Q2 2024 Celsius Holdings Inc Earnings Call Transcript
Key Points
- Celsius Holdings Inc (CELH) reported record second-quarter 2024 financial results with a 23% year-over-year increase in total revenue to $402 million.
- International revenue grew by 30% in the second quarter, reaching $19.6 million.
- The company achieved significant shelf space gains, increasing average SKUs sold per store by more than 35%.
- Celsius Holdings Inc (CELH) saw a 41% year-over-year increase in sales on Amazon, reaching $39.9 million.
- Gross profit margins improved to 52% of revenues, up from 49% in the prior year period, attributed to reduced raw material and freight costs.
- The energy drink category experienced a slowdown, with competition and macroeconomic factors applying pressure to the business.
- Same-store sales in the convenience channel were down, with one of the largest convenience chains reporting a more than 4% decline.
- Despite strong growth, Celsius Holdings Inc (CELH) experienced market share stabilization rather than significant gains.
- The company faced inventory timing movements, impacting sales volume growth, with a noted $20 million to $30 million drag from inventory adjustments.
- Sales and marketing expenses were high, coming in at 22.6% of revenue, with expectations of increased spending in the third quarter.
Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Celsius Holdings Incorporated Second-Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.
I'd now like to turn the call over to Paul Wiseman, Investor Relations. Please go ahead.
Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings second quarter 2024 earnings webcast. Joining me today John Fieldly, Chairman and Chief Executive Officer; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff.
The speakers will take questions following the prepared remarks. The company released its second quarter earnings press release earlier this morning, and all materials are available on the company's website, ir
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