Pacific Ventures Group, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 20, 2020 at 05:31 pm EDT
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Pacific Ventures Group, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced sales was USD 8.688 million compared to USD 1.127 million a year ago. Operating loss was USD 660,824 compared to USD 70,566 a year ago. Net loss was USD 1.074 million compared to USD 237,529 a year ago. Basic loss per share was USD 0.93989 compared to USD 0.00086 a year ago. For the half year, sales was USD 15.388 million compared to USD 2.418 million a year ago. Operating loss was USD 1.063 million compared to USD 194,607 a year ago. Net loss was USD 1.861 million compared to USD 540,962 a year ago. Basic loss per share was USD 1.62905 compared to USD 0.00196 a year ago.
Pacific Ventures Group, Inc. is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of subsidiaries, the Company delivers specialty groceries, proteins and produce, and products to consumers through wholesale, retail, and direct-to-consumer channels. Its subsidiaries include San Diego Farmers Outlet, Seaport Meat Company, and Snobar Holdings, Inc. (Snobar). San Diego Farmers Outlet is a supplier of fresh fruits and vegetables and specialty groceries for retail customers and wholesale restaurants. Seaport Meat Company manufactures custom processed beef, pork, chicken, lamb, veal and seafood. Its meats are offered in restaurants and butcher shops. SnoBar offers SnoBar Frozen Cocktails, an alcohol infused ice-pops, ice cream and sorbet. SnoBar offers three types of ice-pops namely Margarita, Mojito and Cosmopolitan. SnoBar provides ice cream in a range of flavors, such as grasshopper, pink squirrel, and brandy alexander.