US food group Pinnacle Foods saw sales and profits rise in the first half of 2014, helped in part by last year’s acquisition of salad dressings business Wish-Bone from Unilever.
EBIT reached US$172m in the six months to 29 June, up from US$91.6m a year earlier.
Go deeper with GlobalData
Profits were helped by lower marketing, selling and advertising expenses, as well as higher sales.
Net sales grew 6.8% to US$1.26bn, with sales growth accelerating in the second quarter to 8.6%.
Pinnacle reported the Wish-Bone business provided a 9.6 point benefit to its net sales in the quarter. It also said volume/mix further boosted sales by two percentage points thanks to this year’s later Easter. However, lower pricing amid Easter-related promotions took 2.8 points off Pinnacle’s net sales.
For the first half and second quarter, Pinnacle swung to a net profit after a loss in the corresponding periods last year when its bottom line was hit by provisions for income taxes. Pinnacle’s first-half net income was US$76.3m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
