EQS-News

Veganz reports continuous improvement of Gross Profit Margin in Q1 2024

EQS-News: Veganz Group AG / Key word(s): Quarter Results Veganz reports continuous improvement of Gross Profit Margin in Q1 2024 10.05.2024 / 08:15 CET/CEST The issuer is solely responsible for the content of this announcement. (Berlin, 10.May 2024) VEGANZ GROUP AG: Veganz reports continuous improvement of Gross Profit Margin in Q1 2024

 

10.05.2024 / 07:35 CET/CEST

The issuer is solely responsible for the content of this announcement.

 

Veganz with continuous improvement im Gross Profit Margin in the first quarter of 2024

• Successful launch of Mililk in retail and placement of private label orders
• Decrease in Sales YoY because of strategic range and customer portfolio adjustment
• Gross Profit margin improved
• New sales channel kiosk for core category
• Successful expansion of D2C business
• Increase in sales and further improvement of profitability expected for 2024

 

(Berlin,10.Mai 2024) Veganz Group AG (veganz.de), the innovative food brand and pioneer for the development and production of plant-based food products, was able to successfully expand its business with its product innovation Mililk in the first three months of 2024. With the launch of the product at dm Germany and Austria, as well as the further scaling of production for the Rewe Group’s own brand orders, the group is successfully pursuing its strategy.

 

The total sales of Veganz Group AG in the first three months of 2024 were EUR 3.7 million (previous year: EUR 5.1 million). The decline in sales in the first quarter of the year was still influenced by the company’s own decision to reduce its product offering by eliminating entire product categories with insufficient profitability. The portfolio review began at the end of 2022 and was implemented during 2023. In addition, the Veganz Group AG supported the market activities with a field service force in the first quarter of 2023, which was disbanded later in the year for profitability reasons. The decline in sales could not yet be compensated for by the new product introductions, which were still in their start-up phase in the first quarter of 2024.