2020 YTD Financial Update
I appreciate your patience, and I am happy to announce Sales Figures for 2020 through the end of Q3. Salsa God saw double digit growth across 4 out of 5 of our major accounts, and even during the pandemic, we were able to eke out a slight revenue gain compared to the first three quarters of 2019. Sales were essentially flat at $311.5k in 2020 vs $310.9k in 2019.
As the chart above shows, four out of five of Salsa God's major accounts experienced revenue growth through Q3 of 2020 vs 2019. The one notable decline was HEB; however the decline is not as worrisome as it would look on the chart. HEB opened a new distribution warehouse in 2020, and in order to ease the transition, HEB placed approximately $75k worth of orders that were delivered in the last two weeks of December 2019. This large order accelerated sales that would have occurred in 2020 into 2019. Normalizing for this by moving the large order in Dec 2019 to 2020's sales figures and HEB sales grew from $94.7k in 2019 to $104.1k in 2020, or a growth rate of 9.9%.
The chart below shows the percentage growth in sales in Salsa God's major accounts and overall Gross Revenue. Please note that the HEB Growth Rate and the Total Growth Rate have been normalized by moving the $75k of late revenue from 2019 into 2020.
Salsa God's YTD results in 2020 demonstrate that the Company is still growing, and there is a bright future ahead.
Other recent news that we are excited about
Salsa God has now launched into Fresh Thyme, a chain of about 73 natural grocery stores located across the Midwest.
Salsa God will be shipping its first order of salsa to the Canadian Market this week. After delays due to COVID, we are excited to be launching into our third market. Not too bad for four years!