US snack maker Diamond Foods said its Emerald nut brand has achieved market share records, with strong growth across all segments.
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For the four-week period ended 28 November, Emerald sales in US food stores grew over 69% compared to the prior year, causing market share to climb 360 basis points to reach 10% for the first time in the brand’s history, the company said yesterday (10 December).
For the 12-week period ending 28 November, Emerald’s share jumped 230 basis points reaching 8.2%. The US firm said Emerald’s dollar sales grew “five-times faster” than the category’s 11% growth during the 12-week period, and then accelerated to eight-times the category growth in November.
“Over the past year, we have continued to invest in marketing the Emerald brand and enhancing the effectiveness of our merchandising efforts,” said Michael Mendes, president and CEO of Diamond Foods. “We remain focused on energizing our brands, driving new distribution, and delivering innovation that is relevant to the contemporary consumer.”
Last week, Diamond Foods upped its forecast for annual earnings after a first quarter of bumper snack sales – although the company predicted a weaker second quarter.
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By GlobalDataThe company lifted its target for full-year earnings per share from US$1.70-1.80 to $1.72-1.82 after first-quarter snack sales climbed 64% to $60m.
Diamond said its snack sales were boosted by a full quarter’s contribution from Pop Secret, which the group acquired from General Mills in 2008.
First-quarter earnings per share stood at $0.88; adjusted EBITDA rose 27% to $29m.
