Boparan Holdings, the owner of 2 Sisters Food Group, revealed ongoing pressure on sales and margins during its first quarter.
The company said total sales in the three months to 1 November fell to GBP806.7m (US$1.26bn), down 8.9%. Like-for-like sales dropped 3.4% in the period. The group also reported a 17% decline in operating profit, which fell to GBP22m due to lower margins.
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2 Sisters CEO Ranjit Singh said the “tough sales environment” continued in the period. “It has been a very challenging quarter for the food industry, with reduced volumes and price deflation, and this is reflected in our results,” he said.
Profit after tax was GBP6.1m, compared to a loss of GBP12.1m last year as the company lapped one off costs associated with factory closures and its efforts to integrate Vion UK into its operations.
