IRELAND: Kerry sales growth slows in Q1 from 2013
Kerry has seen a satisfactory Q1 with flat sales growth
Shares in Kerry Group fell 2% today (1 May) after the Irish company reported slowing sales growth from both sides of its business.
The company said its underlying sales rose 3.3% in the first three months of the year. Sales of ingredients and flavours - the majority of Kerry's revenue - were up 4.4%. Revenue from consumer foods inched up 0.2%.
In 2013, Kerry saw underlying sales grow 4.6%. It enjoyed a 5.9% increase in underlying ingredient and flavours sales and a 1.3% rise in sales of consumer foods.
Kerry said today it had seen a "sluggish start" to 2014 but had seen its performance improve during the first quarter.
It said the consumer foods markets in the UK and Ireland "remained highly competitive with increased market fragmentation in response to consumer trends", with sales through discounter channels continuing to grow.
Kerry reported "solid growth" of the Richmond brand and Mattessons Fridge Raiders but said the pastry channel and chilled ready meals proved challenging. Customer branded dairy spreads achieved "good growth", the group said.
Kerry maintained its guidance for 2014 of achieving 6% to 10% growth in adjusted earnings per share to a range of 273 to 284 cent per share in 2014.
Shares in Kerry closed down 1.95% in London and were 2.75% lower in Dublin.
Click here for the full release.
Companies: Kerry Group
Kerry Group plc - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and service offering...
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
Kerry Group will continue to hedge its bets over the forecast period, by expanding its own assortment of health and wellness brands, whilst also manufacturing private label products for leading retail...
Kerry’s Ingredients & Flavours division is a significant force in many different areas of the global ingredients market, which means that it is ideally placed to deliver complete solutions for its cus...
- What Grexit could mean for the food industry
- just-food's pick: Top trends at Fancy Food Show
- Focus: ConAgra own-label exit plan is about growth
- Focus: Can General Mills improve US retail sales?
- IRI – The opportunity of range optimisation
- Hovis "mulls Irish Pride Bakeries takeover"
- JBS acquires Cargill's US pork unit
- North Castle acquires stake in Sprout
- ABF's Kingsmill returns to Tesco
- Fonterra begins consultations in efficiency drive