USA – US energy drink maker Celsius Holdings has announced a 29 percent increase in revenue for the first half of 2024, reaching US$757.7 million, up from US$585.8 million in the same period last year.
The company also reported a 43 percent rise in gross profit to US$391.3 million, compared to US$272.8 million in the prior-year period.
International sales contributed US$35.8 million, reflecting a 36 percent increase from US$26.4 million in the previous year.
The second quarter, ending June 30, 2024, saw a 23 percent increase in revenue to US$402.0 million, up from US$325.9 million, marking Celsius’ best second-quarter financial results to date.
According to the company, the revenue growth was primarily driven by strong performance in the North American market and sustained consumer demand.
However, the overall revenue was slightly impacted by a reduction in inventory days by a major distributor. International sales in the second quarter amounted to US$19.6 million, up 30 percent from US$15.1 million, driven by increased brand awareness and velocity improvements.
John Fieldly, Chairman and CEO of Celsius Holdings, stated, “Celsius today reported its best second-quarter financial results ever, delivering records in revenue, gross profit, and gross margin. Celsius continued to lead the energy drink category, contributing 47 percent of all second-quarter growth.
We believe we are well-positioned to capture additional category dollar share. Celsius innovation is providing consumers with great-tasting, better-for-you energy drink products that are filling a niche and attracting new customers to the evolving energy drink market.”
Fieldly highlighted the company’s strong performance across various channels, noting a 41 percent increase in Amazon sales year-over-year to US$39.9 million and a 30 percent rise in club channel sales to US$88 million for the second quarter.
Additionally, sales through PepsiCo’s food service channel accounted for 12.1 per cent of Celsius’ total US sales in the quarter.
PepsiCo, which has distributed Celsius products since August 2022 and acquired an 8.5 percent stake in the company, continues to be a significant partner.
During the quarter, the company introduced three new 12-ounce flavors—Celsius Sparkling Watermelon Lemonade, Celsius Sparkling Kiwi Strawberry, and Celsius Sparkling Cherry Cola.
The company also launched three new Celsius On The Go powders, expanding its product lineup.
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