EVERYONE'S favourite swamp creatures, Yowie chocolates, are making a big push into the U.S. retail market.
The Australian-owned Yowie Group (ASX: YOW) have announced an expansion of several key retailers in the United States to sell the iconic confectionary, moving into 8000 convenience stores.
The announcement of the US expansion has seen shares in the Australian confectionary company soar up 17.65 per cent to 20 cents per share.
The company says the expansion will generate higher sales in the opening half of calendar year 2018 for the ASX-listed confectionary group.
The Aussie chocolates will be sold in a number of new retailers across the grocery, mass, and specialty consumer channels in the U.S.
Of note is a significant expansion into Target, to 1250 stores nationally. This follows Yowie's 300-Target store trial, confirming the success of the trial.
The group will be pushing into key American grocery stores, like Albertson's, Wakefern, and Brookshire Bros.
The company will also benefit from the addition of Bed Bath and Beyond, Five Below, and Michael's as speciality distributors of the Yowie chocolate.
Yowie's CEO, Mark Schuessler, says the company believes that the Yowie brand has significant scope for further market penetration and growth in the United States.
"We see distribution growth potential extending beyond fiscal 2018, driven by our current product innovation and investments in brand awareness through our marketing programs," says Schuessler.
The Australian company expanded into Canada's confectionary market in October this year via distributor Mondoux Confectionary, and New Zealand's market in August through some K-Mart stores.
In May, the group launched its Yowie Series 1 range in the Australian market.
Yowie shares are up 17.64 per cent to 20 cents per share at 11.45am AEDT.
Business News Australia
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