US speciality food group Inventure Foods has recorded a drop in first-quarter earnings as increased brand investment hit profits.
In the three months to the end of march, net profit amounted to US$1.1m, the company reported today (2 May). This compared to earnings of $1.7m last year.
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EBITDA dropped 23% to $3.1m, while net sales increased 3.2% to $48.5m.
“We experienced some disappointments in our first quarter results, largely driven by a slowing in the T.G.I. Friday’s brand and increased brand investment, resulting in lower than expected earnings for the quarter,” said CEO Terry McDaniel. “However, we maintain our outlook to achieve positive revenue and earnings growth for the full year.”
