Farmer Brothers Co Reports Net Loss of $79.2 Million for the Year
Annual Revenue of $339.96 Million
By USInMinutes
Published - Sep 12, 2023, 05:11 PM ET
Last Updated - Sep 12, 2023, 05:11 PM EDT
FARMER BROTHERS CO [FARM], a leading coffee and tea company, has reported a net loss of $79.2 million for the year ended June 30, 2023. Despite revenue growth, the company faced challenges with operating expenses and other factors that impacted its financial performance.
Financial Performance
The company's annual revenue for the year stood at $339.96 million, representing a 8.2% increase compared to the previous year's revenue of $314.78 million. However, the increase in revenue was not sufficient to offset the higher cost of goods sold, resulting in a decline in gross profit from $133.82 million to $114.61 million.
