Margin Pressure Starting to Sour Blackmores' China Growth Story
Blackmores third-quarter profit of AUD 10 million was down 43% on the previous corresponding period. Revenue fell 4% but the real hit was from higher marketing and promotional spend, which crunched profit margins. While earnings fell precipitously, it was mostly expected. At the interim result in February, management flagged China headwinds and guided towards weaker second-half earnings. It’s likely we’ve seen the nadir and expect improvement in the fourth quarter. Nonetheless, we trim our fisca...Blackmores is engaged in the development, sales and marketing of health products for humans and animals including vitamins and herbal and mineral nutritional supplements. As of June 30 2016, Co. operated in Australia, New Zealand and Asia.
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