MusclePharm hits $28.5 million in sales in second quarter
In the quarter the company recorded gross gross sales prior to accounting for discounts and sales allowances of $28.5 million an increase of 51% as compared to $18.9 million for the second quarter of 2012 ("Q2 2012"). Gross sales were up 14% over the first quarter of 2013. Net sales in Q2 2013 gross sales grew sequentially by 14% as compared to Q1 2013. For Q2 2013, the Company reported record net sales were $25.5 million, an increase of 65% as compared to $15.4 million for the same period a year earlier.
MusclePharm also was able to reduce the cost of sales; discounts and sales allowances in Q2 2013 decreased to approximately $3 million, or 11% of gross sales as compared to approximately $3.4 million, or 18% of gross sales in Q2 2012.
A $3 million outlay on consulting services pushed MusclePharm’s losses higher, though. The company recorded a loss from operations of $2.7 million, as compared to a loss from operations of $1.7 million in the same period a year earlier.
"We continue to record robust sales growth on both a year-over-year and sequential basis. The results are consistent with our near term strategic focus of aggressively growing sales and increasing brand awareness," said Brad Pyatt, MusclePharm CEO.
MusclePharm manufactures and markets a range of protein, pre workout and supplement products. The company recently made news by finalizing a deal with Arnold Schwarzenegger to develop a range of branded sports nutrition products.
