- B&G Foods, Inc reported a 49.2% net sales increase for the third quarter to $318.2 million, compared to $213.3 million in the same period last year.
- Green Giant, which B&G acquired last year, brought in $113.8 million to net sales for the quarter.
- Other top performers were Mama Mary's, Las Palmas and Bear Creek products.
A giant portion of B&G's success is jolly and green. Last year's Green Giant acquisition continues to produce big results for the company as a whole. While Green Giant may have seemed like a sleeper brand for former owner General Mills, B&G has invested in product development, particularly for frozen vegetables, and marketing innovations that have revived the brand for today's consumer demands.
But for all the positives for Green Giant, the company is still contending with some underperformers, including TrueNorth. That brand posted the company's second-largest decline for the quarter, CEO Bob Cantwell said on an earnings calls with investors. Cantwell attributed the brand's challenges to "historically high almond prices, which drove our retail price for the brand up to a level that consumers resisted."
"Bottom line, however, is that while we believe we are in the right track to turn around sales for TrueNorth, it may take longer than we originally anticipated," CEO Robert C. Cantwell said on the earnings call. "We expect an additional decline of approximately $2 million in TrueNorth net sales in the fourth quarter."
Improving its current brands is a likely and practical approach for B&G to take, but another top-line driver for the company will continue to be its keen sense of acquisition targets. B&G has proven itself to be a master of identifying potentially profitable but underperforming brands and staging turnarounds that result in significant revenue and profits for the company down the line.