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MAPLE LEAF SALES UP 4.3%

Mississauga, Ontario-based Maple Leaf Foods reported sales up by 4.3% to $1,174.9 million (Canadian) for the first quarter ended March 31. Net loss was $57.7 million versus earnings of $13.7 in the year-ago quarter. But Michael H. McCain, executive chair and CEO, noted reason for optimism. The company’s supply chain has progressed toward full normalization, and pricing has been taken to cover inflation. He said the plant protein business this year should improve. The Meat Protein Group sales grew by 5.0% to $1,143.9 million, while the Plant Protein Group sales were $37.4 million, down 22% from the year-ago quarter. McCain added that when the pork markets normalize and new plants come on line shortly, the company is poised for significant growth.

Warren Thayer

Warren Thayer

Warren is the Editor Emeritus, Managing Partner for Frozen & Refrigerated Buyer.

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