National Beverage’s shares dive 20 per cent after poor sales, CEO cries ‘injustice’ GlobeBusiness
National Beverage Corp’s shares sank 20 per cent on Friday after it reported dismal sales, as questions over ingredients used in its LaCroix sparkling water begin to crimp its popularity.
“We are truly sorry for these results,” CEO Nick Caporella said on Thursday in an unusual statement accompanying third-quarter results, which showed a 40 per cent slide in profits. “Much of this was the result of injustice!”A spokesman for the company said Caporella was referring to “unsubstantiated” allegations in the press about LaCroix.
In a report titled “Zero Calories, Zero Sweeteners, Zero Growth,” Grandet cut her rating on National Beverage’s stock to “sell” and lowered her 12-month target on the shares to $45 from $72. The stock was last down 21 per cent at $54.09 in morning trading on the Nasdaq. LaCroix, which in recent years has stepped up advertising targeted at millennials in the face of declining sales of sugary sodas, is now losing some of its popularity to other sparkling waters including PepsiCo’s Bubly and San Pellegrino.
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