Thursday, August 6, 2020

Premium Brands sales up, profits down

Despite the COVID-19 pandemic, Premium Brands revenues increased by 3.3 per cent for its second quarter which ended at the end of June.

The company is a major sandwich maker and one of its clients is Starbucks; those customers were closed for part of the pandemic.


It has dozens of companies in Canada and the United States and some are major meat processors, such as Belmont Meat and Piller’s Sausages and Delicatessens of Ontario.


Earnings for the quarter were $21.2 million compared with $38.5 million a year ago.


The company put is aggressive company-buying strategy on hold during the worst of the pandemic lockdown, but said it is now ready to resume buying.