Premier Foods Q1 Sales Down; Now Sees FY Adj Profit At Top End Of View

Premier Foods plc (PFD.L) reported Friday that total first-quarter sales fell 13.2 percent from last year, but grew 6.3 percent over a two year basis from the pre-pandemic 2019.

Branded sales fell 14 percent from last year, but increased 9.3 percent from 2019. Online sales were similar to the high levels seen last year and nearly double that of two years ago.

Non-branded sales dropped 8 percent from the prior year, and was down 11 percent from 2019.

In the quarter, Grocery sales fell 18 percent, but increased 8.2 percent over two years. Sweet Treats sales increased 1.4 percent from the prior year and 2 percent from 2019.

Looking ahead, Alex Whitehouse, Chief Executive Officer, said, "With our continued strong trading momentum and the substantially lower coupon of the new fixed rate notes at 3.5 percent, we now expect to deliver adjusted Profit Before Tax at the top end of our expectations for FY21/22."

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