- Fiji Kava (FIJ) sales climbed to at least $615,000 in the March quarter
- Preliminary estimates for the company’s sales and cashflow reveal sales rose 30 per cent quarter-on-quarter and 50 per cent on the previous corresponding period
- The news comes as Fiji Kava products roll out on the shelves of about 700 Coles Supermarkets across Australia
- FIJ sales this financial year have already surpassed those in FY21
- FIJ shares are trading 10.3 per cent down to 7 cents
Wellness company Fiji Kava’s (FIJ) sales climbed to at least $615,000 in the March quarter, which is up 30 per cent quarter-on-quarter and 50 per cent above the previous corresponding period.
In its preliminary estimate of sales and cashflow released to the market today, FIJ – which is the only Fiji Government-approved foreign company to operate in the South Pacific nation’s kava industry – reported sales this financial year had already surpassed those in FY21, with three months to go.
It comes as Fiji Kava products roll out on the shelves of more than 700 Coles supermarkets across Australia.
The company reported sales growth for drinking kava and B2B ingredients and revealed sales had been stronger in the US.
Kava products are used to aid sleep, stress relief and muscle relaxation.
FIJ’s cash flow result was also aided by a $327,105 GST refund.
The company has promised more detail in its soon-to-be-released Appendix 4C.
Shares are trading down 10.3 per cent at 7 cents at 12:08pm AEST.