Strong Net Sales Growth
Net sales in the second quarter increased by 17% year-over-year, reaching $169 million, driven significantly by a 25% growth in Vita Coco Coconut Water sales.
Vita Coco Coconut Water International Success
International segment net sales grew 37%, with Vita Coco Coconut Water sales increasing by 43%, indicating strong growth in major markets like the U.K. and Germany.
Introduction of Vita Coco Treats
The launch of Vita Coco Treats contributed positively, with 102% growth in the other products category, indicating a successful new product introduction.
Strong Balance Sheet
The company reported total cash on hand of $167 million and no debt under the revolving credit facility, indicating a solid financial position.