Fruit giant Fresh Del Monte has seen its net sales for the third quarter of the year rise to $950.2 million, up from $936.1 million in the third quarter of 2015.
The company said that this was due to higher net sales in its prepared foods business segment, but was offset by lower banana sales in Europe and North America.
Gross profit for the period was $118.8 million, compared with $83.3 million in the third quarter of 2015.
“We are very pleased with our strong financial performance in the third quarter of 2016,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer.
“Our performance demonstrates the strength of our diversification strategy and the results of the efficiency improvements and cost-control initiatives we put in place over the past couple of years to increase profitability and position ourselves for sustainable growth. Increased sales in our avocado, fresh-cut and pineapple product lines collectively drove our financial performance during the quarter, along with improved global banana selling prices, and lower commodity costs.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
