Kerry Group today (2 November) stuck to its full-year earnings target despite its sales growth slowing in the third quarter of the year.
The Irish food maker reported a 7.9% increase in like-for-like revenue in the first nine months of 2011. In August, Kerry said like-for-like sales had climbed 8.4% in the first half of the year.
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Volumes from both Kerry’s ingredients and consumer foods business slowed. In the nine months to the end of September, Kerry’s ingredients and flavours volumes increased 3.9%, while volumes from its consumer business were up 1.6%.
By contrast, Kerry’s first-half ingredients and flavours volumes rose 4.1% and its consumer volumes climbed 2%.
The company said its trading profit margin was down 0.3% in the first nine months of the year, the same fall it announced in August when it reported its half-year results.
However, Kerry maintained its earnings forecast for 2011 and said it was “confident” that it would see adjusted earnings per share increase by 8-12%.
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By GlobalData
