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Shares of National Beverage Corp. (FIZZ) recorded a double-digit percentage drop on Friday after the company announced earnings that no longer met analysts' expectations, and the CEO issued a mea culpa raising his eyebrows.
Domestic beverage stocks slid more than 22% at the opening bell on Friday, dipping from $ 15.76 to $ 52.51 per share on the Nasdaq.
The fashionable LaCroix sparkling water maker announced Thursday after the closing bell that its net profit for the quarter ended Jan. 26 had dropped by nearly 40%, to stand at 24.8 million $ 53 cents per share versus $ 41 million or 88 cents per share. comparable period of the previous year.
Analysts surveyed by FactSet were expecting earnings per share of 76 cents. Revenues for the three-month period slid 2.9% to $ 220.9 million.
In an unusual statement accompanying the quarterly figures, National Beverage CEO Nick Caporella apologized for the company's mediocre results, assuring investors that this was not the result of the company's efforts. "bad management or natural disasters", but "injustice".
"We are really sorry for the results stated above – Neglect, mismanagement and deplorable acts of God were not the reasons – it was largely the result of an injustice!
– Nick Caporella, National Beverage CEO
"Managing a brand is not so different from caring for someone who becomes disabled," continued Caporella. "Brands do not see and hear, so they are at the mercy of their owners or their caregivers, who must preserve the dignity and special character that the brand exemplifies.
"It is important that the character of LaCroix is not in any way devalued intentionally.National Beverage Corp. is and will remain the innovator par excellence that adds spice and authenticity to the phenomenon of" l & # 39; sparkling water "in North America."
Hi LaCroix lovers! What is your child's special name for LaCroix ?! ✨ Let us know pic.twitter.com/zLmsTVMnwD
– LaCroix Water (@lacroixwater) March 7, 2019
Caporella added: "There is no greater passion than that which creates the wonderful refreshment and contentment described as unique! Without a doubt, the sound and personality of the word LaCroix, coupled with the tremendous experience of its essence and taste … is unique.
"One may be encouraged to buy by lowering the price or giving a product, but falling in love with a sense of joy is the result of contentment." Ask any LaCroix consumer … Do you wish to exchange that LaLa feeling? " No way, they scream – We love our LaCroix! & # 39; I am certain that they respond in this way every time. "
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