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Fresh Produce

Fresh Del Monte Produce Reports 'Strong' Second Quarter

By Donna Ahern
Fresh Del Monte Produce Reports 'Strong' Second Quarter

Fresh Del Monte has reported that net sales for the second quarter of 2022 increased by $70.3 million, or 6%, in the second quarter of its financial year.

In a statement the company noted that it delivered strong net sales during the period, marking the fifth consecutive quarter of net sales growth compared with the prior-year periods.

The fruit and vegetable producer's net sales 'benefited from inflation-justified price increases'.

'Uncertain Environments'

Mohammad Abu-Ghazaleh, chairman and chief executive officer said that the company "continues to operate in one of the most volatile and uncertain macroeconomic environments in recent history."


"As a result, the cost of product sold increased by $100 million, driven by broad-based inflationary, supply chain, and logistical headwinds," he added.

"Despite these headwinds, we generated positive earnings — all while maintaining our debt balance in line with last year, generating strong cash flow from operations and continuing our dividend payout."

Inflation Impact 

Net sales benefited from 'inflation-justified' price increases, during the period.

Partially offsetting the increase was the negative impact of fluctuations in exchange rates, primarily versus the Japanese yen and euro compared with the prior-year period, the company noted.


Looking Ahead

"As we move forward, I am confident in our team's dedication to drive profitable sales," Abu-Ghazaleh, said.

"We plan to do that by focusing on our sustainable growth strategy and delivering against its key elements — organic expansion, product innovation, investments in technology, best-in-class customer relationships and sustainability."

© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more fresh news, click here. Click sign up to subscribe to Checkout.

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