High Liner posts 2Q sales increase
High Liner Foods on Wednesday reported its second-quarter results, including an 8.2 percent increase in sales to CAD 151.4 million (USD 137.2 million, EUR 96.6 million). The Nova Scotia-based company credits the increase to currency translation of U.S. sales into Canadian dollars and continued growth in its Canadian operations.
Sales of the company’s Canadian operations increased 6.8 percent, to CAD 75.3 million (USD 68.3 million, EUR 48.2 million). However, sales volume decreased 2.9 percent, to 17.8 million pounds. Sales for U.S. operations decreased 4.6 percent, to USD 65.3 million (EUR 46.1 million).
High Liner’s earnings were in line with the same period last year, at CAD 9.1 million, and second-quarter income reached CAD 4.1 million (USD 3.7 million, EUR 2.6 million), up from CAD 3.3 million in 2008.
“Our business is proving to be fairly recession resistant,” said Henry Demone, the company’s president and CEO. “While the current economy has no doubt caused some consumers to change where and how they spend their money, they continue to buy seafood.”