Featured Company News - Long Island Iced Tea and Discount Retailer Dollar General Form a Strategic Partnership
LONDON, UK / ACCESSWIRE / August 17, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for ready-to-drink tea manufacturerLong Island Iced Tea Corp. (NASDAQ: LTEA) ("LTEA"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=LTEA. The Hicksville, New York based Company announced on August 15, 2017, that it has entered into a strategic partnership with Dollar General Corp. (NYSE: DG). The Company also revealed that the strategic partnership is currently in the "testing phase". For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Details of the Testing Phase of Strategic Partnership
LTEA is selling its Long Island Iced Tea®, a premium iced tea, at an affordable price. Under the terms of the strategic partnership, Dollar General will carry LTEA's products across 97 Dollar General Market stores located in 14 Southeast and Midwest States. These include stores located in Alabama, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Virginia, and West Virginia.
The Long Island Iced Tea® which would be marketed at the Dollar General stores would come in 18oz single-serve bottles. The variants of the Long Island Iced Tea® made available at the Dollar General stores include flavors like Peach, Green Tea & Honey, Half Tea & Half Lemonade, and Southern Sweet Tea.
LTEA revealed that the testing phase at Dollar General Market stores had already started in mid-June 2017.
Commenting on the partnership with Dollar General, Philip Thomas, LTEA's CEO said:
"We are excited to be collaborating with Dollar General on this strategic test and the opportunity to offer our brand to the Dollar General community. Dollar General is recognized for providing consumers with quality products at an affordable price and we look forward to proving our value at this successful retailer."
About Dollar General Corp.
Goodlettsville, Tennessee based Dollar General is a discount retailer and provides various merchandise products in the southern, southwestern, midwestern, and eastern US. In addition to high-quality private brands, Dollar General sells products from America's most-trusted brands such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills, and PepsiCo. As on May 05, 2017, Dollar General operated 13,601 stores in 44 states.
LTEA on expansion spree
LTEA has been on an international expansion spree after the appointment of Jeff Busch in late December 2016, to help the Company establish and grow its international business so that it can expand its global footprint. Jeff is Australian-based consumer goods sales and marketing specialist and was brought on board for an initial 6-month consulting contract. In June 2017, LTEA brought in the expertise of Ben Cheng & Koh Tai Hong, Singaporean-based consumer goods specialists to help the Company expand its presence across Asia. Messrs. Cheng and Hong would work closely with Jeff to fulfill the Company's international expansion plans.
In FY17, LTEA has signed distribution agreements with parties in Columbia, Ecuador, Puerto Rico, Canada, New Zealand, and the Pacific Islands. Significant amongst them was LTEA's partnership agreement with 156 Loblaws supermarkets across Canada in June 2017. This was the largest international chain account agreement in the history of the Company. Some recent deals include LTEA's distribution partnership with Stellare New Zealand Limited, part of the Stellare Group to expand into New Zealand and the Pacific Islands in July 2017. In August 2017, LTEA continued its expansion in Canada by signing a distribution agreement with Sobeys Inc., which would provide access to over 100 Foodland and Urban Fresh locations in Ontario.
Expansion in US
LTEA has also entered into strategic partnerships with Companies in the US to power its domestic expansion.
In July 2017, LTEA expanded its partnerships in the New York Metro area with new deals with Target, Stew Leonard's, City Fresh Market, Cherry Valley Marketplace and Fairway Market. In the same month, LTEA signed an agreement with Swartz & Sons Distributors, Inc. to expand in the Mid-Atlantic areas like Virginia, Maryland, Washington D.C., Delaware and Pennsylvania.
In June 2017, LTEA appointed FUNBeV Distribution LLC as its distributor for the Ohio market. In the same month, the Company also signed a distribution agreement with EnergyNC to expand in the North Carolina, eastern South Carolina, and southern Virginia markets.
In May 2017, LTEA signed a distribution agreement with C&S Wholesale Grocers, Inc., one of the largest wholesale grocery supply distributor in US and which serves approximately 6,500 stores from more than 50 locations in 15 states. In the same month, LTEA expanded its reach across New Midwest with its partnership with Sunrise Foods Distribution Co., a preferred distributor for SpartanNash Company, a Fortune 400 Company that is a national grocery distributor.
In April 2017, LTEA expanded its distribution in Northeast US with a tie-up with Kinney Drugs, which has over 100 drug stores in New York and Vermont. In the same month LTEA also expanded its presence in Southeast with its distribution partnership W. Lee Flowers and Co. to sell LTEA's products across 80 IGAs and Independent Supermarkets in the Carolinas and Georgia. Another major deal signed by LTEA in the same month, included its long-term strategic distribution agreement with Big Geyser, the largest independent non-alcoholic beverage distributor in metro New York. Big Geyser was appointed as the exclusive distributor of LTEA's flagship iced tea and lemonade with a splash of tea across the five boroughs of NYC, Westchester, Putnam, Nassau and Suffolk counties.
In January 2017, LTEA partnered with Lipari Foods, LLC to expand the Company's product presence across Midwest.
Last Close Stock Review
At the close of trading session on Wednesday, August 16, 2017, Long Island Iced Tea's stock price rose 4.96% to end the day at $4.02. A total volume of 131.48 thousand shares were exchanged during the session, which was above the 3-month average volume of 80.93 thousand shares. At Wednesday's closing price, the stock's net capitalization stands at $33.33 million.
On Wednesday, August 16, 2017, the stock closed the trading session at $74.50, climbing 1.17% from its previous closing price of $73.64. A total volume of 2.80 million shares have exchanged hands. Dollar General's stock price advanced 5.23% in the last one month and 5.42% in the past three months. Moreover, the stock gained 0.58% since the start of the year. The stock is trading at a PE ratio of 16.82 and has a dividend yield of 1.40%. The stock currently has a market cap of $20.45 billion.
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