Spain's Ebro Foods sales boosted by panic shopping and new business
29/04/2020 15:30
MADRID, April 29 (Reuters) - Spain's Ebro Foods EBRO.MC
sales jumped 22.5% in the first quarter, as more rice and pasta
was sold in March amid the coronavirus lockdowns in Europe and
America, and helped by the addition of the premium rice brand
Tilda to its portfolio.
Ebro Foods, which owns brands such as Garofalo in Italy,
Panzani in France and Minute Rice in the United States, said on
Wednesday that sales increased to 845 million euros ($918
million).
The company, which says it is the world's second-largest
rice seller and dry and fresh pasta maker, reported adjusted
earnings before interest taxes, depreciation and amortization
(EBITDA) up 26% to more than 106 million euros.
EBITDA climbed even with a spike in operating costs as the
company paid for protection kits for staff and other safety
measures, spent more on logistics and offered an extra salary to
factory workers.
The company said that, after initial fears among consumers
about food shortages faded, sales patterns returned to normal.
The company ramped up production of pasta and rice in
Western Europe and the United States in March due to growing
demand by consumers worried by the coronavirus crisis.
urn:newsml:reuters.com:*:nL8N2AZ52H
Net profit climbed 29.6% to 47.9 million.
($1 = 0.9204 euros)
(Reporting by Emma Pinedo, editing by Andrei Khalip)
((emma.pinedo@thomsonreuters.com; 91 585 85 33; Reuters
Messaging: emma.pinedo.thomsonreuters.com@reuters.net; Twitter:
@ReutersEspana))