Greencore’s first-quarter 2014 sales have been lifted by its success in smaller-format stores.
The group recorded a like-for-like revenue increase of 9% to GBP320.5m (US $532m) in the three months to December 27.
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Its convenience foods division recorded like-for-like revenue growth of 9.1%.
In the UK, like-for-like revenue was 7.2% higher than the previous year and in the US, constant currency revenue was 26.2% more than the previous year which the company noted reflected “the commencement of the Starbucks supply agreement”.
The management statement noted “buoyant activity in small stores and in product categories which perform well in these stores, such as food to go”, while the larger grocery stores had yet to be impacted by improving economic conditions in the UK.
Greencore added it remained “confident” in its ability to deliver financial performance for the year in line with market expectations.
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