Snack food group Diamond Foods yesterday (4 June) posted a sharp increase in its third-quarter sales, which were boosted by aggressive marketing.
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The company said revenue increased by 43% during the quarter, rising to US$97m from $67.8m a year earlier.
However, Diamond Foods posted a $0.25 loss per share for the quarter, which included one-time charges associated with the group’s conversion from a cooperative to a public company, restructuring costs and the end of its defined benefit plan.
For the first three quarters, Diamond Foods’ revenue increased 11% to $410.2m.
“Our snack, culinary and international sales all experienced very strong growth,” said Michael Mendes, president and chief executive officer of Diamond Foods. “This growth occurred during the third quarter, which is typically the lowest quarter of our fiscal year for sales and earnings. Snack sales, which nearly tripled, reflected the success of the advertising and promotional activities surrounding the Super Bowl and the continuing positive reaction by consumers to the Emerald natural energy campaign.”
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By GlobalDataThe company processes, markets and distributes the Diamond, Emerald and Harmony brand nuts.
