Fresh Del Monte's produce business has had a successful start to 2016, with gross profit rising by 40 per cent to $140.7 million in its first quarter.
Net sales for the quarter to 1 April hit $1,018.1 million, compared with $1,008.4 million in the first quarter of 2015. The chairman and chief executive of Fresh Del Monte, Mohammad Abu-Ghazaleh, described the start of the year as a "great" performance.
"We achieved higher revenue, and stronger earnings growth, while continuing to invest in our future. Our performance was led by increased sales in our other fresh produce and banana businesses, which further validates the diversity of our globally sourced product offerings.
"We also benefited from progress in advancing our distribution capabilities in North America and Asia as well as contributions from our focus on cost-savings and maximizing operating efficiencies. Our goal, as always, is to continue to strategically position our business to deliver growth and shareholder value over the long-term."
Net sales in bananas increased by $4.3 million to $458.6 million, primarily driven by higher sales volume in the company's Asia and Middle East regions.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.
