Young’s nabs major fast food contract as sales spike
Young’s recently secured a big contract to supply Pret a Manger, and its sales spiked in its most recent quarter.
Young’s Seafoods sales climbed 11.6 percent to GBP 132 million (USD 169 million, EUR 145 million) for the third quarter ending 1 July, but earnings dropped 5 percent to GBP 5.2 million (USD 6.6 million, EUR 5.7 million).
“This was another quarter of year on year sales growth across both frozen and chilled temperature regimes. Top line progression including contract wins, along with the actions we have taken to reduce costs, have further reinforced progress towards our medium-term profitability target,” said Bill Showalter, CEO of Young’s Seafood.
The major United Kingdom supplier secured “a foodservice contract with a major fast food retail company,” according to Showalter. Industry sources have identified the fast food chain as Pret a Manger, which operates 486 restaurants.
“Our clear market leadership continues, bolstered by these wins, the recent re-launch of our breaded range and new consumer communications activity,” said Showalter.