While Feltham, England-headquartered Nomad Foods posted organic revenue growth of 1.1% for the first quarter that ended on March 31, overall sales decreased 2.9% to €531 million. Reported profit for the period amounted to €48 million, adjusted EBITDA decreased 11% to €89 million, and adjusted EPS decreased 14% to €0.25.
According to a statement from the frozen food company, this performance was a “strong start” for 2017 and “a marked improvement from recent quarters.”
Stéfan Descheemaeker, chief executive officer, commented: “Both retailers and consumers are responding well to our targeted ‘Must Win Battle’ activations, which continue to grow as a percentage of our overall portfolio. As expected, Q1 gross margins reflect higher planned promotions to help ease price increases into the UK market. We are pleased with the execution of these actions and expect promotions to moderate in Q2. Based on our year-to-date performance and increased visibility into the year, we are increasing our 2017 guidance.”
Noam Gottesman, Nomad Foods’ co-chairman and founder, added: “Following a successful and encouraging Q1, we are now even more optimistic about our prospects for the balance of the year. We look forward to capitalizing on our forward momentum with respect to both continued organic growth, as well as strategic opportunities. Our business is strong.”
The company produces, markets and distributes a wide variety of products in 17 countries and boasts the leading retail frozen food market share in Western Europe. Its portfolio of household name brands includes Birds Eye, Iglo and Findus.
