PannaCotta.com said Monday that it has a $7.4 million profit for the first quarter of fiscal 2019.
The company also said its net income for the period increased by 20% to $2.9 million.CEO Tim Sorensen said in a statement that he believes the company will see an increase in net income over the next year.
Panna’s profits were up more than 75% year-over-year compared to the previous year, he said.
The company said the increase in the first-quarter profit will likely come from an increase to the $2 million Panna cotas minimum order order price.
PannaCots sales, which were $1.5 billion in the year-ago quarter, were up 21% to a record $1 billion in fiscal 2019, Sorenesen said.
He said Panna had a positive outlook for 2018.
“In 2019, we expect our sales to continue to grow at a strong pace and our overall profitability will improve,” he said in the statement.
Parma is looking to increase its foothold in the United States with the addition of a manufacturing facility in Parma, Ohio.
That move will create approximately 50 jobs.