UK food manufacturer Premier Foods plc saw its share price fall this morning (28 October) due to weaker third-quarter revenues.
Shares in the company were down 4% at 08:37BST to 18p as the company reported that group sales had fallen 4.2% in the quarter ended 30 September.
Premier’s private-label sales dropped 8.1%. The company said the falling own-label sales was a “steeper decline than the 6% seen in the first half of 2010, reflecting further market declines”.
Branded sales volumes were up 4.6% during the quarter, although the value of those sales fell 0.5%.
The company also painted a bleak forecast for the rest of the year. “We still aim to make progress in the full year but the slowdown in Q3 means this is likely to be more modest and is, as always, dependent on Christmas trading,” chief executive Robert Schofield said.
The manufacturer said it had completed a repricing in its grocery and Hovis bread businesses to adjust to sharp rise in wheat prices.
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