Fresh Del Monte Produce Inc. reported a 5% increase in net sales for Q1 2022, driven by inflation-justified pricing actions. However, the company's gross profit decreased due to higher costs related to inflation and supply chain constraints, leading to a decline in operating income and net income compared to the prior-year period.
Net sales increased by approximately 5% compared to the prior-year period, driven by favorable pricing.
Gross profit decreased due to higher costs related to unprecedented inflation and supply chain constraints.
Operating income decreased primarily due to lower gross profit.
The company remained focused on driving incremental operating leverage through product innovation, cost management, and operational efficiencies.
This press release contains certain forward-looking statements regarding the intent, beliefs or current expectations of the Company or its officers with respect to the Company’s plans and future performance, including our focus on driving operational leverage through product innovation, cost management, pricing actions and operational efficiencies.
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