Belgium’s Greenyard Group Sees Sales Down 4.2% In First Nine Months
Belgian fresh-produce supplier Greenyard Group has posted sales of €2.91 billion of the first nine months of its financial year – a drop of 4.2% on the same period last year.
The decline in performance is largely due to the underperformance of the group’s Fresh division, which, in turn, was related to competition in the retail sector, the group reported.
In the third quarter, specifically, group sales totalled €927.9 million, down 5.4% on the previous year.
Greenyard’s Fresh division posted sales of €730.2 million for the third quarter – a drop of 6.6% – while it posted sales of €2.38 billion over the nine-month period – a decline of 4.5%.
The group reported that the decline in Fresh ‘relates to a volume decline and continuing price pressure due to fierce retail competition in most of the key markets’.
The group’s banana, apple, grape, pear, melon, stone fruit, bell pepper, and tomato markets all saw volumes decline, however, volumes were up in avocados.
Greenyard’s Long Fresh division posted sales of €197.8 million in the third quarter – a 0.4% decline – while nine-month sales for the division were €532.7 million – a 2.8% decline.
Greenyard reported that this performance was impacted by non-realised price increases and some delayed orders in its Prepared subsegment, as well as weaker private-label performance in France.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.