The Canadian Press - ONLINE EDITION

Lassonde Q2 profit slips to $11.2 million on higher private label sales

  • Print

ROUGEMONT, Que. - Fruit juice maker Lassonde Industries Inc. says its net income attributable to shareholders slipped to $11.2 million in the second quarter despite a 5.4 per cent increase in revenues.

The Quebec-based company says it earned $1.61 per share for the period ended June 28, compared to $1.63 per share or $11.4 million a year earlier.

Revenues increased to $272.4 million from $258.55 million, primarily due to higher private label sales and favourable currency partially offset by lower sales volume of national brands in Canada.

During the quarter, the company acquired Apple & Eve, a leading U.S. independent branded juice company for US$150 million, it claims will fuel growth by entering the U.S. branded juice market.

Operating profit increased 10.5 per cent to $21.9 million due to the improving profitability of Clement Pappas private label products and lower selling and administrative expenses.

Lassonde (TSX:LAS.A) says "sluggish" demand growth is continuing to impact sales volumes for North American products, while increased competition in Canada is lower prices and sales volumes of its national brands.

The company says it doesn't foresee competition diminishing over the next two quarters.

However, it expects to maintain a slight sales growth due to the performance of private label products and a lower Canadian dollar.

"The 2014 second quarter results reflect a combined impact of solid performance by our U.S. subsidiary and difficult market conditions in Canada," stated chairman and CEO Pierre-Paul Lassonde.

Lassonde offers more than 100 juice products sold under its flagship brand name, Apple & Eve, along with Organics, Fruitables, Quenchers, Waterfruits and Sesame Street. It also owns and markets juices under Northland, Seneca and The Switch brands.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Gary Lawless & Tim Campbell on the Jets' inconsistency - Jets This Week Oct. 16

View more like this

Photo Store Gallery

  • Marc Gallant / Winnipeg Free Press. Local- WINTER FILE. Snowboarder at Stony Mountain Ski Hill. November 14, 2006.
  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

Are you still on the Bombers' and Jets' bandwagons?

View Results

View Related Story

Ads by Google