Net sales for the quarter ended 3 July 2010 decreased from last year by $10.6m, or 4.6%, to $219.9m. The decrease in sales is attributable to decreased selling prices and a less favourable sales mix of $35.4m partially offset by an increase in sales volume of $24.8m.
Pre-tax results for the fiscal quarter ended 3 July 2010 included a $0.1m gain on the sale of unused equipment.
“The first-quarter results reflect the continuing inventory overhang in the market from last year’s bumper crops, which has required us to substantially increase our promotional activity,” said Kraig H Kayser, president and CEO.
Source: Seneca Foods Corporation
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