The latest financial insights from TreeHouse Foods have arrived as the brand reports its financial results for quarter three of 2023.
"We delivered year-over-year net sales and volume growth in the quarter and outperformed the broader private brand market in the retail channel, particularly in categories where we have depth," said Steve Oakland, Chairman, Chief Executive Officer, and President. "We're particularly pleased with the 1 percent unit growth in our core retail business, despite a voluntary product recall and a discrete supply chain disruption late in the quarter. These factors combined with weaker co-manufacturing and food-away-from-home revenues and lower than anticipated consumption in select categories resulted in sales below expectations."
Among the gains reported in TreeHouse's latest release include a 3.6 percent increase in net sales for the third quarter of 2023, which totaled $863.3 million compared to $832.9 million for the same period last year. This represents an increase of $30.4 million.
As a press release stated, the net sales increase was primarily driven by the acquisition of the Coffee Roasting Capability, favorable pricing to recover commodity inflation, and an increase in retail volume.
“We continue to see the strength of TreeHouse's strategic positioning as a private brand powerhouse in higher-growth, higher-margin snacking, and beverage categories," added Oakland.
TreeHouse also highlighted several other areas of growth:
"Looking ahead, we're excited at the opportunity to capitalize on the increasing consumer pivot to private brands,” Oakland continued. "We believe the actions our team has taken to strengthen our portfolio and enhance our capabilities, coupled with the reinvestment opportunities for the Seller Note proceeds, position us well to continue creating long-term value for our shareholders."
To view the report in full, click here.
Stick with DMN for more financial and operational insights.