Lassonde Industries has reported strong first-quarter earnings, attributing a sales increase of $22.2 million for the quarter “largely due” to a jump in sales in its private label products.
The Quebec-based juice company reported Q1 sales up 17.1%, year over year, posting sales of $472.4 million. Excluding the $44.1 million in sales from its acquisition of Sun-Rype in January, sales were up 5.5%, year over year.
The company’s operating profit for the first quarter of 2020 totalled $30.3 million, up from $23.4 million in the same quarter last year. The 2020 first-quarter profit attributable to Lassonde’s shareholders totalled $22.9 million, up $10.3 million year over year.
Lassonde believes the pandemic could be impacting overall sales gains, but said the first-quarter sales increase “was largely due to an increase in sales of private label products.”
“The pandemic has affected our business in many ways, and it is still difficult to estimate all of the consequences,” said chief executive officer Nathalie Lassonde in a press release. “We will strive to meet the demand for our products while maintaining a safe environment for all employees according to the recommendations made by the public health authorities.”
A version of this article appeared at StoreBrands.com.