What happened to Bubs Australia (BUB) shares today?
BUB -11.27%: weaker China sales weighed on Bubs shares today, just a week after the stock rallied on the potential upside in China sales. Gross revenue in the quarter was down 28% on last year, weighed by a 66% slump in China sales, though international revenue climbed thanks to the emergency supply agreement signed with the US in the middle of 2022. The weak quarter saw 1H revenue fall 1% on pcp, however, the company was talking up their fortunes for the rest of the year. China sales are expected to rebound as the country opens up again, while Bubs is hopeful of a permanent agreement with the FDA in the US to continue to supply formula into that market.
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