Pinnacle Foods Inc. reported that its full year 2015 consolidated net sales grew by 2.5% to USD 2.66 billion. The growth is attributed in part to a 1.3% higher net price realization and a 2.3% benefit from the Gardein acquisition.
“For the fourth consecutive year, Pinnacle’s retail consumption outpaced the performance of the Company’s categories, driving composite market share growth of approximately 50 basis points in 2015. This performance reflected strength of both existing and new products and was driven by significant market share growth for the Birds Eye Frozen segment, while market share for the Duncan Hines Grocery segment was even with year-ago,” says the report.
Gross profit for the year increased 8.7% to $740.5 million, or 27.9% of net sales, compared to gross profit of $681.2 million, or 26.3% of net sales, in the year-ago period.
“This past year was another strong one for Pinnacle, driven by strength of the base business, highly-successful innovation and the addition of Gardein to our portfolio,” said CEO Bob Gamgort. “We are excited about our recent Boulder Brands acquisition. In 2016, in addition to improving Boulder’s cost structure, our focus will be on streamlining the portfolio and building the foundation for accelerated growth in 2017,” Gamgort added.