CORAL GABLES, FL - Recently, Fresh Del Monte released its third quarter 2020 financial report, which ended on September 25, 2020. In the report, the company announced a $100 million asset sales program along with growth in its fresh and value-added products sectors.
“We were especially pleased to see an improvement in our fresh and value-added products business segment, through rapid adjustments to all aspects of our business, from farm to customer to meet the challenges caused by the pandemic disruption, particularly to adapt to the restaurant and foodservice markets during the third quarter,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. “Swift implementation of working capital measures led to improved cash flow and our ability to reduce our debt. As a result, we will double our dividends in the fourth quarter of 2020. We also continued to take every precaution to ensure the health and safety of our team members and their families allowing us to maintain the necessary workforce to continue to provide uninterrupted healthy, safe, and convenient products to our customers.”
In the report, the company listed these key figures:
- Net sales for the third quarter of 2020 were $989.7 million
- Gross profit for the third quarter of 2020 was $67.3 million
- Operating income for the third quarter of 2020 was $26.6 million
- Net income attributable to Fresh Del Monte for the third quarter of 2020 was $17.4 million
- Adjusted net income was $16.4 million in the third quarter of 2020 with an adjusted operating income of $25.3 million
Fresh Del Monte noted in the report that the effects of COVID-19 impacted certain parts of its operations, but the company was able to pivot its directions with the sale of multiple assets. Thus, the company was able to streamline its operations to refocus on further growth.
“During the quarter, as part of our recently announced optimization program, we underwent a comprehensive review of all aspects of our business. We made the decision to sell non-strategic and under-utilized assets for a total anticipated cash amount of approximately $100 million, which we expect to achieve over the next 12 to 18 months,” Abu-Ghazaleh added. “These assets consist primarily of underutilized facilities and land across multiple regions. In the meantime, we remain aggressively focused on optimizing our current cost structure, improving our profitability, and prioritizing our capital investments.”
To learn more about Fresh Del Monte’s report, click here.
AndNowUKnow will continue to report on the latest in fresh produce, so keep checking back.
MISSION, TX - Keeping with a new tradition, the Texas International Produce Association (TIPA) held its annual Skeet Shoot fundraiser this past weekend. The two-day PAC-funding event began on October 23, and served as a critical way to support future activities and endeavors made by the organization.
“Our annual Skeet Shoot PAC-fundraiser was the brainchild of Mark Santos of Santos International and Scott Fletcher of Allen Lund, two of our event sponsors,” said Dante Galeazzi, President and CEO of TIPA. “In a time where comradery is longed for, bringing the membership together was a great sight to see.”
According to a press release, 16 teams participated in the annual event.
Before the competition, all shooters were treated to a meal, courtesy of Tommy Wilkins from Grow Farms Texas and David Leal of Allen Lund. As contestants ate, they where able to social distance themselves as they caught up with peers.
“We feel like this is our best event yet, despite the times we are in,” said Mark Santos, Partner at Santos International. “We were able to all have a great time and raise funds for our PAC. We look forward to making this event even better in the future.”
Committee Members of the TIPA Skeet Shoot include Mary Velasquez of Coast Tropical, Tony Martinez of Primo Trading Services, April Flowers of Lone Star Citrus Growers, Mark Santos of Santos International, and Scott Fletcher of Allen Lund.
Although this year has been anything but easy, events like the one held by TIPA show the resiliency and comradery that the produce industry has to offer.
ORLANDO, FL - Recently, the National Mango Board (NMB) received the results from its continuance referendum, which included handlers and importers approving the continuation of the federal research and promotion program, as well as removing the provisions of frozen mangos as a covered commodity under the program.
"Thank you to the mango industry for their continued support and recognizing the value of the NMB's efforts in strengthening consumer awareness and increasing consumption of mango," said Executive Director Manuel Michel. "Over the past 15 years, our efforts in marketing, communications, research, and industry relations, coupled with the extraordinary work of the mango industry to supply the growing demand of mango has moved us closer to our vision of transforming mango from an exotic fruit to a daily necessity in every U.S. household."
The favorable results from this referendum allows the NMB to continue increasing its strategies to increase mango consumption in the U.S. through its marketing, research, and industry relations programs.
According to a press release, in order for the mango research and promotion program to continue, the referendum had to be favored by a majority of first handlers and importers voting. In the referendum, 60 percent of mango first handlers and importers voting were in favor of continuing the program.
Noted in the release, 49 percent of mango first handlers and importers voting were not in favor of frozen mangos as a covered commodity. In addition, 83 percent of the frozen importers voting were not in favor of continuing frozen mango as a covered commodity.
As we continue to chart the course of specialty produce, keep checking in with AndNowUKnow for the latest.
FAISON, NC - Farm Fresh Produce is on the move to strengthen and build its team as it has announced that it has added Davy van Ewijck as a new member of its Sales department.
Before taking on his new role in sales for Farm Fresh Produce, Ewijck gained experience working in several industries before finding his passion for fresh produce in his role at Dakafresh International. While working at Dakafresh, he assisted in the implementation of new IT procedures as well as expanding his knowledge of purchase and sales administration, Human Resourses, and management systems.
Ewijck has a degree in Entrepreneurship from Rotterdam University of Applied Sciences, the press release notes.
All of us at AndNowUKnow wish Davy the best of luck in this new endeavor and look forward to seeing his contributions to the Farm Fresh Produce team.
SALINAS, CA - During the holiday season, there are some foods that always seem to be a staple, one of them being cranberries. While the beautiful berry shines brightly on any holiday table, sometimes they fall into the same recipes year after year. That is why Naturipe Farms and its team of berry experts are challenging consumers—and the retailers and foodservice operators catering to them—to think outside the box with its new Reimagining Cranberries downloadable cookbook.
“At Naturipe, we pride ourselves on innovation from berry production all the way into your kitchens,” said Jill Overdorf, Director of Business Development for Foodservice and Corporate Chef. “With this cookbook, our goal was to show how fresh cranberries can add a great pop of flavor to your everyday meals as well as create classic holiday staples—from cranberry sauces to cocktails—with a twist.”
The new cookbook features 17 recipes created by a diverse group of experts including growers, chefs, and registered dietitians to show how versatile cranberries could be. The recipes range in flavors for a wide variety of palates to inspire both experienced chefs and those taking their first steps in the kitchen.
According to a press release, the recipe book is available for free on Naturipe’s website for all to download.
“Health and wellness are important now more than ever,” explained Jenn LaVardera, Nutrition Expert and Registered Dietitian. “And adding fresh cranberries to your traditional holiday classics or your everyday diet can not only brighten up a meal but can also strengthen your immune system.”
In order to boost consumption of the healthful berries, some of Naturipe’s featured recipes include:
- Cranberry and Sweet Corn Snack Cake – This delicious and easy snack cake is a gateway project into the kitchen for ambitious young bakers
- Cranberry Harvest Pilaf – This hearty dish is easy to top with whatever you want (or have on hand) and is excellent for making ahead and reheating
- Cranberry Rice Pudding – This recipe is so easy to make, it’s worth the 30 minutes of diligent stirring. The pop of cranberries brightens up this traditional dish
- Cranberry Citrus Jalapeño Relish – This easy and delightful cranberry relish gets a deep, earthy flavor from chipotle powder and a bite from the fresh jalapeños. And the best part? No cooking is required
- Sparkling Cranberry Bog Cocktail – The bright cranberries give the Prosecco a gorgeous burgundy color, which is just begging to be poured into a champagne flute
To download the cookbook, click here.
As a fruit that is antibacterial, anti-inflammatory, and an antioxidant, cranberries are more than meets the eye and come perfect at a time where shoppers everywhere are putting a focus on their health. Stock up on Naturipe’s cranberries to give consumers what they have been looking for and the ingredients needed to make these delicious recipes.
CINCINNATI, OH - Kroger continues to reinvent its business model in order to deliver value for its customers, associates, and investors. The retailer recently updated investors on how its Restock Kroger framework has driven strong shareholder return. One such strategy is using its adjusted free cash flow to invest back into the business.
“Through the Restock Kroger framework and intensity around operational excellence, we are achieving cost savings of over $1 billion each year and are investing savings back into the business with an emphasis on the customer and associate experience,” stated Rodney McMullen, Chairman and Chief Executive Officer. “We are improving the customer experience by widening and deepening our competitive moats that include fresh, seamless, personalization and Our Brands. These moats are strong today and growing in relevance as customers eat more food at home. We are improving the associate experience by focusing on talent, culture, and wage investments. We are living our purpose through our commitments to a world with Zero Hunger | Zero Waste and our framework for action to advance diversity, equity, and inclusion in our business and communities."
According to a press release, this allocation strategy allows Kroger to drive profitable growth while also maintaining its current investment grade debt rating and returning capital to shareholders.
"We are creating shareholder value by executing our strategy. We have returned approximately $6.4 billion to shareholders via dividends and repurchased shares since the beginning of fiscal 2017. Kroger is growing market share and our Total Shareholder Return has outperformed the market and our peer group over the last 12 months. And we are incredibly excited for the future."
To see the entire press release, click here. And to continue learning the latest in retail updates, stick with us here at AndNowUKnow.
ONLINE - As we continue to connect while maintaining safe distances, movers and shakers in our industry are banding together to promote the spread of knowledge and insights via virtual events. One such instance was the Have A Plant® Nation Virtual Influencer Event, put together by Produce for Better Health Foundation (PBH), in which Duda Farm Fresh Foods was a key presenting sponsor.
“The PBH Foundation speaks directly to the consumer with social media influencers, and we are thankful to be able to work with such a valuable resource,” said Nichole Towell, Senior Director of Marketing. “By helping empower these influencers with more fruit and veggie content, we’re able to reach a much broader audience and get the message out to more consumers to increase produce consumption.”
Duda has supported and been involved in PBH’s mission to drive fresh produce consumption from the beginning and, through this partnership, the company has been able to connect with key retail dieticians, foodservice menu developers, and online healthy lifestyle communicators. As a presenting sponsor, Duda had the unique opportunity to interact with fifty-plus VIPs and provided a stimulating culinary session for attendees.
“Have A Plant Nation was informative and excellently executed—one of the best virtual events, in my opinion,” Chef Todd Fisher, Culinary Ambassador at Duda Farm Fresh Foods, commented. “It was a ton of fun! I am so glad to have been a part of it. Thank you to everyone that made it all possible!”
For the month of September, PBH declared a 30-day-long celebration of fruits and vegetables. By proclaiming September as National Fruit & Veggies Month, the organization hoped to inspire consumers to incorporate more fruits and vegetables in their daily intake. To bring this message home—pun intended—PBH hosted its virtual event to inspire the influencer community in their community engagement approach. Held on September 29–30, Have a Plant was planned as the closing celebration for National Fruit & Veggies Month, but plans for more partnership opportunities, Chef Todd says, are a definite possibility.
“I and Duda Farm Fresh Foods look forward to more engaging and interactive events in the future,” Chef Todd said.
With a fresh and fun focus, our industry will continue to rally together during these uncertain times. AndNowUKnow will continue to report on these endeavors, so stay tuned.
CANADA - Loblaw Companies Limited is investing in solving perhaps one of the most salient issues in our industry today. Partnering with Second Harvest, Canada’s food rescue organization, Loblaw announced further plans to eliminate food waste, support communities, and expand its 35-year partnership across Canada. In addition, Loblaw has committed to investing $1 million to on-board its banner stores onto Second Harvest’s FoodRescue.ca platform.
“Loblaw has committed to closing the gap between hunger and surplus food, with an aim to reduce or divert food waste in its stores,” said Tonya Lagrasta, Senior Director, Corporate Social Responsibility at Loblaw. “We are proud to be deepening our relationship with Second Harvest and help scale FoodRescue.ca into new communities throughout Canada. As Canada’s largest food distributor, our stores are uniquely positioned so that, together, we can make a significant impact.”
According to a press release, Loblaw is invested in reducing its own environmental impact through a variety of waste systems, energy efficiencies, and community level initiatives.
Loblaw currently has 156 locations registered on the FoodRescue.ca in Ontario and British Columbia. So far, these stores have donated 500,000 meals to their local communities.
“Loblaw has been a supporter of Second Harvest from the very beginning, and we are looking forward to this next exciting phase of our relationship. Together, we’re leading a food rescue revolution,” said Lori Nikkel, CEO of Second Harvest. “The need to recover surplus food and redistribute it to Canadians has never been more crucial, and FoodRescue.ca is the simple, scalable solution to prevent surplus food from becoming lost and wasted.”
This grocery partnership highlights Loblaw's commitment to putting a stop to one of our industry's greatest issues.
Click back in with AndNowUKnow as we continue to cover the latest in the retail sector.
GLENDALE, WI - The Fresh Group Limited, also known as Maglio Companies, recently announced that Advantage Waypoint will represent it across the nation. Throughout its 118 years of business, Maglio has been invested in the produce business with facilities in Glendale, Wisconsin; Boston, Massachusetts; and McAllen, Texas.
“I am extremely excited with the relationship we have built so quickly with the Advantage Waypoint leadership team and I have tremendous confidence that together we will be better positioned with Advantage Waypoint as our sales and marketing partner to drive our national growth,” Sam Maglio, President, remarked in a press release.
Advantage Waypoint will provide Maglio with resources and experienced management across all 50 states as it continues to focus on adding value to the ever-changing foodservice industry.
“Advantage Waypoint has long been the leader in the foodservice segment and offers tremendous depth of critical distributor/operator relationships," Maglio continued. "Additionally, they understand our business plan and they offer committed resources that will help us drive our mutual growth locally as well as nationally.”
Keep up with the latest in industry partnerships with AndNowUKnow.
BOSNIA AND HERZEGOVINA - Germany-based Lidl has long had its eyes on the Bosnian market as the retailer claimed the lidl.ba web domain over four years ago. After much speculation, Lidl has finally teased its plans to enter the new market, with the opening of its first store set for 2022.
According to SeeNews, Lidl’s success in Serbia and Croatia has led the company to make its official entrance into Bosnia. Local media sources have been hot on the case, and recently broke the news that this exciting expansion is on the calendar.
This will be Lidl’s sixth market in Southeast Europe, with stores already open in Serbia, Croatia, Slovenia, Bulgaria, and Romania.
Will this expansion spur growth for Lidl in the States? Stay tuned as we at ANUK report.