Yowie beats 2017 sales – just – after twice telling investors not to expect much

Chocolate maker Yowie says it has hit its 2018 targets, after downgrading those numbers twice this year.

The iconic Australian brand, which sells mythical-beast chocolate with a significant presence in the US, has made $19.6 million in sales in the 2018 financial year.

Last year sales were $US19.48 million.

Yowie Group (ASX:YOW) said strong fourth quarter sales helped, as these grew at 18 per cent compared with the same period last year and came in at $5 million.

But it’s unclear what numbers Yowie was targeting.

It downgraded its guidance in January when it predicted sales growth for the year would be 17 per cent instead of an anticipated 55 per cent.

It then said in February it couldn’t be sure it’d hit that target either, blaming tough market conditions and new competition, but refraining from providing new numbers.

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The company started the year off with the year with a $1.95 million stock adjustment claim from a “major US retail customer”, based on stock adjustment factors over the past two years.

Yowie agreed to pay the amount, which sent it into the red at the end of the first half of 2018.

The revenue figures released today do not include this $1.95 million payment, which the company calls the “Walmart adjustment”.

At the end of the March quarter, Yowie had $20.9 million in the kitty and had sold $3.7 million worth of chocolate to customers.

The Yowie Group share price has dropped by more than 70 per cent over the past 12 months, from 32.c to 9c.