Premier Foods sees Q1 fall in grocery
Premier Foods, owner of gravy and stock brands Aah Bisto and Oxo, has announced a 6.2% decrease in grocery sales in the first quarter.
Premier reported that a subdued market was to blame for its disappointing performance, but is confident its yearly goal will be met. “As expected, we had a softer first quarter due to the subdued grocery retail environment, a later Easter and the impact of milder weather,” said Gavin Darby, CEO of Premier Foods.
“Our expectations for the full year are unchanged. While trading conditions are expected to remain challenging for the remainder of the year, we have a strong programme of new product launches and consumer marketing planned for the second half of the year, building on our enhanced customer partnerships with retailers and supported by continuing initiatives to reduce costs, complexity and improve efficiency,” Darby added.
Premier’s sales reflects reports of poor sales from most major food retailers, with Tesco, Asda, Morrisons and The Co-operative all reporting substantial losses. However, earlier this month, Kantar Worldpanel reported that discount brands Aldi and Lidl have significantly increased their market share.
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