MamaMancini’s Holdings Inc (OTCQB:MMMB) announced Monday that it has received a flurry of new commitments from retailers for its specialty food products.
The East Rutherford, New Jersey-based company said it had received 24 new product authorizations from retailers and club stores across the US that are poised to roll out throughout the year.
Initial purchase orders scheduled for delivery in February include 550 Winn Dixie (Southern Foods) locations; 1,200 Publix locations; and 100 Costco locations as a seasonal rotation.
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Another 140 locations across two divisions of Albertsons consisting of Safeway Stores in the Mid-Atlantic and Kings Supermarkets/Balducci in the Mid-Atlantic and NY Metro; 130 Hannaford Foods locations in New England (holding of Ahold) and 100 KVAT Food City locations in Virginia and the Southeast are included in the February delivery schedule.
The company has also received preliminary commitments for between 650 and 1,300 high-volume Kroger locations across the US; an additional product test rotation at 150 Sam’s Club locations and expected new merchandising on existing products at Sam’s Club with increased volume at 600 locations; 100 additional Costco locations in Northern California for a seasonal rotation; and 1,500-3,000 Walmart locations nationwide.
All told, the new orders will appear in anywhere from 13,000 to 20,000 new locations, MamaMancini’s told shareholders.
The company makes a host of specialty prepared, refrigerated and frozen all-natural Italian foods.
CEO Carl Wolf told investors that the company believes the initial order activity is an early indicator of a “significant increase” in US economic growth this year, and a sign of strong volume growth for MamaMancini’s in the months ahead.
“Retailer commitments and positive outlook generally increased in the last several days as COVID-19 vaccinations rapidly progressed and political considerations turned more positive,” Wolf said in a statement.
The CEO pointed to data from the American Staffing Association that its Staffing Index for the week ended January 23rd noted placements up 2.8% from the prior week and 1% above the same week in 2020.
“While these new authorizations do not guarantee success or widespread distribution in the marketplace, we are optimistic in that we are now seeing a resumption of strong activity," Wolf added.
The firm added that it expects to see higher order volumes during the year from existing retailer hot and cold bars, as well as deli products, as the pandemic recedes.
Contact Angela at angela@proactiveinvestors.com
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