Vitality achieved a 26% increase in sales during the third quarter primarily driven by the expansion of the product line into current retail locations, new retailers and online sales on Amazon in Canada and the United States.
During the third quarter, the Company received 5 alive Awards, recognizing the best in the Canadian natural health industry. Vitality was recognized with the honour of Best New Supplement – Retailer Choice (Gold) for Trace Minerals + Chlorella, Best New Supplement – Consumer Choice (Gold) for Vitality Glow Collagen + Cranberry, and Women’s Products – Retailer Choice (Silver) for Power Iron + Organic Spirulina.
The Company’s third quarter sales increased significantly due to listings of new products launched in the second quarter including at Choices Markets (10 locations), Nature’s Fare (7 locations), Healthy Planet (29 locations), Vita Health (7 locations) and online at vitasave.ca, yeswellness.com, amazon.ca and amazon.com.
With the launch of the new products and increased promotion, the financial results of the Company for the three months ended October 31, 2020 show a net loss of $42,189 or $0.00 per share compared to a net income of $1,223 or $0.00 per share for the same period last year. Sales for the three months ended October 31, 2020 of the Company’s premium vitamins and supplements increased 26% to $205,437 (2019 – $162,809). The Company’s general and administrative expenses for the three months ended October 31, 2020 increased to $185,601 (2019 – $114,672). Wages and salary increased to $97,461 (2019 – $56,079). Promotion tripled to $30,120 (2019 – $9,457) as the Company increased advertising spend with a priority focus on new listings and online sales with amazon.com, amazon.ca and vitality.ca.
