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MELVILLE, N.Y. - Synergy Brands, a distributor of groceries, health and beauty aids, fragrances, and hair care products, increased revenues for the fourth quarter of 2003 by 28 percent to $12.3 million.
The company generated better-than-expected sales growth in its grocery and health and beauty aids operations within its PHS Group Subsidiary. Synergy attributes this growth to strong manufacturer promotional support, increase in the company's over-the-counter health care distribution business, the acquisition of Cigars Around the World, and improved online sales.
Synergy expects that its revenue growth should have a positive effect on earnings for fiscal 2004 as future promotional support from vendors is customarily related to historical sales. The company anticipates providing its guidance for fiscal year 2004 and to release its results as filed in its 10K-SB by March 31, 2004.