr said while the impact of Covid-19 can still be felt, it was pleasing to see sales growth returning across its products.
“While this is still [below] the prior comparable period due to the contraction of the Diagou channel, we are particularly pleased by the strong rebound in domestic sales which are up 31 per cent quarter-on-quarter,” Carr said.
“Total export sales was also up 45 per cent on the previous quarter, and up 55 per cent on the prior year, validating our global expansion strategy is taking hold.”
Executive chairman Dennis Lin added while there uncertainty remains due to the pandemic, the business is taking its sales growth as a positive indicator for the long term.
And while Bubs is in a good place to ride the domestic boost in formula sales, Lin said, global expansion remains a key goal for the business.
“We anticipate revenue contribution from South East Asia will substantially increase with our recent launch in Malaysia building on existing business in Vietnam, Hong Kong, Macau and Singapore,” Lin said.
