Thai Union Credits Red Lobster Investment for 19% Hike in Profits with Q1 Sales Steady
SEAFOODNEWS.COM [SeafoodNews] May 10, 2017
Thai Union Group said sales contributions from Red Lobster helped offset higher raw material prices for tuna and shrimp as the company posted a rise in net profits for the first quarter.
Thai Union reported a 19.3 percent increase in first-quarter profits. The company’s sales were up marginally, less than one percent.
Sales contributions from Thai Union’s frozen and chilled seafood business were up 5.6 percent over the same period last year, despite continued sluggish demand in Europe. In addition, PetCare and value-added product sales grew 17.4 percent year-over-year due to new product launches and continued market penetration improvement...
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