Quarter 3 Trading Update for the thirteen weeks ended 1 January 2022

Q3 trading ahead of expectations, significantly outperforming the market.
January 20, 2022

Headlines:

  • Q3 trading ahead of expectations, Group sales up 7.0% vs 2yrs ago and up 7.3% YTD
  • Q3 Branded sales ahead 11.3% vs 2yrs ago
  • Significantly outperforming the market; gaining 90 basis points of value share in Q3
  • Mr Kipling’s biggest ever Christmas
  • International sales increased +33% compared to 2yrs ago
  • Upgrading FY21/22 profit expectations; Trading profit at least £145m this year

Alex Whitehouse, Chief Executive Officer

“The strong momentum from the first half of the year continued into the key Q3 trading period, with our brands growing by 11.3% compared to two years ago. This was well ahead of the market across all our categories and resulted in very encouraging share gains.

“This performance continues to underline the popularity of our brands but also demonstrates the strength of our established branded growth model, with many of our brands supported by advertising campaigns and new product innovation during the quarter.”

“We’re particularly pleased with the performance of our Sweet Treats business. This was Mr Kipling’s biggest Christmas ever, as our Sweet Treats brands outperformed the market, growing 6.3% compared to last year and 11.6% versus two years ago, helped by an increased number of family gatherings over the festive period.”

“Our overseas businesses performed particularly well with sales up over 30% vs two years ago as we continue to execute our expansion plans. All of our strategic international markets saw growth, with sales of Sharwood’s and Mr Kipling both well ahead of the same period two years ago.”

“With three strong quarters of trading now delivered and taking good momentum into the final quarter, we are increasing our profit expectations for this financial year.”

Read and download the full RNS of our Quarter 3 Trading Update