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Bubs Australia (ASX:BUB) has posted an update on its growth in the US market, and the latest reported figures put the infant milk producer ahead of some big players in the business – with its products now secured across Walmart, Target and Kroger.
Amongst the highlights posted on Monday:
- Strong growth in US scan sales, with the latest quarter showing a remarkable increase of 161% compared to the same period last year
- Quarter-on-quarter growth stands at 8.3%
- Bubs achieved a new scan sales record during the week commencing 26/2/24 on Amazon, demonstrating the growing popularity of Bubs products among consumers
- The company is making meaningful strides in securing permanent access pathways with the US FDA and progressing in clinical trials, with 200 infant enrollments already achieved, representing 50% of the target as of Monday
“We are seeing the immediate benefits of our marketing efforts, demonstrated by the increased consumer offtake at store level and on the Amazon platform, where Bubs
products are the 5th & 6th best-selling infant formula products in the category,” Bubs Australia’s Chief Executive Officer Reg Weine said.
With the continued momentum, strong gross margin delivery and the reduced operating expense profile, Bubs’ CEO remains confident the company will be cash flow positive and trading EBIT positive in FY25.
Bubs Australia firmly re-entered mainstream radars in the midst of the COVID pandemic during a milk powder shortage that affected global markets.
BUB has been trading 15.3 cents.
