Fresh Del Monte Produce Inc. Reports First Quarter 2018 Financial Results
Del Monte Foods, a US-based food producer and distribution company, has reported that the group achieved net sales of $1.106.1 (€927.3) million for the first quarter of 2018.
This is an increase of 7% from the $1,032.4 (€865.26) million in the first quarter of 2017. The group attributed the increase to higher net sales in the Del Monte's other fresh produce and banana business segments, partially offset by lower net sales in the Company's prepared food business segment.
Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Del Monte, said, “Our growth during the first quarter is a testament to our initiatives to strengthen the foundation of our Company through diversification to become the world’s leading supplier of healthful, wholesome and convenient fresh and value-added food and beverages.”
Gross profit (7.4%) and operating income (4.8%) also saw increases compared to the same period last year. The group said that both areas benefited greatly from a higher gross profit in the group’s banana business.
Net sales for the first quarter of 2018 increased to $453.2 (€379.8) million, compared with $445.1 (€373.04) million in the first quarter of 2017. Volume was 8% lower than the prior year. Worldwide pricing increased by 11%, to $15.68 (€13.14) per unit.
Gross profit for the first quarter of 2018 increased to $52.1 million (€43.67), compared with $35.0 (€29.33) million in the first quarter of 2017. Unit cost was 6% higher than the prior year period.
Abu-Ghazaleh added, “We remain resolute and enthusiastic about future opportunities, especially in our value-added products, with several exciting new direct to consumer ventures and innovative products to emerge during the coming months to further drive diversification."
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.