CINCINNATI – Strong sandwich sales across convenience stores and vending channels helped lift results at AdvancePierre Holdings, Inc., in the fiscal year ended Dec. 31, 2016, said Christopher D. Sliva, president. Other sandwich bread-related items should boost results in the future.
“We certainly expect over time that breakfast sandwiches and other things like P.B. and J., as we ramp up distribution, will provide us meaningful growth,” he said in a March 9 earnings call. The Cincinnati-based company reported full-year net income of $136,288,000, or $1.90 per share on the common stock, which was more than triple the net income of $37,111,000 or 57c per share, in the previous fiscal year. Net sales fell 2.7% to $1,568,259,000 from $1,611,611,000.
The Retail segment had operating income of $38,331,000, up 34% from $28,543,000. Net sales of $409,612,000 were up 3.4% from $395,941,000. Operating income in Convenience was $38,925,000, up 31% from $29,776,000. Net sales of $229,837,000 were up 14% from $201,845,000.
“Retail segment growth was most significant in club stores, where we saw strength in high margin staffed chicken entrees and launched a new flame-grilled burger sandwich component, as well as in our value-oriented dollars store channel,” Mr. Sliva said. “Convenience segment growth was primarily driven by strong sandwich sales across C-stores and vending channels, as well as a continued roll-out in the new flame-grilled burger component from a major C-store operator.”