Chill Brands Group PLC (LSE:CHLL, OTCQX:ZOEIF) said all previously announced targets and distribution agreements are in place despite international logistics issues influencing the speed of its US rollout.
Sales to the CBD group's US distributor for 'Chill' branded products totalled over US$500,000 in the period between 1 July and 30 September.
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However, the pace of the programme has been influenced by the widespread international logistical delays, so the board is seeking to mitigate the effects of these delays.
The firm said it’s not possible to provide comprehensive sales data relating to sell-through rates and the performance of individual product SKUs (stock keeping units) at the retailer level.
It added it is exploring new sales reporting mechanisms that will provide greater clarity to shareholders and further details will be provided in due course.
Chill said it will not issue sales updates on a regular quarterly basis and will instead seek to communicate more fluidly with the market as new information becomes available. In the meantime, the board is working with Viridian Capital Advisors to develop and deploy more effective market communication strategies.
"We are pleased that the group's US rollout continues to generate significant sales,” said co-chief executive Trevor Taylor.
“While it is regrettable that logistics issues have impacted on the pace of the rollout in the short-term, we are confident that previously announced targets are realistic and achievable. We are grateful to shareholders for their patience in respect of the release of these figures and are working diligently with Viridian's expert team to enhance the group's approach to investor relations and market communications."