US meat, poultry and seafood processor Diamond Ranch Foods has said it achieved over a 20% increase in first-quarter sales.
The company said the rise in sales was mainly due to the addition of a portion of the Executive Seafood accounts, which it acquired last month.
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Expenses and commissions rose for the first quarter, but will be reduced in future quarters after the assimilation of the Executive Seafood accounts is completed, the firm said yesterday (17 August).
“We are working diligently to increase gross profit margins, cut operating expenses, and continue to pursue a product mix derived more of our own branded items,” said Victor Petrone, CFO of Diamond Ranch Foods.
The company’s gross profit margins were lower due to the liquidation of over 200 slow-moving, non-branded items. The products were liquidated at a loss and the board of directors elected to take the charge in this quarter rather than throughout the year.
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Diamond Ranch Foods said it is on course to continue double-digit revenue growth as outlined in the company’s growth plan published in April.
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