LaCroix owner plunges as CEO cries 'injustice' after weak quarter
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National Beverage Corp. fell the most in two decades after the owner of LaCroix brand sparkling water posted disappointing results and was downgraded to sell at Guggenheim. The CEO blamed the weak quarter on “injustice.”
“We are truly sorry for these results stated above. Negligence nor mismanagement nor woeful acts of God were not the reasonsmuch of this was the result of injustice!” CEO Nick Caporella said in a statement.
Moving past the unusual statement, analyst Laurent Grandet wrote that the company’s sparkling water brand LaCroix is unlikely to see a sales rebound given the “prolonged softness in U.S. retail and the increasing competitiveness of the category.” Grandet added that social media trends are “decisively negative” and slashed the firm’s price target on the stock to $45 a share from $72.
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