Specialty infant formula manufacturer Bubs has reported a strong performance for three consecutive quarters across all key business segments.
The company’s third-quarter results show a 49-per-cent increase in gross revenue at $17.6 million compared to the previous corresponding period.
International gross revenue rose by 153 per cent compared to the previous period with total Daigou and CBEC sales increasing 8 per cent.
Sales of Bubs Infant Formula more than doubled this quarter, rising 108 per cent compared to the previous period. The Bubs Goat Infant Formula has achieved No 1 market share position in the goat-milk category.
Bubs founder and CEO Kristy Carr said: “The third quarter saw strong growth on prior year across all key business segments demonstrating sustained turnaround to a high growth agenda of a maturing business model.”
The company has also collaborated with stakeholders to withstand supply chain volatility, especially in China. The brand has signed a strategic equity-linked alliance with Bubs’ lead daigou distributor, Willis Trading.
Bubs executive chair Dennis Lin said the company has adapted to a high-growth business model against a different macroclimate. “The key factors were our willingness to work closely with strategic partners with agility, and our ability to innovate with consumers, as the new environment to likely to involve our capability to compete for market share in the category.”
The company will launch its new Bubs Supreme A2 beta-casein protein cow’s milk infant formula across 500 Coles stores from May this year.
