Dive Brief:
- Ireland-based fruit distributor Fyffes posted record pre-tax profit of $21.95 million in the first quarter, a jump of 14.9% from a year earlier.
- Sales in every one of Fyffes product categories rose in the quarter, pushing total revenue 3.4% higher.
- U.S. melons were the standout performer. A rise in both price and volume for the fruit helped offset lower profit margins in bananas.
Dive Insight:
The fact that Fyffes did so well in the most recent quarter because of melons and other items, rather than its core product, speaks volumes about the state of the banana industry. As a recent report from the United Nations said, the giants of the banana world have lost their ability to dominate the trade and dictate prices.
