Greencore Records Strong Sales In Q312
News: Ireland-based chilled food maker Greencore has recorded a strong rise in sales for the 13-week period ended June 29. Greencore's underlying sales increased 6.7% year-on-year (y-o-y) in Q312. The firm's sales rose 11.1% y-o-y in Q312, while total group sales increased 46.9% y-o-y to GBP298mn (US$467.6mn) in the quarter. Greencore's core sales increased 10.3% y-o-y in the first nine months of FY12/13. The rise has been primarily attributed to Greencore's acquisition of UK-based food manufacturer Uniq.
BMI View: We are now forecasting an 18.1% year-on-year (y-o-y) increase in Ireland's MGR sales between 2011 and 2016 in euro terms, with sales now expected to reach EUR14.0bn (US$17.19bn) by 2016. The hypermarket format is expected to see sales increase by 20.1% y-o-y over our forecast period, with much of the growth coming between 2013 and 2016.