Bubs Australia’s fiscal third-quarter gross revenue rose 25.9 per cent year over year to $19.9 million, largely driven by a growing demand for its goat’s milk infant formula in the US.
“The strong growth is primarily being driven by our USA operations where gross revenue was 82.8 per cent or $5.8m higher than the same period last year,” said Bubs CEO and MD Reg Weine.
“We continue to see strong demand for our products and brands in the USA, with scan sales for the quarter averaging approximately US$750,000 per week, a new quarterly record.”
The company also said that it has simplified and refreshed its US product portfolio to improve its shelf appeal and highlight its clean label credentials.
For the fourth quarter, the company said it is on track to exceed the forecasted revenue of $100 million with an underlying gross margin of 40 per cent.
