Range of new products fuels Snyder’s-Lance momentum
CHARLOTTE, N.C. – Riding sharp gains in sales and profits, Snyder’s-Lance, Inc. has a robust new product pipeline aimed at sustaining the company’s momentum, said Carl E. Lee Jr., president and chief executive officer. Mr. Lee commented on product innovation May 7 in a conference call with financial analysts after the release of quarterly financial results.
Topping new products Mr. Lee identified was one consumers have long sought, he said.
“As we ask our loyal and new consumers for product ideas their very first suggestion is always more peanut butter, and we have answered that a request with our Xtra Fulls Toasty line of sandwich crackers that is performing quite well,” he said. “We also expanded a cracker creation line with a new grand-base cracker. We have also added spicy flavors, which are always very popular in a food category, as we launched our very first jalapeno sandwich cracker on a captain wafer base, and my personal new favorite is a Chocolate Nekot cookies with both chocolate or peanut butter filling.”
In the company’s Cape Cod chips line, which featured introductions such as waffle chips in 2012, the emphasis in the current year is reduced fat. In the Snyder’s pretzel line, the company is targeting products suited for convenience stores.
While sales were up 7% in the quarter ended March 30, Mr. Lee said sales gains would have been up 6.3%, excluding the acquisition of Snack Factory L.L.C. He emphasized price increases as a significant driver.
In comments later in the call, Rick Puckett, chief financial officer, said sales gains broke down to roughly one third volume and two thirds price.
Mr. Lee began the call by paying tribute to David Singer, who stepped down as c.e.o. May 3. Mr. Lee cited “the great progress our company made under his leadership.”
“Thanks to his dedication and vision we have a very bright future ahead of us,” Mr. Lee said.