Despite rising costs from continued inflationary pressures, including increases in energy, insurance, and payroll, AML Foods Ltd. recorded a 5.5 percent increase in sales for the year ending April 30, compared to the same period in 2022.

AML Foods CEO and President Gavin Watchorn revealed in the company's fourth quarter financial report that total sales for the quarter were $48.6 million, up from the $44.8 million seen in 2022's fourth quarter.

But reflective of the pressures of rising costs, the company's net profit for the quarter was down to $1.2 million, compared to the $1.5 million seen in at the same period last year.

Overall, sales for the entire year amounted to $185 million, which was up more than five percent, yet annual net profit again struggled under inflationary pressures to settle at $2.8 million, down from 2022's annual net profit of $4 million.

"We are pleased to report positive sales growth, driven by increases in overall customer counts. This is an indication that our shoppers are appreciating the value we are providing during difficult times, as well as the changes we are making to our product mix in stores. Margins, however, continued to be impacted by rising costs as well as other influences. Additionally, we are recording significant increases in energy, insurance, and payroll costs, but overall continue to manage expenses well compared to the prior year," Watchorn said.

"As a whole it has been a challenging year, which began with supply chain challenges, then continued with having to manage inflation, while still delivering value and affordability to our customers. We are confident that the foundation we have established for our business is strong, and look forward to recording improved results in 2023, all while balancing the needs of our customers, associates, and shareholders.

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