Canadian seafood group High Liner Foods reported another quarter of earnings growth as it was able to fend off inflationary pressure and grow its foodservice division.
The company reported sales volume growth of 4.9 percent in the quarter, attributing the rise to its foodservice operations, where it gained market share in casual dining and quick-service restaurants in particular.
The strong foodservice performance offset a decline in retail sales volume for the group. A disappointing Lenten season and pressure on consumer spending took its toll on the figures, the company said.
High Liner supplies High Liner, Fisher Boy and Sea Cuisine brands among others, as well as private label products.
The overall stronger sales and higher prices to customers lifted revenue to $329.2 million (€282.9 million), or 11.7 percent higher than the same period last year.
Earnings before interest, taxation, depreciation and amortization (EBITDA) rose for the eighth consecutive quarter, to $31.2 million (€26.8 million).