TOFUTTI ANNOUNCES UNAUDITED RESULTS FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED JUNE 29, 2024
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Tofutti Brands Inc. reported a significant decrease in net sales for the thirteen weeks ended September 28, 2024, with a 21% drop compared to the same period in 2023. The decline was attributed to increased competition in the vegan cheese market and reduced export sales.
November 18, 2024 | 9:15 pm
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Tofutti Brands Inc. experienced a 21% decrease in net sales for Q3 2024, primarily due to increased competition in the vegan cheese market and a decline in export sales.
The significant drop in sales, particularly in the core vegan cheese segment, suggests potential challenges in maintaining market share amid rising competition. This is likely to negatively impact TOFB's stock price in the short term.
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