Vending
Bridgford Foods lifts Q3 2022 sales, earnings
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August 31, 2022
Bridgford Foods Corp. improved its Q3 2022 sales and earnings over the prior year period, with frozen food gains offsetting slower snack food performance, according to an earnings filing.
Highlights include:
- Net sales improved 5.3% from $56.5 million in Q3 2021 to $59.5 million in for the quarter ending July 8, 2022.
- The frozen food segment has continued to see a lessening of pandemic related restrictions on food service venues. Frozen food sales increases in foodservice have been sufficient to offset the losses in retail.
- The snack food segment has experienced continued commodity cost increases caused in part by supply and demand constraints related to reopening the economy from pandemic restrictions.
- Frozen food sales improved 40.8% from $8.3 million to $11.7 million while snack food sales dipped 0.9% from $48.3 million to $47.8 million.
- Net income improved from a $1.4 million loss to a $41.3 million gain in the comparative quarters, while basic earnings improved from a 16-cent loss to a $4.55 gain.
Shares traded at $14.57 today against a 52-week range of $10.26-$15.
