Better Choice Company Inc (OTCMKTS:BTTR) posted revenues of $11.4 million in Q4 2020. Its full-year sales are $51.3 million.
CEO of Better Choice, Scott Lerner, said the company is pleased to report Q4 2020 revenues and share with the investors. The company achieved this growth using its omnichannel approach.
Online sales push
Better Choice earned 59% of its sales in 2020 from online, mainly through pet specialty channels. Its global sales accounted for 20% of the sales in 2020.
Achievements in Q4 2020
Better Choice added several key executives, including Scott Learner, as the new CEO. It lowered cash burn and mitigated the coronavirus impact. The company established Brick & Mortar, DTC, E-Commerce, and International channels to promote growth.
Better Choice integrated TruDog and Halo brands by identifying sales opportunities for future growth. The company received approval from The Chinese Agriculture Ministry for shipping 15 diets to the Chinese mainland.
The Chinese distributors contributed sales of $4.1 million, representing 48% of the global sales of $8.6 million in 2020.
Better Choice bagged purchase orders of $25.6 million from distribution partners in Asia. It will commence shipment during early January 2021 and December 31, 2022.
In October 2020, Better Choice consolidated its warehouse operations into a single location. The company raised a capital of $21.7 million in the same month to promote growth.
In January 2021, the company closed the credit facility of $12 million with Wintrust Financial.
Receives an invitation
Scott of Better Choice received an invitation to speak at 2021 Consumer Conference on April 20 and 21, 2021. He said the company is excited to receive an invitation to present its growth prospects. The company established a strong platform to drive growth going forward by becoming the most favored pet food supplier in the world.
Expands freeze-dried products worldwide
Better Choice plans to supply freeze-dried products worldwide for pet dogs and cats. The company already supplied these products under the Halo brand in the Asian nations.
The expansion offers additional growth opportunities for Better Choice and rewards shareholders with rich dividends. It already secured minimum purchases worth $25.6 million for the supply in the next two years to Asian distribution partners.
Better Choice expects to sell freeze-dried products under the Halo brand in Asian nations such as South Korea, China, and Japan. It satisfies the desire of Asian pet parents to feed their pets with easy-to-digest foods.