Total sales drop for 2 Sisters
Boparan Holdings, parent company of 2 Sisters Food Group, has posted a 3.9% drop in total sales for the 13 weeks to 2 May 2015.
Its sales fell from £811.4 million in Q3 2014 to £779.7m. Like-for-like sales grew 1.1% from £789.9m to £798.7m. Operating profit fell 2.4% while profit margins remained static year-on-year.
Boparan managed to fight off avian flu outbreaks and negative consumer sentiment following the Food Standards Agency’s campylobacter reporting to see its protein division like-for-like revenue rise 0.8% to £560.9m.
In chilled, like-for-like sales grew 1.9% to £145.3m, driven by a strong performance in its ready meals division. Its branded frozen division like-for-like revenue reached £92.5m, 2% ahead of 2014.
Ranjit Singh, CEO, commented on the results: “This is an encouraging performance and in line with expectations. It underlines our commitment to focus on building a better business, which leads the food sector and is passionate about putting customers and consumers first.
“The operating environment remains challenging, but we have put in place a strategy that is delivering improved performance throughout the business. We remain cautiously optimistic and expect profitability for Q4 will not be materially different from last year. This combination of prudent cost control, further efficiency gains and targeted investments puts the business in good shape for the future.”
Singh also announced plans to grow the company’s protein and chilled operations. “We have said targeted investment will be the key to our future growth, and I’m pleased to announce plans for continued investment in our protein business, with further plans being finalised for investment in our chilled division. These investments will take our performance and ranges to the next level.
“In our chilled business, we are looking at further investment in capacity to enable us to meet our growth ambitions, and we can report a good performance by our branded division. All this activity sets a very solid foundation for future growth of the business.”
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