The CEO of Premier Foods has credited the business’ advertising campaigns, product innovation and online focus for driving “strong” sales growth during the third quarter of its financial year.
Sales across the FMCG group’s grocery and sweet treats businesses were up 11.3 per cent on a two-year basis, comparing against pre-pandemic results.
CEO Alex Whitehouse claims the company was “well ahead” of the market across all its categories, resulting in “very encouraging” share gains of 90 basis points compared to the same period last year.
“This performance continues to underline the popularity of our brands but also demonstrates the strength of our established branded growth model, with many of our brands supported by advertising campaigns and new product innovation during the quarter,” Whitehouse says.
Premier Foods also highlighted its “continued focus on executing our brands well online” as driving growth ahead of the market. Online sales were up over 90 per cent in the quarter versus two years ago, and the business gained 240 basis points of share.
Whitehouse adds he is “particularly pleased” with the performance of the company’s ‘Sweet Treats’ business, with Mr Kipling reporting its “biggest Christmas ever” due to increased sales across its core cake ranges and also healthier ranges, such as reduced sugar Angel Slices. The category delivered top line branded growth of 11.6 per cent on a two-year basis.
Meanwhile, multiple brands in the ‘Grocery’ business experienced double digit sales growth, as branded revenue grew 11.2 per cent.
These brands include Bisto, Sharwood’s and Nissin.
The group has also reported that its healthier product ranges grew ahead of the wider market, up 13 per cent.
After three successful quarters of trading, the business has upgraded its trading profit expectations for the financial year to £145m.
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