US natural and organic food group Annie’s Inc guided toward the lower end of its full-year EPS range, despite booking an increase in first-half earnings.
In the six months to the end of September, earnings climbed 28% to US$7.58m from $5.9m a year earlier. Operating profit was up 28.5% to $13.5m.
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Annie’s said it experienced “accelerated growth” in both shipments and consumption during the period, as it benefited from “continued base business strength” and the successful roll-out of its new microwavable mac & cheese cups and family-size frozen entrees.
“Year-to-date consumption growth, which is in excess of 20%, is the strongest since our IPO and gives us increased confidence in our sales outlook,” John Foraker, CEO of Annie’s said.
Net sales were up 20.6% to $58.7m, driven by “significant” increases in conventional sales channels.
The company said it expects to achieve the upper end of its net sales guidance range and the lower end of adjusted diluted EPS guidance range for its fiscal 2014.
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By GlobalData
