Sales Down, But Profits Up At N.S.-Based High Liner Foods
LUNENBURG, N.S. — High Liner Foods had a profitable fourth quarter of 2020, thanks partly to solid demand for its retail products stemming from Covid-19.
High Liner Foods is a frozen seafood company that sells products across North America under brands like High Liner, Fisher Boy, Mirabel, Sea Cuisine, Catch of the Day, Icelandic Seafood, and FPI.
The company released financial statements on February 24 that show it earned $7.4-million (U.S.) of profit in the fourth quarter. It’s a significant turnaround from the $3-million the company lost last year over the same period.
Although profits were up, however, overall sales were down.
The company says it sold $198.4-million of products in Q4. That compared with $221.6-million in the fourth quarter of 2019.
“We could not be more proud of our performance in Q4 and throughout fiscal 2020,” Rod Hepponstall, the company’s president and CEO, said in a media statement.
“Looking ahead, we are well-positioned for further profitability and revenue growth in 2021 and we remain steadfast in our commitment to the health and safety of our employees and support for customers as we collectively continue to navigate through the pandemic,” he added.
The company says demand for its retail products remained strong in Q4, “due to increased demand related to Covid-19.”
However, that demand was partially offset by a dip in business from 2019 “that continued to impact year-over-year volume.”
On the foodservice side, High Liner’s business was hampered by the second wave of Covid-19 restrictions across North America.
High Liner said it cushioned that impact by “tailoring its foodservice offering to better suit operators” during the pandemic. It also benefitted from institutional foodservice customers, like health care facilities, at which demand remained stable.
Thanks to retail demand and institutional customers, High Liner’s manufacturing facilities “continue to operate at planned capacity.”