Lark Distilling says its net sales for H2FY23 are forecast to be $7.4 million, down on the first half’s $9.6 million. Its 4Q sales expectation of $3.9 million reflects one-off sales and more challenging trading environment and a drop in consumer confidence.
Lark said that a business review had found a number of one-off items that would impact the FY23 results totalling $1.4 million including recruitment and restructuring costs ($0.8 million), obsolete dry and liquid goods and the termination of some R&D trials ($0.6 million).
Lark CEO Sash Sharma said the company’s priority was to “build and fortify” the business.
“We remain disciplined and focused on creating shareholder value by crafting exceptional brands that deliver against the high expectations of our consumers and customers,” Sharma said.
Total sales for FY23 are expected to be around $17 million compared to $20.3 million in FY22.
