1543 ET - Tilray Brands reports 2Q revenue that missed analyst projections, largely due to the underperformance of its alcoholic beverage business, Bernstein analysts say in a research note. The shortfall was partially due to its Project 420 initiative which aims to find $25 million in synergies for the booze division and includes some reshuffling of its portfolio, which cut sales by $6 million in the first half of the fiscal year, the analysts say. The program is expected to reduce sales for the full fiscal year by $20 million, though that should be offset by some new product innovation over the next 18 months, the analysts say. (dean.seal@wsj.com)

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January 10, 2025 15:43 ET (20:43 GMT)

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