Vancouver’s Premium Brands Holdings Corp. (TSX: PBH), which is the corporate face behind such Western Canadian brands as Grimm’s, McSweeney’s and Bread Garden Express, reported record first quarter revenue Friday morning.
Quarterly revenue increased by 5.6% to $109.7 million compared to the same period last year with its retail and foodservices divisions reporting strong growth.
However, Premium’s net earnings decreased 12% to $1.8 million as the company saw financing charges and general expenses increase.
Premium, whose brands also include Hygaard, Hempler’s, Quality Fast Foods, Gloria’s Best of Fresh, Harlan’s and Creekside Bakehouse, is coming off of two recent acquisitions.
During the last quarter, it completed the acquisition of South Seas Meats Ltd., which distributes specialty meats, including a wide range of Halal and other ethnic foods, to restaurants, hotels and specialty butcher shops in the Greater Vancouver.
In a release, Premium’s president and CEO George Paleologou said: “While our involvement with the 2010 Vancouver Winter Olympics had a positive impact on our results, the more significant factors were the strong organic growth achieved by our retail segment and the continued focus by all of our businesses on margin expansion and cost management.”