US snack group Lance has posted a jump in full-year earnings, driven by improved margins and sales gains.
Lance said net income, excluding items, rose to US$36.5m, or $1.13 per share, up from fiscal 2008’s net income of $19m, or $0.60 a share.
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The company attributed a “significant proportion” of this increase to improved margins, which were driven by lower ingredients costs.
Lance said that sales in the 12 months to 26 December rose 8% to $918.2m, led by a 15% increase in own-label sales for retail customers.
“Our 2009 results are indicative of the turnaround we have achieved at Lance,” said David Singer, president and CEO.
“We have built an excellent organisation that is focused on growth and leveraging a business model that converts top line growth into accelerated profit growth. We are planning another year of solid growth and continued profitability improvement in 2010.”
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