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Mr Kipling maker Premier Foods' sales jumps on strong Christmas demand

Published 23/01/2024, 07:17
Updated 23/01/2024, 09:55
© Reuters.

(Reuters) -Britain's Premier Foods reported a 14.4% jump in third-quarter sales on Tuesday, citing strong festive demand for its products ranging from Mr Kipling 'Best Ever' signature mince pies to Bisto Best meat-free gravy.

The company, which makes a variety of products from plain flour to cooking sauces and quick meals, has benefited from consumers choosing to entertain at home rather than going to restaurants amid a cost-of-living squeeze.

In November, the company said it had seen some input costs start to soften and that it would lower promotional prices across its major brands.

"The lower promotional price points we introduced in the third quarter have positively impacted performance while also helping consumer budgets go further," said Chief Executive Officer Alex Whitehouse.

© Reuters. A Mr Kipling Cherry Bakewell is seen in this illustration taken March 30, 2016.  REUTERS/Phil Noble/Illustration

"These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four."

Premier Foods said it was on track to deliver its profit expectations for the full year, which is expected to be 10% ahead of the previous financial year.

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