Nomad Foods Q1 Sales Advance 3.6%, as Organic Revenues Decline by 4.5%

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Nomad Foods has reported first quarter 2022 sales growth of 3.6% to €733 million, compared with the same period the year before. Profit amounted to €56 million, while organic revenue declined by 4.5%. Adjusted EBITDA fell 4.4% to €132 million, and Adjusted EPS decreased 8.5% to €0.43. Looking ahead, it is expected that Adjusted EPS growth will range from €1.71 to €1.75 per share for the year.

“We performed well against strong pandemic comparisons and a difficult macro backdrop, proving the resilience of our business model,” stated Stéfan Descheemaeker, chief executive officer of the Feltham, England-headquartered company whose major retail frozen food brands in Europe include Birds Eye, Findus, iglo, Ledo and Frikom.

“The Ukraine conflict created dislocations across our supply chain, and I am proud of how well our team delivered under these difficult circumstances,” added Descheemaeker. “In addition, we have rapidly adjusted to inflationary changes in the market and plan to recoup rising input costs through more price increases this year while remaining hedged on key inputs for 2022 and beyond.”

Co-Chairman and Founder Noam Gottesman commented: “Notwithstanding recent macro challenges, our foundation remains strong, we are growing market share, and we see great opportunities ahead of us in both the near-term and long-term. Notably, we are pleased with the ongoing integration of Fortenova’s frozen food business and see continued upside in that exciting enterprise. Overall, we remain focused on execution – supply chain, innovation and our value proposition to consumers – and continue to believe we are well-positioned for 2022 and for growth in the longer-term.”