Getting into a major retailer is one thing, staying there is another. If you're not selling, you're gone; someone else wants the shelf space. After only a couple weeks in the Northwest division of club heavyweight Costco (NASDAQ:COST), EnWave Corp. (TSX-V:ENW) got some good news of a second order for its Moon Cheese snack product from the division.
EnWave sells the product through NutraDried Food Company, its wholly owned subsidiary formed for the purpose of developing, manufacturing, marketing and selling all-natural cheese snacks under the Moon Cheese moniker.
In February, EnWave acquired the remaining 49% of NutraDried that it didn't already own. The snacks leverage EnWave's dehydration expertise and nutraREV technology to remove the moisture from cheese, turning it into a crunchy snack.
On March 14, Vancouver-based EnWave said that it received a "large" repeat order for its Moon Cheese product from Costco's Midwest division. At that time, the company said expansion into the Northwest division was happening, with the launch onto shelves at the start of April.
No dollar values were provided for the orders.
"The recent repeat purchase orders from Costco’s Pacific Northwest division along with the Midwest division demonstrates the success of club format packaging of Moon Cheese in the Costco system," the company said in this morning's news release.
NutraDried is expected to keep pursuing expansion across all the Costco divisions, as well as looking for more repeat orders. Costco operates 741 warehouse stores worldwide, including 514 in the U.S. and Puerto Rico.
Shares of ENW have been in a protracted uptrend, including a big move since hitting 96 cents in December. Shares closed Wednesday at $1.40 and gapped ahead two cents to $1.42 in early trading on Thursday.
