Covid: 19 stockpiling boosts Bonduelle's Q3 revenue

Bonduelle SA

04/05/2020 17:00

May 4 (Reuters) - France's Bonduelle  BOND.PA  on Monday
posted a sharp rise in third-quarter revenue as Europeans rushed
to shops to stockpile longer-lasting food products before the
start of COVID-19 related lockdown measures.
    The frozen food and ready-made meals producer said its
January-March revenue rose 10.6% year-on-year on a comparable
basis to 761.2 million euros ($831.4 million), boosted by an
"atypical acceleration" in canned and frozen food sales in March
in Europe. 
    The stockpiling effect was also seen to a lesser extent
outside Europe, mainly in Russia, the United States and Canada,
as the countries introduced less strict lockdown measures later
than Europe.  
    Sales is January and February were more or less stable
year-on-year, Bonduelle added.
    The firm, however, warned that its frozen food and bagged
salads businesses would suffer in its fourth quarter to the end
of June as restaurant closures and consumers' shrinking appetite
for fresh food with a short shelf life would weigh in both
Europe and North America. 
    Last month, Bonduelle suspended its full-year objectives due
to the contrasting performance of its divisions, with high
demand for frozen products and high volatility in fresh food,
and the high level of uncertainty linked to the COVID-19
pandemic. 
    In the 2018-2019 year, frozen and canned food accounted for
76% of Bonduelle's revenue.
     
    
($1 = 0.9156 euros)
 

 (Reporting by Piotr Lipinski in Gdansk; Editing by Kirsten
Donovan)
 ((piotr.lipinski@thomsonreuters.com; +48 58 778 52 26;))