US canned foods firm Seneca Foods has reported an increase in half-year sales, with price hikes offsetting a fall in volumes.
Seneca, which owns the Libby’s and Stokely’s brands, yesterday (25 October) booked a 1.5% increase in net sales to US$548.6m in the six months to 29 September.
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The company pointed to “higher selling prices and a more favourable sales mix” for the improved sales. Volumes fell in the first six months of the company’s financial year, although it reported an increase in volumes in the second quarter on the back of “stronger promotional activity”.
Seneca, which also produces canned vegetables under General Mills’ Green Giant line through a licencing deal, booked half-year net earnings of $22.7m. A year earlier, it filed a net loss of $5.1m, in part thanks to a LIFO charge and plant restructuring costs.
