Increased raw material prices, Canada's weakening dollar and poorly-executed sales and promotions were key factors in results that were "below our expectations" for High Liner, President and CEO Keith Decker and CFO Paul Jewer said Wednesday.
On a conference call following the publication of the results, Decker put it even more bluntly; "The second quarter was a difficult quarter."
Decker said the rising cost of "key species" for High Liner, including cod, haddock, scallops, shrimp and salmon, teamed with the decline of the Canadian dollar, was a huge reason for the less-than-stellar first half.
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