Canadian frozen food giant McCain Foods has reported C$5.68bn (US$4.80bn) in consolidated sales for the fiscal year ending 30 June 2005.
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“The strengthening of the Canadian dollar placed a damper on our overall sales this year,” said president and CEO Dale Morrison. “We registered a 1% decrease in sales compared to the previous year’s results. I am pleased to say, however, that when the stronger Canadian dollar is factored in, sales increased 1.4% in constant dollars.”
Chairman Allison McCain said: “We are satisfied with the company’s performance over the past fiscal year. Pleasingly, we had overall volume growth in a tough market led by our potato products.”
The company’s consolidated sales for the fiscal year ending 30 June 2004, have been restated as $5.73bn to exclude a discontinued operation, in accordance with generally accepted accounting principles.
McCain Foods is the world’s largest processor of French fried potatoes. It also produces many other food products, including potato specialties, appetisers, green vegetables, desserts, pizzas, juices and beverages, oven meals and entrees.
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