PARSIPPANY, N.J. — Pinnacle Foods, Inc. in the second quarter of 2017 plans to launch a “Perfect Size for One” baking mix, said Mark Clouse, chief executive officer of Pinnacle Foods, in a Feb. 23 earnings call. The new Duncan Hines mix may be baked in a coffee mug in the microwave in 1 minute, he said. The 18-variety platform will offer varieties across all day parts.
|Mark Clouse, c.e.o. of Pinnacle Foods|
“As you know, the baking category has faced a number of structural challenges, including the decline in household size and consumer concerns regarding portion control as well as aggressive competitive pricing at the low end of the category,” Mr. Clouse said. “Our strategy continues to be focused on innovating at the premium higher end of the category, rather than battling strictly on price at the low end.”
Parsippany-based Pinnacle Foods on Feb. 23 reported net earnings of $211,117,000, or $1.81 per share on the common stock, in the fiscal year ended Dec. 25, 2016, which was down slightly from $212,508,000, or $1.83 per share, in the previous fiscal year. Fiscal-year net sales grew 17.8% to $3,127,938,000 from $2,655,792,000 in the previous fiscal year, almost entirely driven by a 17.7% benefit of the Boulder Brands acquisition. Sales of Duncan Hines were down for the year.