Yowie Group’s retail revenues rose 29% on a sequential basis in the December quarter to an estimated US$6.2m as the company completed its roll-out to 4,300 Walmart stores in the US. December quarter numbers include both retail and stock-building sales, so we are maintaining our topline expectations for now. However, based on the company’s recent move to a new contract manufacturer and the resulting discontinuation of patent royalty fees, we believe there may be upside to our estimates.
