USA: B&G Foods sales rise, profits well down
US shelf stable sauce maker B&G Foods has announced a rise in net sales for the 52 weeks ended 1 January 2005 to $372.8 million from $328.4 million for the fifty-three weeks ended 3 January 2004, but income was sharply lower.
Net income in for the year ended 1 January 2005 was $3.295m, compared with $15.168m in the previous year.
We are pleased with our performance in fiscal 2004," said CEO David L. Wenner. "While the majority of our revenue growth in fiscal 2004 came from the Ortega acquisition that was completed in August 2003, our portfolio of other brands provided consistent performance.
Net sales in the thirteen weeks ended 1 January 2005 decreased 4.8% to $96.4 million from $101.2 million in the fourteen weeks ended 3 January 2004.
Gross profit for the thirteen weeks ended 1 January 2005 decreased 18.6% to $26.5 million from $32.5 million in the comparable period last year. Net income available to common stockholders in the thirteen weeks ended 1 January 2005 increased to $5.0 million for the thirteen weeks ended 1 January 2005 from $2.3 million for the fourteen weeks ended 3 January 2004.
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