US-based soy food producer Tofutti Brands saw its losses widen in the first quarter but offered an optimistic outlook for the remainder of the year.
For the 13 weeks ended 30 March, the company reported a net loss of US$268,000 compared with a loss of $210,000 in the comparable 2012 period. Tofutti blamed the decline on price increases in certain product categories during the quarter and the absence of certain promotional programmes that were in place during the 2012 period.
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Net sales, however, edged up to $3.4m from $3.3m last year.
Chairman and CEO David Mintz, said: “Our results for the first quarter of 2013 reflect our efforts to improve our sales. We believe that our sales and gross margins will continue to improve during the remainder of fiscal 2013 due to the introduction of new products and price increases instituted in the first and second quarters of the year.”
