Premier Foods to extend lower prices to more products

Premier Foods said it will extend lower promotional prices to additional products, buoyed by the strong performance in the third quarter ended 30 December 2023.

Group sales were up 14.4 per cent year on year, underlined by particularly strong market share gains of 121 basis points.

“The lower promotional price points we introduced in the third quarter have positively impacted performance while also helping consumer budgets go further. These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four,” Alex Whitehouse, chief executive, said.

The group’s international business had another very good quarter, growing sales by 11 per cent, delivering progress in strategic markets. Sales in new categories more than doubled, with Ambrosia Porridge pots and Mr Kipling and Angel Delight Ice-cream both being standout performers.

Whitehouse said festive favourites such as Bisto, Oxo and Paxo contributed to the group’s biggest ever Christmas, as consumers enjoyed not only the core ranges but new products such as Bisto Best meat free gravy and Paxo Chicken and Bacon stuffing.

“We sold nearly 190 million mince pies, 4 million more than last year, helped by the new Mr Kipling ‘Best Ever’ Signature mince pies,” he said.

“With another strong period of trading behind us, and great plans for the coming months, we are well on track to deliver on profit expectations for this year.”