US: Foodservice sales boosts Armanino profits
Armanino Foods of Distinction reported a 69% increase in first-quarter sales, boosted by sales in the firm’s foodservice division.
During the quarter ended 31 March, net income amounted to US$398m compared to $235,744 in the year ago quarter.
Net sales amounted to $4.99bn, a 7% increase on the prior year.
“Our first quarter sales, traditionally our slowest quarter, showed an increase over last year’s first quarter principally due to higher foodservice gains in our core products as well as strong post-holiday retail sales,” Edmond Pera, president and CEO said.
He added: “Our recent success has in part been based on our ability to penetrate more and larger chain accounts for our food service business.”
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