Yowie chief Bert Alfonso is stepping down after the company cut sales growth from 55 per cent to 17 per cent.

The company’s shares lost 33 per cent to reach 14.2c following the news.

Yowie shares shot up on news in September and December that it was finally entering the North American markets. Pic: Investing.com
Yowie shares shot up on news in September and December that it was finally entering the North American markets. Pic: Investing.com

Yowie blamed the drop in sales growth was due to problems in North America.

The company launched its Canadian supermarket and US strategies late last year.

“Discovery World was expected to add $US3 million to FY18’s budget but is now expected to fall short of this as retailers are hesitant to bring on more, lower priced offerings to the crowded set,” the company said.

Discovery World is the company’s lower priced brand.

“Canada was planned for a full year of on shelf activity. With the launch deferred to October, the expected contribution for FY18 will now be lower.”

Second quarter sales in fiscal 2018 were $US5.4 million ($6.9 million), up 23 per cent on the corresponding period of fiscal 2017 but North America sales were flat at $US4.4 million.

Australian sales continued to meet targets, with first half sales up 15 per cent to $US1.8 million. Total group sales rose 7.5 per cent to $US10 million.

Mr Alfonso stepped down on Tuesday and Mark Schuessler, who was the global COO and head of Yowie North America, will become the new chief.