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Genesee Corp. sales earnings down in quarter.

Genesee Corp. sales earnings down in quarter

Genesee Corp. recently announced consolidated sales and earnings for the second quarter were down 1.5 percent compared to the same period last year, while the six months earnings were one percent less than the comparable period of the previous fiscal year, ended October 31, 1988

Net earnings for the second quarter were $216,000 compared to last year's second quarter of $517,000.

Officials reported an increase in sales by its food division, but, those increases were offset by lower sales for Genesee Brewing Co., Inc. Intense competition from heavily advertised national brands in Genesee's major marketing area affected malt beverage sales, according to the company.

"The beer industry continues to show little or no overall growth, but we are encouraged by sales trends in certain markets and on some Genesee packages," said John Wehle, president and chief executive officer, Genesee Corp.

It was reported that the decline in malt beverage sales combined with a less favorable package mix had negative affect on the corporation's earnings for the second quarter.

"We will focus our efforts on markets that offer a more favorable package mix to improve sales and earnings," Wehle added.
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Publication:Modern Brewery Age
Date:Dec 25, 1989
Words:199
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