Slower than expected sales in key markets and a transition to the new operating model in China led to soft start to the half.
Shares in Bubs Australia have crashed 11 per cent after the infant formula minnow blamed China lockdowns for poor first half sales and said it is on track to meet regulatory milestones for permanent access to the US market.
Sales in Bubs key baby formula portfolio, which makes up more than 80 per cent of revenue, fell 10 per cent in the second quarter.than expected and would be broadly inline with the prior corresponding period,The numbers fell short of some analysts’ expectations, sending the stock tumbling by as much as 12 per cent in early trade. It ended down 11.3 per cent at 32¢.
The market which was essentially closed to outsiders, controlled by a few multinational corporations, now appears to be opening to other players, including Bubs.
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