Shares of National Beverage Corp., (NASDAQ: FIZZ) the maker of popular seltzer water LaCroix, skidded Friday after CEO Nick Caporella blamed a drop in sales and profit on "injustice."
The company's profit slumped 39.6% to $24.8 million during the three months ended Jan. 26, compared with $41.1 million during the same period a year earlier, the company said in releasing its fiscal third-quarter results after the market closed Thursday. Its revenue fell 2.9% to $220.9 million during the quarter, compared with $227.5 million last year.
Caporella apologized for the company's poor performance, assuring investors it wasn't due to "mismanagement nor woeful acts of God."
Instead, he said the falloff in sales and profit were caused by "injustice."
He also signaled recovery by way of the fierce loyalty the brand inspires.
“There is no greater passion than the kind that creates the wonderful refreshment and contentment described as unique! No doubt, the sound and personality of the word LaCroix, coupled with the awesome experience of its essence and taste. . . is unique.
“One can be induced to purchase by cheapening price or giving away a product, but falling in love with a feeling of joy is the result of contentment. Just ask any LaCroix consumer . . . Would you trade away that LaLa feeling? ‘No way, they shout – We just love our LaCroix!’ I am positive they respond this way each and every time,” Caporella concluded
Shares got clobbered, losing $16.57, or 24.3%, to $51.70
