Moa boss Geoff Ross says the up to $6 million full-year loss forecast by the craft beer brewer reflects the "triple hit" the company received from a sales shortfall in New Zealand and its subsequent move to a new distribution model in this country.
"You get the lack of volume that triggered the distribution change in the first place, the [sales] lull that you undergo before your new distribution model kicks in and the buy-back of any stock that the [former] distributor has had," Ross said.
"We could have chosen not to make a change ... but we thought that, overall, it was better to bite the bullet and move to the model we now have."
Auckland-based Moa, which brews its beer in Blenheim and listed on the NZX last November, yesterday confirmed its annual sales volumes for the 12 months to the end of March 2014 would be 136,000 cases, 30 per cent less than the 195,000-case target in its initial public offer prospectus.
The drop was largely due to sales shortfall in this country, which the company has blamed on its former distributor.