Coffee Service

Farmer Brothers reports 12% Q3 net sales fall

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May 8, 2020

Farmer Bros. Company reported net sales were $129.1 million, a decrease of $17.5 million, or 12%, from the prior year period for its third fiscal quarter which ended March 31, 2020, according to a press release.

Gross margin increased to 29.4% from 27.2% in the prior year period, while net loss was $39.8 million compared to net loss of $51.7 million in the prior year and operating expenses as percentage of sales, inclusive of a $42.0 million intangible asset impairment charge increased to 64.4% from 31.4% in the prior year period;

The volume of green coffee processed and sold decreased by 2.2 million to 25.7 million pounds, a 7.9% decrease over the prior year period partially due to the impact of COVID-19 pandemic.