Nightfood Q1 Supermarket Sales Highest in Company History -- New Production Run Scheduled for Week of March 23rd
Tarrytown, NY, March 09, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nightfood, Inc. (OTCQB: NGTF), the better-for-you ice cream recently recommended as the Official Ice Cream of the American Pregnancy Association (APA), announced today that a sharp increase in recent supermarket reorder velocity has reduced inventory of certain flavors to replenishment levels.
For the week ending Friday, March 6th, the Company received orders for twelve pallets of product, almost all of it to refill existing retail partners. Each pallet contains approximately 2,000 pints of Nightfood ice cream.
This has been a record quarter for supermarket reorder volume. In addition, a significant amount of product has been shipped to distributors and wholesalers for new supermarket chains adding Nightfood this month.
“We’re pleased to see same-store sales velocity increase sharply, and expect it to continue as awareness begins to grow within the pregnancy community,” commented Nightfood CEO Sean Folkson. “On one hand, regular production runs will become business as usual. At the same time, we wanted to provide information about this specific production run to investors because we reported substantial inventory levels just a few weeks ago. We are now running low on certain flavors. The recent surge of supermarket reorders necessitated this production run, which will consist of Full Moon Vanilla, and Cookies n’ Dreams, which has clearly emerged our top selling flavor for now.
“To date, Nightfood has manufactured eight flavors of its award-winning ice cream. As with any new brand offering multiple flavors, velocity patterns begin to emerge over time, making it easier to maintain optimal inventory levels. In addition to certain flavors eventually becoming more popular with consumers than others, the flavor selection of retailer partners has an impact on SKU by SKU inventory requirements as well. This is especially true in young, fast-growth brands.
“With our footprint rapidly multiplying, and the pregnancy demand starting to kick in, we’re on the lookout for changes in velocity by flavor,” added Folkson. “Cravings are specific biological signals. Certain flavors may connect more powerfully with the cravings that drive pregnancy ice cream consumption. As a result, we may find the more distinct flavors like Cold Brew Decaf, After Dinner Mint Chip, or Midnight Chocolate exhibit significant uptrend in consumption.”
In addition to Jewel-Osco, the 188-store division of Albertsons that will begin stocking Nightfood later this month, the brand will be available in two other major regional chains in the coming weeks, one of which will stock seven flavors in most of their 150+ stores. The other new chain is expected to start with three or four flavors of Nightfood. Harris Teeter, a division of Kroger, has seven Nightfood flavors available in most of their approximately 260 stores, and Lowe’s Foods has four flavors available in each of their 79 stores.
About Nightfood Holdings:
Nightfood Holdings, Inc. (OTC: NGTF), owns Nightfood, Inc. and MJ Munchies, Inc.
After manufacturing their first pint in early 2019, Nightfood secured ice cream distribution in multiple Top-10 supermarket chains in the United States, with concentrations in the Carolinas, Mid-Atlantic, the upper Midwest, and New England, including major divisions of the two largest grocery chains in the United States (Kroger and Albertsons).
Nightfood ice cream won the 2019 Product of the Year award in the ice cream category in a Kantar survey of over 40,000 consumers. Nightfood was also named Best New Ice Cream in the 2019 World Dairy Innovation Awards.
In February 2020, it was announced that Nightfood received the endorsement of the American Pregnancy Association as the recommended ice cream for the over three million pregnant women in the United States at any given time. With more calcium, magnesium, zinc, fiber, and protein, and less sugar and a lower glycemic profile, Nightfood is now the Official Ice Cream of the American Pregnancy Association.
Over 80% of Americans snack regularly at night, resulting in an estimated 700M+ nighttime snack occasions weekly, and an annual spend on night snacks of over $50 billion dollars, the majority of it on options that are understood to be both unhealthy, and disruptive to sleep quality.
Scientific research indicates these unhealthy nighttime cravings are driven by human biology. Willpower is also weakest at night, contributing to unhealthy night snacking behavior, and the majority of night snackers report feeling both guilty and out-of-control when it comes to their nighttime snacking.
Because unhealthy night snacking is biologically driven, and not a trend or a fad, management believes the category of nighttime-specific nutrition, which Nightfood is pioneering, will be a billion-dollar category.
MJ Munchies, Inc. was formed in 2018 as a new, wholly owned subsidiary of Nightfood Holdings, Inc. to capitalize on legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company is seeking licensing opportunities to market such products under the brand name “Half-Baked”, for which they’ve successfully secured trademark rights.
Questions can be directed to investors@Nightfood.com
Forward Looking Statements:
This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Released March 9, 2020