Reed’s, Inc. (REED.OB) Releases Financials Detailing Great Increases in Net Sales and Gross Profits
Chris Reed, Founder and Chief Executive Officer of Reed’s, stated that the company is very pleased with the first quarter results after breaking a new record in excess of 50%. Net Sales increased 52.2% and Gross Profit reached $540,000, an increase of 85.8%. The Gross Profit Margin also increased greatly from 3.2% to 17.9%. The company’s core growth strategy lays in broadening their brand recognition through additional points of distribution. Their recently announced exclusive distribution agreements with Manhattan Beer Distributors, Columbia Distribution and Great State Beverages will enable them to distribute to the mainstream marketplace and generate additional brand awareness.…