US food group Synergy Brands has posted a leap in first-quarter profits despite a dip in sales.
Synergy, which sells the Paula Deen and Loretta brands, yesterday (17 May) booked net profit of US$927,985 for the three months to the end of March – compared to $161,900 a year earlier.
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“The increase in profit is directly related to an increase in its Michigan revenues and related gross profit. Management believes that the company is starting to gain benefits from the integration of the brands that it offers to its customers,” Synergy said.
Revenues fell 7% to $23.3m as Synergy reduced the low-margin, bulk products it offers.
