Kerry Group Reports 16.1% Revenue Increase In Third Quarter
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Kerry Group?has reported that its revenue increased by 16.1% in its third quarter . In its latest trading update, the company noted that the increase was comprised of business volume growth of 6.6% and increased pricing of 10.6%. The company noted that the contribution from business acquisitions of 4.8% was partially offset by the impact of the disposal of its Consumer Foods Meats and Meals business, at 12.7%. Edmond Scanlon, chief executive officer, commented, “We achieved excellent growth across the period through a combination of strong business volumes and pricing, as we continue to manage through this unprecedented inflationary pricing environment in collaboration with our?customers.”
Tesco Ireland?has announced that it has signed a new €2.5 million deal with McCann Orchards. To date, over 100,000 apple and pear trees – including those producing Gala and Golden Delicious apples, and Conference and QTee pears – have been planted at Tullyallen Orchard. The?retailer?has forecasted that approximately three and a half million?apples?and pears will be grown at the Armagh-based orchard over the forthcoming months. John Brennan, fresh category director, Tesco Ireland, said, “As we celebrate 25 years in Ireland, it’s exciting to announce new innovation with one of our long-standing suppliers, McCann Orchards.
Anheuser-Busch InBev, the world's largest brewer, reported higher-than-expected quarterly earnings on Thursday as?beer?sales accelerated, and raised its 2022 outlook to the top-end of its previous forecast range. AB?InBev, the maker of Budweiser, Corona and Stella Artois, sold 3.7% more beer and other drinks during July-September, a growth rate faster than that seen in the first or second quarters, with strong expansion in Mexico and South Africa. The Belgium-based brewer also succeeded in pushing through higher prices or persuading consumers to shift to higher-priced 'premium' brands in all major markets except?China, where a 'zero-COVID' policy has curbed economic growth. "We continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment," Michel Doukeris, chief executive said in a statement.
Kraft?Heinz Co?on Wednesday reported a surprise rise in quarterly revenue and topped earnings estimates as the Jell-O and Philadelphia Cream Cheese maker benefited from price increases and improved supplies to?retailers. The results follow those from?General Mills?and?Kellogg?and underscore how multiple?price?increases?over the past year to counter?higher costs?tied to labor, ingredients and transportation?are yet to crimp demand significantly. Kraft?said average selling prices rose 15.4 percentage points in the third quarter, but sales volumes slipped 3.8 percentage points. Sales were strong, with volumes only slightly worse than the Street modelled and pricing higher," Ken Goldman, analyst, J.P. Morgan said in a note.Reader feedback: We invite and encourage our LinkedIn newsletter readers to chime in with their comments and feedback, which we may feature in this section in future editions.
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