Record-Breaking Revenue and Growth
Consolidated net sales increased 5.8% to a record $493 million. Adjusted net sales increased 3.5% to $483 million. First quarter records for gross profit reached $119 million, and operating income grew to $59 million.
Retail Segment Leadership
Retail segment net sales increased 3.5%, driven by strong performance of New York Bakery frozen garlic bread products and licensing programs. Market share increased in several categories, including a 650 basis points increase in Frozen Dinner Roll category and a 350 basis points increase in Frozen Garlic Bread category.
Foodservice Segment Success
Excluding noncore TSA sales, adjusted net sales grew 3.5%. The increase reflects increased demand from core national account customers and a 7.2% increase in gross profit.
Strong Financial Position
The company generated $69.5 million in operating cash flow, an increase of $49.6 million versus the prior year quarter. A debt-free balance sheet with over $182 million in cash.