Walmart surpass forecasts

Keytone have received a significantly increased sales forecast from Walmart (China) Investment Co., Ltd (“Walmart China”) for the manufacture of whole and skim milk powder for Sam’s Club West, Inc. (China) (“Sam’s Club China”) in calendar year 2021.

The details are as follows:

  • NZD7.2m sales forecast received for the calendar year 2021, production to commence in December 20201
  • Keytone has recorded NZD2.8m of sales to Walmart China over the 12 months to September 2020
  • The sales to September 2020 are approximately 50% larger than the original forecast
  • The forecast sales for calendar year 2021 are 257% of the 12 months sales to September 2020 and 3.8x larger than the prior forecast

The product will be manufactured in Keytone’s New Zealand facilities.

Keytone’s CEO Danny Rotman commented, “We are continuing to build on our strategic partnerships with key clients and the results are outstanding. Sales have been well ahead of forecast for the period to date and we see further upside in the forecast provided for 2021 given the continued roll-out of Sam’s Club megastores in China, the growing traction the products are receiving and the overperformance against forecast to date.”