Guru Organic Energy announces strong third quarter 2023 results
Guru Organic Energy announced its results for the third quarter ended July 31, 2023.
Net revenue for the third quarter increased by 15% to a record $8.9 million, compared to $7.7 million for the same quarter last year. The growth was driven by increased velocities in Canada and the company’s summer marketing campaign. In Canada, sales in Q3 2023 increased by 11% to $7.5 million from $6.7 million in Q3 2022. U.S. sales during the quarter grew by over 38% to $1.4 million from $1.0 million in Q3 2022, mainly due to online sale optimization and stronger return on lower promotional activities in all channels.
“We are very pleased with the results we achieved in Q3, an all-time record quarter in terms of net revenue,” says Carl Goyette, president and CEO of Guru Organic Energy in an investor conference call to review the results. “Our Guru Fruit Punch, as well as higher sales velocities in Canada, were the main contributors to the growth this quarter. During the last two quarters, we have been building on our sales momentum and gaining traction on many fronts, while being disciplined when it comes to our spending, with a more targeted marketing approach to retail and online strategies.”
“The energy drink market as a whole has an impressive growth rate of 15% over the 52 weeks in Canada and Guru is still the fastest growing brand in English Canada with a growth rate of over 44% in all channels over the same period,” he continues.
Goyett also points to strong U.S. growth as well, with strong performances coming record performance during Amazon’s Prime Day this past July and a rotational program with a leading wholesale club in California, in a release accompanying the financial results. The company also highlighted how Guru Tropical Punch has become Guru’s number one energy drink in the U.S., “confirming the growing popularity of our punch-flavoured innovations with consumers,” Goyett continued.
As well, the company announced the launch of Guru Fruit Punch in the U.S., together with a new yet-to-be-announced innovation before the end of the year.
Goyette adds that the coming fourth quarter has already started well with increased distribution of the company’s energy drinks in Canadian grocery stores, as well as a rotational program with a leading wholesale club in Quebec.
“Overall, we’re pleased with the growing traction generated by our targeted strategy and marketing activities, as well as the positive results from our latest flavored innovations, Tropical Punch and Fruit Punch,” adds Goyette.
As part of the company’s ongoing marketing strategy, Goyette announced that Toronto Raptor Gradey Dick will become a Guru brand ambassador and be part of the energy drink maker’s Feel Good Energy Challenge that will leverage celebrities and influencers to build brand awareness in Canada and product engagement.
