US natural and organic food group Annie’s Inc has reaffirmed its full-year earnings and sales guidance despite booking a drop in first-quarter profits.
In the six months to the end of June, earnings fell to US$2m from $2.1m a year earlier. The company said it incurred a cost related to a product recall in the quarter, pushing its expenses to $11.3m from $10.2m last year.
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Operating profit also fell, by 5.5% to $3.4m. Sales, however, climbed 13.8% to $39m led by growth in its snacks division. The firm’s meals division also contributed, it said.
Management reaffirmed its full-year guidance of net sales growth of 18% to 20% and adjusted diluted EPS of $0.97 to $1.01, an increase of 21% to 26%.
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