Diamond Foods, the California-based nuts and snacks group, has reported a 16% rise in net sales for the second quarter to US$143.6m. GAAP diluted earnings per share for the quarter fell to $0.13 from $0.20 in the same period last year.
Snack sales for the quarter increased by 150% to $21.2m, the company reported, driven by increased in-store display activity and distribution gains in the mass merchandising channel.
For the six month period, net sales increased by 4% to $313.1m, while GAAP EPS rose to $0.74 from $0.46.
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Non-GAAP earnings per share for the six months, which exclude a one-time charge resulting from Diamond’s conversion from a cooperative to a public company and restructuring and other costs, were $0.60 compared to $0.56 for the corresponding period the year before.
“We are encouraged by the increase in our snack sales in the quarter,” said president and CEO Michael J. Mendes. “This growth reflects the positive response to our new advertising and promotional campaigns as well as the significant investments we have made to drive sales growth, including costs supporting the launch of three new Emerald products in December, the introduction of new packaging configurations and the repositioning of the Harmony line for growth and profitability.”
