Staten Island, NY-based Coffee Holding Co. Inc. (Nasdaq: JVA) today announced its operating results for the three months and six months ended April 30.
Net sales totaled $14.5 million for the three months, a decrease of $5.6 million, or 28%, from $20.1 million for the three months ended April 30, 2020. Net sales totaled $32,602,395 for the six months ended April 30, a decrease of $6.8 million or 17.2%, from $39.4 million for the six months ended April 30, 2020.
The decrease in net sales was due to multiple factors, including the continued loss of sales of packed coffee to the Company’s customers who have not fully re-opened due to COVID-19 restrictions. The decreases in net sales were slightly offset by gains in sales to new private label accounts as well as an increase in sales of the Company’s flagship Café Caribe brand.
“Despite a 28% decline in sales for the three months ended April 30, 2021 compared to the same period last year, we still earned $0.06 a share, as our gross margins continue to improve through a combination of higher selling prices on green coffee sales and lower operating costs,” stated Andrew Gordon, chief executive of Coffee Holding Co.
“Sales were negatively impacted by a $5.2 million decline in sales of packed coffee beans compared to last year to customers who have not fully reopened due to continued COVID-19 restrictions in many states where a large percentage of our business is concentrated," Gordon added.
