After crunching the numbers and studying the trends, TreeHouse Foods has released its fourth quarter and full year 2022 financial results, along with its fiscal year 2023 outlook. Among the impressive highlights featured in the report is a net sales increase of 22 percent for the fourth quarter to $996.2 million.
"I'm incredibly proud to have closed out 2022 as a more focused company, operating in faster-growing, more profitable categories,” said Steve Oakland, Chief Executive Officer and President. “Today, we are better positioned to capitalize on the strong market dynamics in private-label snacking and beverages. The macro environment continues to support a clear consumer shift toward value, as demonstrated by private label unit share gains for 54 consecutive weeks in the categories in which we operate. Importantly, in the fourth quarter, we outperformed the broader private label market in retail measured channels by more than 300 basis points, demonstrating the significant efforts our teams are putting forth to improve service and deliver for our customers."
On top of TreeHouse’s increased year-over-year net sales, according to a release, other highlights from the fourth quarter results include:
Moving forward, TreeHouse is looking to continue capitalizing on this forward momentum to drive company growth in 2023.
"We continue to work diligently to drive growth and profitability, and in the fourth quarter, we demonstrated those efforts are paying off—we delivered sequential profit improvement and increased service by more than 100 basis points," said Patrick O'Donnell, Interim Chief Financial Officer and Chief Accounting Officer. “In 2023, we will build on this momentum as our pricing actions to recover inflation and our focus on service will drive the top-line, and consistent execution will expand profitability, in turn driving shareholder value."
To read the report in its entirety, click here.
As 2023 progresses, keep an eye on Deli Market News to see how TreeHouse Foods is meeting its goals.