Vitamins supplier Blackmores says its sales have been improving over the first nine months of the financial year, but are down from a year ago as changed buying patterns in China affected sales in Australia.
Blackmores generated sales of $496 million in the nine months to March 31, down 6.7 per cent from $532 million a year earlier.
Sales have lifted quarter by quarter in 2016/17, from $149 million in the first three months, to $173 million in the second quarter and $174 million in the third.
Net profit in the nine months is down 43 per cent to $43 million.
The company said sales in Australia and New Zealand are down 26 per cent on the prior corresponding period, due to a decline in sales by Australian retailers to entrepreneurs selling to consumers in China.
China "in-country" and export sales lifted 60 per cent in the nine months to March, to $92 million.
Blackmores said it will launch 13 products in Vietnam in the coming months after signing a deal with Vietnamese distributor Mesa, which supplies 150,000 retail stores.
"Vietnam is a market we are excited about, with enviable economic growth, a growing investment in the region and double-digit growth in the vitamin and dietary supplement category," chief executive Christine Holgate said.
Blackmores expects its profit for the 2016/17 financial year will be higher than in 2014/15, but will not match the exceptional performance of 2015/16.
"We remain confident in the group's strategic focus and growth prospects," Ms Holgate said.
Blackmores shares gained $3.96, or 3.9 per cent, to $106.49.
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