Konared Corp (OTCMKTS:KRED) has reported a significant growth in the sales of its new product line, cold brew coffees. The product had been launched in February and sales have increased exponentially since then, as per the COO of KRED, Kyle Redfield. He also cited that sales between February and March grew by 157% and had further increased by 134% in March and April.
Mr. Redfield also revealed that the company was focused on bringing the products to retailers, with re-orders coming in at an equally quick rate. Currently, cold brew coffee sales account for 54% of the total sales for the company. The COO also disclosed that the true outcome, from the increased sales, would be visible in the 2Q2016, while the 1Q2016 would reflect only the tail end of the actual results. Although KRED has engaged only a handful of retailers, the company has already reported a growing demand, as retailers prepare for the summer ahead.
KRED manufactures premium Hawaiian coffee products and is considered a pioneer of the coffee fruit category. Currently, the cold brew coffees are available in three prime flavors, original, Espresso and Hawaiian Vanilla. The coffee industry has been excited about cold brew coffee as well and has even labeled it the “fourth generation coffee”. The manufacturing process makes use of both ground and roasted coffee beans. A mixture of the two is steeped in cold water, which eventually results in the brew.
Konared last filed its financial report on April 13, for the full year FY2015. The sales figure for the year had suffered a decline of 49%, when compared with the preceding year. The company had revealed that this was mainly due to reduced efforts in advertising and marketing and unsuccessful beverage distribution. However, with its new cold brew coffee, the situation seems to be changing quickly.
Konared Corp (OTCMKTS:KRED) had a trade volume of 3.29 million and reported a gain of 9.88% in terms of share value, to reach a close at $0.0656, at the end of the May 10 trading session.