SANTA PAULA, CA - It’s been a big and bountiful quarter for Calavo Growers. In the company’s latest FY and Q4 2016 financial report, Calavo revealed it has nearly doubled its net income over last year, with plans to again increase revenues by double digits in the year to come.
“It is extremely gratifying that Calavo registered such a strong performance in the fourth quarter to cap yet another record-breaking year,” shared Chairman and Chief Executive Officer Lee E. Cole upon the results. “Our fourth-quarter operating results helped propel full-year revenues, gross margin, net income, and EPS to new record levels, including double-digit growth of those latter three metrics. In the final quarter, the company achieved solid revenue increases in each of the company’s three business segments: Fresh, Renaissance Foods Group (RFG), and Calavo Foods.”
As a result of these big income increases, Calavo’s stock shot up substantially. As of December 20 at 4:30 PM EST, Calavo’s stock was up 15.75%, the highest the company has reached in the past one month.
In total, net income for the quarter grew 93% to reach $9.2 million, equal to $0.53 per diluted share. Quarterly revenues increased over 19 percent to reach $247.7 million, a record for the company’s yearly final quarter, up from $208.0 million in last year’s fourth quarter. Fiscal year 2016 brought net income soaring by nearly 40%, reaching a record of record $38.0 million, approximating $2.18 per diluted share. Full-year revenues increased to a record $935.7 million, a 9 percent increase from fiscal 2015.
“Our nearly 40 percent increase in full-year net income is an even more impressive achievement when placed into the context of expenses Calavo absorbed in fiscal 2016 related to growth initiatives across our company,” Cole continued. “We intend to build upon this success and expect fiscal 2017 to be yet another record breaking year for Calavo. Growth initiatives put in motion over the past 18 months will help propel continued growth in revenue and net income for Calavo in 2017.”
In Calavo’s full fiscal report, other highlights for Q4 included:
- Diluted EPS Rises to 53 Cents Versus 28 Cents in the Prior Year
- Gross Margin Jumps 34 Percent to $27.1 Million from $20.2 Million
- Fresh business segment revenues rose to $143.4 million, a 24 percent increase
- RFG business segment revenues rose to $87.9 million, a 14 percent increase
As we look to fiscal year 2017, AndNowUKnow will continue to share all the latest industry financial news straight to your inbox.
SALINAS, CA - Holiday merriment and marketing are both making themselves known with the latest from the Mann Packing team, with both an engaging blooper reel and the latest launch of the company’s Girlfriends Guide for Moms.
“Moms and millennials alike will be pleasantly surprised to find how convenient these veggies are to prepare and how easy it is to add them to traditional recipes,” said Gina Nucci, Director of Corporate Marketing, about the new holiday edition.
The release showcases do-it-yourself, delicious seasonal recipes using the company’s innovative Culinary Cuts® line of specialty vegetables, according to a press release.
The guide includes pre-packaged and ready-to-eat Culinary Cuts like:
- Sweet Potato Ribbons
- Butternut Squash Zig Zags
- Cauliflower Cauliettes™
- Shaved Brussels Sprouts
- Broccoli Clovers
“We want people to think differently about eating healthy during the holidays, and with our Culinary Cuts and new Girlfriends Guide of select recipes, consumers get meal solutions when they need it most,” Nucci added.
Or should we say Gina Broccolini? The Director of Corporate Marketing turns Veggie News Anchor in Mann Packing’s promotional videos, the most recent being a hilarious composite of bloopers.
But please, don’t take my word for it. Watch for yourself in the clip below.
Once done with your morning, mid-week chuckle, you can check out the holiday edition of Girlfriends Guide for Moms, available free on the Mann’s website here.
Recently, Mann Packing also teamed up with social media influencers Simply Stacie and Ginger Casa in hosting a healthy holiday cooking-themed Twitter party, as well as having ran a Pin-to-Win contest with more than 1,400 participants and an Instagram contest.
You can access all online promotions for Culinary Cuts via the company’s Facebook, Twitter, and Instagram pages, as well as by using the hashtag #CulinaryCuts.
AUSTIN, TX - Hot on the heels of its recent expansion in North Texas, H-E-B has purchased a 17.2-acre plot in the Del Valle area of Austin, Texas—an area poised for rapid growth.
“As we review our long-term planning options it often makes sense to purchase property in advance of our current real estate needs,” said Leslie Sweet, H-E-B’s Director of Public Affairs for Central Texas, according to Austin-based news source Statesmen. “Development in Southeast Austin and Del Valle has been encouraging and it made sense to invest in this land. We have a network of stores in East Austin, and we remain interested in this community and look forward to watching it grow and develop.”
The purchase is part of a 390-acre swath called “Velocity Crossing,” zoned for mixed-use projects. The Crossing, annexed by the city in October of 2013, is the proposed site of an ambitious development project, and landowners Karl Koebel, Doug Lanius, and George Robinson III are hoping H-E-B will provide an anchor around which other businesses will congregate.
The area is primed for rapid growth, with 55,916 homes planned for the area according to Metrostudy, a service that tracks the Austin-area housing market.
“We believe a sale to a major grocery store ratifies the strength of the location, and is a precursor for additional retail services within the Velocity Crossing mixed use development,” Koebel said. “The area is undergoing significant growth and we are pleased to be a catalyst of the rapidly expanding market.”
Ultimately, Velocity’s Crossing is expected to include retail, office, local arts and entertainment, apartment, hotel, and industrial spaces.
H-E-B has yet to develop a concrete development plan for the site, but the expanding San Antonio-based grocer is almost certainly planning to grow its already imposing presence in Austin. Stay tuned to AndNowUKnow for developments as they occur.
DETROIT, MI – Ah, Detroit. Bustling metropolitan of my home state and also the birthplace of Motown, the Tigers, and…pickle thievery? This looks to be the case in the latest round of food-focused news coming out of Motor City. Some innovative bandits of a new sort have apparently absconded with $13,867 worth of products from artisan pickle maker McClure’s.
“I have done a lot of things in my 18 years as a police officer, but didn’t think I would be setting aside other work to be out looking for a pickle bandit,” Detroit Detective Mike Pacteles told The Detroit News.
Our pickled tale first starts with the illicit nabbing itself. McClure’s employees alerted authorities to the uncommon crime after noticing a substantial amount of product missing from its St. Aubin warehouse.
After inspecting its inventory, the company accounted for the following transformed cucumber products that were nabbed from its operations:
- 14 five-gallon pickle containers
- 18 one-gallon pickle containers
- 58 cases of pickle chips
- Bloody Mary mix
Fast-forward and more pickle debauchery is unveiled with company employees seeing the aforementioned McClure’s products at stores that the company does not distribute to. Five stores were found selling the pickles in question at equally as questionable “bargain prices.” For instance, jars that normally retail for $9-10 per jar were being offered for $3-4 a jar.
The pickle plot continues to thicken as any stores as Dectective Pacteles stated that stores selling the improperly procured products could face felony charges for receiving and concealing stolen property. If convicted, store managers or owners could face weighty fines and prison time.
“We assume that this is an inside job involving employees or former employees, and will be able to eventually identify the person or persons involved, and they could be facing theft and embezzlement charges,” he stated, asserting several suspects have already been produced in the investigation, and the stores selling these products may be facing inspections.
Will the pickle thieves be fully revealed, returning my favorite briny treats to their rightful place? Stay tuned to AndNowUKnow to find out.
WENATCHEE, WA - Though the winter months typically see pear sales slightly less strong than the fall, CMI Orchards’ Vice President of Marketing Steve Lutz has some advice for retailers looking to boost pear sales this winter.
The key for retailers wanting to maintain pear category performance, according to Lutz, is to pivot quickly to winter pear varieties while leveraging the emerging opportunities in new pear packaging.
“We’re entering the months where retailers can really drive incremental consumer purchases of winter pears, especially if they leverage the smaller, high-quality, two-pound pouches. Last year we saw Best in Class retailers driving up to 25% of their total Anjou sales in these smaller pouch bags,” Lutz said, in a company press release.
During the winter, a significant shift in pear varieties and packaging occurs as retailers transition from focusing primarily on Bartlett pears to selling winter varieties.
“Winter marks the major category transition from Bartlett’s to Anjou and Bosc,” said Lutz. “National retail performance data reveals that while pear category dollars decline only slightly (- 7%) between Q4 and Q1, Bartlett sales drop by nearly 50% while Anjou dollars soar by 83%. Getting this product transition right in terms of displays and packaging is the key for supermarkets to maintain pear category performance.”
Lutz remarked the emergence of new pear packaging as a factor in changing how retailers build pear displays and drive overall category growth. Over the past few years, retailers have discovered that high graphic two-pound pear pouch bags drive sales—in fact, Lutz noted, they have been among the fastest growing segments in the pear category.
“When we look at Best in Class pear retailers in the United States, two trends jump out,” said Lutz. “The Best in Class retailers are growing their pear category much faster than competitors. Secondly, they dominate by merchandising two-pound pouch bags without damaging sales in the profitable bulk pear segment. These top retailers sell more bulk pears to drive category dollars but shift consumers away from larger value bags into higher priced two-pound pouches.”
For more strategies to improve category sales, stay tuned to AndNowUKnow.
AVONDALE, PA - In the company’s continued crusade to share its internal culture with the outside world, To-Jo Mushrooms has extended a helping hand in support of the 3rd annual Toys for Eli Tour. To-Jo has partnered with the Eli Seth Matthews Leukemia Foundation, together gathering and donating over 1,000 toys for the A.I. DuPont Children’s Hospital in Wilmington, DE.
“To-Jo is proud to support the 2016 Toys for Eli Tour,” shared To-Jo’s President, Anthony D’Amico. “Partnering with Paul and the team from the Eli Seth Matthews Leukemia Foundation this holiday season was an idea brought to my attention from one of our employees. Everyone rallied around the campaign, as it really extended our internal culture out into the community. Seeing the reaction from the hospital staff when we delivered the toys was just amazing.”
During the entire month of December, To-Jo placed collection bins throughout its facility and, in total, was able to collect 100s of items in support of the cause. The campaign was supported in a partnership between To-Jo and dozens of other area businesses. As explained by the company’s press release, the Toys for Eli Tour is one more example of local partnerships coming together to support the community in a big way during the holidays.
Over the past 3 years, the Eli Seth Matthews Leukemia Foundation has donated both time and resources in efforts to improve children’s lives in memory of Eli Matthews. Eli’s father, Paul Matthews, and Bryan Blittersdorf started the Toys for Eli Tour in 2014 in hopes of delivering toys to one floor in one hospital on Christmas morning, and after its resounding success, now delivers toys to the A.I. DuPont Children’s Hospital, The Children's Hospital of Philadelphia, John Hopkins Cancer Center, and the Solca Loja Hospital in Ecuador.
Much appreciation to the whole To-Jo team for continuing to keep the spirit of the holidays alive!
DEERFIELD, IL & CAMP HILL, PA - It seems, despite much whisper and rumor, neither Kroger nor Albertsons will be buying up hundreds of Rite Aids as the chain looks to be acquired by Walgreens Boots Alliance.
865 stores are being sold to drug store chain Fred's Inc. for $950 million as Walgreens looks to attain the Federal Trade Commission’s (FTC) blessing for its grander purchase of the entire Rite Aid banner for upwards of $9.4 billion.
"With this agreement, we are moving ahead with important work necessary to obtain approval of our acquisition of Rite Aid,” said Walgreens Boots Alliance’s Executive Vice Chairman and CEO, Stefano Pessina, in a press release. “We look forward to continuing to provide our customers and patients with the highest level of care and attention."
As we reported previously, both Kroger and Albertsons were speculated to be in the running for the several hundred stores as each looks to expand further. These speculative expansions for the retailers were based upon the geographical possibilities presented by the Rite Aid stores.
In the end, however, Pessina said that the company as pleased to find an “experienced pharmacy operator," for the stores sold.
Walgreens noted that it is actively engaged in discussions with the FTC regarding the transaction and working toward a close of the Rite Aid acquisition. Should all go through smoothly, the deal is expected to close in early calendar 2017.
In total, Rite Aid has about 4,500 locations (minus those just sold) to add to Walgreens’ current count of 8,137 stores in the U.S.
Stay tuned as we embark on a new year with new opportunities for growth in retail and beyond.
ROTTERDAM, THE NETHERLANDS – In a wave of produce-focused drama, authorities recently swarmed and scoured 150 containers of fruit in the Port of Rotterdam after suspicious activity. Such instincts were well-founded as officials uncovered cocaine hidden within the containers, hailing from Panama.
Officials were first alerted to illicit activities after intruders were spotted within the Port’s ECT Delta Terminal. At this point, due to a heightened rate of drug activity lately within the Port, authorities blocked the section that contained over 300 containers so they could begin their search.
According to news source RTV Rijnmond, over 600 pounds of cocaine were found throughout the Port as part of a massive authority sweep. From this rubble of nefarious drugs, over 55 pounds (or 25 kilos) were pulled specifically from their resting place nestled amongst fruit, although conflicting reports do have that number pegged as much higher.
"It looks like we are heading for a white Christmas," said Press Officer Ernst Pols. "The drug flow is too great, and that we must reduce. That means, in the future, we will increase our alertness."
The Port was host to all sorts of sketchy behavior during the bust, as authorities have noted a recent rise in drug activity in the Port. Amongst the searched containers, whose true contents were revealed by drug dogs, officials also reported apprehended men cutting open containers to possibly search for more drugs. More opened and missing containers were reported as well, which could signify the removal of cocaine from the Port before authorities were alerted.
As Netherlands Customs, HARC team, and other authorities coordinate together to make arrests and clamp down on drug-filled fruit behavior, The Telegraph NL reported that over 27,500 pounds (12,500 kilos) of cocaine have been legally thwarted this year alone, which is several thousand more than average.
What strange pairing will fruit, veg, and the underworld make next? AndNowUKnow will be here to apprise you.
DELTA, BC & MARFA, TX – Village Farms—a leading producer, marketer, and distributor of premium greenhouse-grown tomatoes, bell peppers, and cucumbers—is celebrating 20 years in Texas this holiday season, and marking the occasion with three uniquely Texan holiday recipes apt to resonate with consumers and drive fresh produce sales.
The company has partnered with Fort Worth food blogger and photographer Nancy Farrar, whose original culinary creations and photography are featured on her blog, Chef Impersonator.
“We were thrilled to be able to celebrate Christmas Texas style this year and work with Chef Impersonator who created these uniquely Texan and exclusive recipes just for Village Farms,” said Helen L. Aquino, Director Brand Marketing & Communication for Village Farms.
Produce departments looking to capitalize on unique cross-promotional sales opportunities this season can turn their customers on to these fresh and festive recipes. Each recipe offers a new take on traditional holiday cuisine.
Consumers can access the recipes through the What’s Fresh section of Village Farms’ website; the recipes include:
- A reimagining of the classic Texas Christmas Eve staple: tamales with a Cabernet Estate Reserve Tomato™ chili sauce
- A Texas take on seasonal desserts: thumbprint cookies filled with Cherry No. 9 Fall in Love Again® pepper jelly jam
- A quick dish for entertaining unexpected guest (think pizza with an elevated presentation): Heavenly Villagio Marzano® tomato galette
These recipes are sure to make a splash and add spice to the traditional holiday fare. For more on innovative promotions and creative culinary options, check back with AndNowUKnow.
MURRIETA, CA – As the produce distributor prepares to move into another successful year, West Pak Avocados is looking to a new executive to take the helm. The company has announced that Mario Pacheco will step in as its new Chief Executive Officer.
“I look forward to working with West Pak’s valued customers, growers, suppliers, and internal team to continue the company’s successful momentum forward,” stated Mario. “As the incoming CEO, I look to always implement the best possible business practices while maintaining the company’s much-deserved reputation with continued high standards.”
Mario will cover the day-to-day operations of the company, and oversee all financial and business building efforts. According to a recent press release, Mario will be stepping into this role as its Co-Founders Randy Shoup and Galen Newhouse are looking to retire from the company’s daily operations.
“Mario brings a certain level of expertise to West Pak Avocado with an impressive and well-rounded background in the produce industry,” said Randy. “He is a welcome addition to our company and I am confident that he will be an amazing, not to mention well respected, leader for our team.”
Mario brings 21 years of experience to West Pak from Chiquita Brands International, with time served throughout Latin America, Europe, and the United States. Most recently, Pacheco served as President of Chiquita’s shipping and logistics arm Great White Fleet (GWF).
In addition, Mario has an extensive background in the fruit business, supply chain operations, and finance. The company stated that his specialties include the following:
- Business building
- Global supply chain leadership
- Revenue generation
- Supply and demand balancing and operations planning
- Financial analysis
- Creative cost reduction
- Service improvement
“Mario also brings an assured yet enthusiastic energy to the table with a natural sense for innovation,” stated Galen. “He’s very personable and down to earth with a management style that places a high value on collaboration, team building and nurturing business relationships at all levels. We’re simply thrilled to have him on board!”
Mario has also served as Senior Vice President of Global Logistics, and Vice President of Sourcing and Product Allocation, in addition to a multitude of other leadership positions.
West Pak Avocado stated that the company is enthusiastic about welcoming Mario to its 30-year-young business and close-knit family operation.
Congratulations to Mario and West Pak Avocado on this appointment, we can't wait to see where you head next!