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Trading statements

Sales at Premier Foods fall as expected

20 July 2017 07:32

Premier Foods announced sales were down 3.1% in the 13 weeks to 1 July, although this was in line with group's expectations.

HIGHLIGHTS:

- Delivering market share gains in Grocery and Sweet Treats in competitive environment

- Continued outperformance compared to industry peers

- International sales up 20% in Q1; eleventh successive quarter of growth

- First new products from Nissin strategic relationship now delivered over £3m retail sales

- Expectations for progress in full year remain unchanged

Chief Executive Officer Gavin Darby said: "Our first quarter sales were lower than last year, as we expected, primarily due to lower sales volumes in the grocery categories, notably desserts.

"At the retail level we have continued to outperform our markets and industry peers, our international business grew 20% in the quarter, and our cost savings programmes are on track.

"We expect to report positive sales growth in the second quarter, broadly flat sales in the first half and our expectations to deliver progress in the full year are unchanged."

Story provided by StockMarketWire.com

Related Company: PFD

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