Vending

Bridgford Foods reports Q3 2023 sales, earnings declines

Logo provided by Bridgford Foods Corp.

August 23, 2023

Bridgford Foods Corp.'s Q3 2023 quarterly sales and earnings took a hit driven by inflation's impact on consumer demand, according to a Form 10-Q filing.

Highlights include:

• Sales fell from $59.52 million in the quarter ending July 8, 2022 to $54.2 million in the quarter ending July 7, 2023.
• Net income fell from $41.3 million to $684,000.
• Basic EPS fell from $4.55 to 8 cents in the comparative quarters.
• Sales for frozen food products fell 7.4% from $11.7 million to $10.8 million.
• Sales for snack food products fell 9.3% from $47.8 million to $43.34 million.

The decrease in net sales for the quarter primarily relates to lower unit sales volume in pounds partially offset by higher selling prices per pound implemented during July 2021 and May 2022, according to the filing. Other institutional frozen food products sales, including sheet dough and rolls, remained flat and retail dollar sales volume decreased by 8%.

The company believes demand decreased due to the impact of an inflationary environment on consumer spending habits.

Shares traded today at $11.34 against a 52-week range of $10.71 to $15.38.