FORT LAUDERDALE - Splash Beverage Group, Inc. (NYSE American: SBEV), known for its diverse beverage portfolio, announced its expansion into the Las Vegas market by securing product placement in all 115 Terrible's Convenience stores. The deal will introduce Copa di Vino single-serve wines to a broader customer base in the region starting this month.
The company's CEO, Robert Nistico, emphasized the significance of this distribution win, attributing it to the company's dedicated effort in building a network that aligns with its strategic direction. Splash Beverage Group's President and CMO, Bill Meissner, also highlighted the importance of Terrible's as a retailer, noting its strong mix of local residents and tourists, which aligns well with the Copa di Vino brand.
This move comes as convenience retailers nationwide are increasingly adding wine to their product assortments, with the Convenience Store trade association reporting a 6.4% rise in average per-store sales of wine and liquor last year.
Splash Beverage Group's portfolio includes SALT Naturally Flavored Tequila, Copa di Vino Single Serve Wines, Pulpoloco Sangria, and TapouT Cognitive Energy Drink.
The information in this article is based on a press release statement from Splash Beverage Group, Inc.
InvestingPro Insights
As Splash Beverage Group, Inc. (NYSE American: SBEV) makes a splash in the Las Vegas market, it's essential to look at the company's financial health and market performance. With the recent product placement deal, SBEV's strategic expansion could be a catalyst for growth. Here are some insights based on real-time data from InvestingPro and InvestingPro Tips:
InvestingPro Data shows a market cap of $25.02 million and a significant revenue growth of 28.09% over the last twelve months as of Q3 2023. This growth is a positive sign for the company as it continues to expand its distribution channels. However, the company's current P/E Ratio stands at -1.28, indicating that it is not profitable as of the last twelve months.
InvestingPro Tips suggest that while analysts expect sales growth in the current year, they do not anticipate the company will be profitable this year. This is important for investors to consider, as the company's efforts to increase sales may not immediately translate into net profitability. Additionally, the company has been quickly burning through cash, and its short-term obligations exceed its liquid assets, which could pose challenges to its financial stability.
Despite these concerns, SBEV has seen a significant return over the last week, with a 36.9% price total return, which may interest short-term investors looking for momentum plays. For a more comprehensive list of InvestingPro Tips, visit https://www.investing.com/pro/SBEV, where you can find additional insights to inform your investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 36 additional tips available on InvestingPro.
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