The Alkaline Water Company Continues to Drive Growth and Pursue Profitability
The Alkaline Water Company Inc. (NASDAQ:WTER), the nation’s leading independent alkaline water company and the Clean Beverage® company, announced today that it added Alkaline88® products to over 11,000 new stores across the country during its fiscal year 2023, which ended March 31st. Additionally, the company added new SKUs in over 33,000 existing client locations in the past twelve months.
“By expanding our presence in over 11,000 new stores and enhancing our offerings in more than 33,000 existing locations, we have demonstrated the resilience and adaptability of our company and the increasing strength of the Alkaline88® brand,” said Frank Chessman, President and CEO of The Alkaline Water Company. “Our brand’s expansion over the past year includes everything from local convenience stores to new distribution partnerships to major national retailers with thousands of locations across the country.”
In the face of a tough economy, the Company has focused on its Pathway to Profitability initiatives, resulting in significant improvements in its Statement of Operations through the first nine months of reporting for the fiscal year. Revenue has increased by 29% compared to the same period last year, while operating expenses and net loss have improved by 33% and 30%, respectively.
The brand’s retail sales growth was also quite strong during its fiscal year 2023. According to Nielsen data for all outlets combined including convenience (xAOC+Conv.) for the 52 weeks ending March 25, 2023, Alkaline88 was one of 13 brands (including an aggregate of all private labels) with over $90 million in retail sales. Its year-over-year retail sales growth of 19.5% was more than twice the Value-Added Water category average and second-best among the top 13 brands.
“We’ve driven significant Alkaline88® brand growth over the last twelve months despite challenging economic conditions, and we’ve done this while being firmly committed to improving operations and achieving profitability,” added Mr. Chessman.
