USA: Dreyers Grand Ice Cream Q2 losses up
Ice cream company Dreyer's Grand Ice Cream Holdings has announced rising losses for the second quarter and first half ended 25 June 2005, despite increased sales.
Total revenues for the second quarter were $468m, compared with $430m in the same period last year. The company made a net loss of $26m, compared with $24m in the year earlier period.
For the first half, revenues were $813m, compared with $767m last year, while the loss rose to $57m, compared with $43m last year.
Net sales of Dreyer's and Edy's Slow Churned Light ice cream, Dreyer's and Edy's classic premium ice cream, and strong introductory sales of superpremium Haagen-Dazs Light ice cream, Dreyer's and Edy's Dibs frozen snack products and Nestle kids frozen snacks drove a 17% increase in company brand net sales for the second quarter versus the same period in the prior year, the company said.
As a result, dollar sales of Dreyer's company brands of packaged ice cream sold in the US grocery channel grew five percent in the quarter and reached a market share of 23%, the highest second quarter share ever held by the company.
The increase was driven primarily by net sales increases for the company's premium and superpremium products reflecting continued strong sales of premium Dreyer's and Edy's Slow Churned Light ice cream, the introduction of the superpremium Haagen-Dazs Light brand, and continued strong growth of classic Dreyer's and Edy's Grand ice cream. The increase also reflects an increase in net sales of the company's frozen snacks primarily due to the addition of The Skinny Cow products to the company-owned portfolio following the acquisition of Silhouette Brands, Inc. in July 2004, as well as the recent introductions of Dreyer's and Edy's Dibs and Nestle kids frozen snacks.
Net sales of partner brands, products distributed for other manufacturers, decreased 27% the second quarter of 2005. The decrease was primarily due to the classification of the net sales of The Skinny Cow product line as company brands during the period. The decrease also reflects reduced net sales of certain other brands. The decrease was partially offset by the classification of the sales of the Dreamery, Whole Fruit, Sorbet and Godiva brands as partner brands as a result of a September 2004 agreement with Integrated Brands a subsidiary of CoolBrands International.
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