B&G Foods Reports Strong Fiscal May 2020 Net Sales
June 03 2020 - 6:00AM
Business Wire
B&G Foods, Inc. (NYSE: BGS) today announced preliminary,
unaudited net sales for the four weeks ending May 23, 2020 (fiscal
May 2020) and the eight weeks ending May 23, 2020 (the first two
months of second quarter 2020).
Net Sales (vs. prior year fiscal May and prior year first two
months of second quarter, as applicable)
- Net sales for fiscal May 2020 (the second month of B&G
Foods’ second quarter) were $160.1 million, an increase of $53.7
million or 50.5%.
- Net sales for the first two months of the second quarter of
2020 were $349.0 million, an increase of $127.5 million or
57.6%.
Guidance
As social distancing and stay-at-home mandates relating to
COVID-19 are beginning to ease, the Company expects net sales
growth for fiscal June 2020 to be above historical levels but more
modest than net sales growth for the first two months of the second
quarter. The Company expects net sales for the second quarter of
2020 to be in the range of $510 million to $525 million.
The ultimate impact of the COVID-19 pandemic on the Company’s
business will depend on many factors, including, among others, the
duration of social distancing and stay-at-home mandates, the pace
and success of measures to ease social distancing and stay-at-home
mandates, whether a second or third wave of COVID-19 will affect
the United States and the rest of North America, the Company’s
ability to continue to operate its manufacturing facilities and
maintain its supply chain without material disruption, the timing
and amount of incremental costs relating to COVID-19, and the
extent to which macroeconomic conditions resulting from the
pandemic and the pace of the subsequent recovery may impact
consumer eating habits.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its
subsidiaries manufacture, sell and distribute high-quality, branded
shelf-stable and frozen foods across the United States, Canada and
Puerto Rico. With B&G Foods’ diverse portfolio of more than 50
brands you know and love, including Back to Nature, B&G,
B&M, Cream of Wheat, Dash, Green Giant, Las Palmas, Le Sueur,
Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner,
Spice Islands and Victoria, there’s a little something for
everyone. For more information about B&G Foods and its brands,
please visit www.bgfoods.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include, without limitation, statements related to the Company’s
net sales guidance for fiscal June 2020 and expectations regarding
the impact of COVID-19 on the Company’s business. Such
forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of B&G Foods to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “projects,” “intends,” “anticipates,” “assumes,”
“could,” “should,” “estimates,” “potential,” “seek,” “predict,”
“may,” “will” or “plans” and similar references to future periods
to be uncertain and forward-looking. Factors that may affect actual
results include, without limitation: the impact of the COVID-19
pandemic and social unrest on the Company’s business, including,
without limitation, the ability of the Company and its supply chain
partners and customers to continue to operate manufacturing
facilities, distribution centers, grocery stores and other work and
retail locations without material disruption; the Company’s
substantial leverage; the effects of rising costs for the Company’s
raw materials, packaging and ingredients; crude oil prices and
their impact on distribution, packaging and energy costs; the
Company’s ability to successfully implement sales price increases
and cost saving measures to offset any cost increases; intense
competition, changes in consumer preferences, demand for the
Company’s products and local economic and market conditions; the
Company’s continued ability to promote brand equity successfully,
to anticipate and respond to new consumer trends, to develop new
products and markets, to broaden brand portfolios in order to
compete effectively with lower priced products and in markets that
are consolidating at the retail and manufacturing levels and to
improve productivity; the risks associated with the expansion of
the Company’s business; the Company’s possible inability to
identify new acquisitions or to integrate recent or future
acquisitions or the Company’s failure to realize anticipated
revenue enhancements, cost savings or other synergies; tax reform
and legislation, including the effects of the U.S. Tax Cuts and
Jobs Act; the Company’s ability to access the credit markets and
the Company’s borrowing costs and credit ratings, which may be
influenced by credit markets generally and the credit ratings of
the Company’s competitors; unanticipated expenses, including,
without limitation, litigation or legal settlement expenses; the
effects of currency movements of the Canadian dollar and the
Mexican peso as compared to the U.S. dollar; the effects of
international trade disputes, tariffs, quotas, and other import or
export restrictions on the Company’s international procurement,
sales and operations; future impairments of the Company’s goodwill
and intangible assets; the Company’s ability to successfully
complete the implementation of additional modules and the
integration and operation of a new enterprise resource planning
(ERP) system; the Company’s ability to protect information systems
against, or effectively respond to, a cybersecurity incident or
other disruption; the Company’s sustainability initiatives and
changes to environmental laws and regulations; and other factors
that affect the food industry generally. The forward-looking
statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in
B&G Foods’ filings with the Securities and Exchange Commission,
including under Item 1A, “Risk Factors” in the Company’s Annual
Report on Form 10-K for fiscal 2019 filed on February 26, 2020 and
in its subsequent reports on Forms 10-Q and 8-K. Investors are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date they are made. B&G
Foods undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Investor Relations: ICR, Inc. Dara Dierks 866.211.8151
Media Relations: ICR, Inc. Matt Lindberg 203.682.8214
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