Premium Brands is pivoting its supply chains to respond to the COVID-19 marketplace.
George Paleologou, president and chief executive officer, said “for us it has meant a significant slowdown in sales to foodservice and airline customers, overwhelming orders from retail customers, increased risks for our employees, disruptions in our supply chains and a variety of additional operating costs resulting from enhanced health and safety protocols.
“I am, however, more confident than ever that our great people and unique culture will ensure we safely and successfully navigate through these trying times.
“To date we have been able to avoid any major COVID-19 outbreaks in our extensive plant network and have experienced only limited production and supply chain disruptions. This is a testament to our very talented team of dedicated, enterprising and hardworking associates.
"I have no doubt that as we have done in the past, we will emerge from this crisis a stronger and better company,” he said.
There is short-term financial pain “as we have minimized layoffs of underutilized staff, enhanced compensation for many of our hourly employees, and even passed on business to ensure we do not over stress our hardworking associates, but these decisions will help to ensure we are well positioned to emerge from this challenge quickly and minimize any service disruptions to our customers.
"Looking beyond COVID-19, I am very optimistic about what lies ahead for us,” Paleologou said in releasing quarterly financial information.
It showed record sales of $935 million, a 20 per cent increase from the same quarter last year, and a profit of $12 million compared with 10 million.
