• B&G Foods promotes Michael Sands
B&G Foods Inc. announced the promotion of Michael Sands to the newly created position of executive vice president of snacks. Sands joined B&G Foods in October 2013 following the company’s acquisition of Rickland Orchards, which Sands co-founded with Jason Cohen. Rickland Orchards, whose products include Greek yogurt coated granola bars and bites, was the fourth snack-based acquisition by B&G Foods since October 2012.
He previously served as CEO and president of the Balance Bar Company, the chief marketing and operations officer of the Snapple Beverage Group, and the chief marketing officer and director of international sales of Ben & Jerry’s. Sands also was the co-founder and CEO of LesserEvil Brand Snacks.
“We are delighted to announce Michael Sands’ promotion,” said David L. Wenner, President and chief executive of B&G Foods. “Michael has been a very strong addition to B&G Foods’ management team and has played an important role in the integration of Rickland Orchards into the B&G Foods family. His experience in all aspects of managing snack brands will greatly benefit our company.”
B&G Foods is a supplier to Wal-Mart Stores Inc. and operates a sales office in Bentonville.
• General Mills gives lower guidance
General Mills recently reduced its fiscal year outlook expecting earnings per share of $2.87 and $2.90. The adjusted guidance excludes mark-to-market valuation effects for certain commodities and grain inventories; restructuring and other exit costs; and now also excludes the impact of changes in Venezuelan foreign currency policy.
General Mills said its sales and operating profit for the third quarter ended Feb. 23, will reflect approximately 1% lower volume, consistent with recent food industry trends in developed markets, as well as negative foreign currency translation effects.
In addition, results for the quarter include incremental consumer marketing and merchandising investment in the company's U.S. yogurt business, where response to-date has been encouraging.
Third-quarter operating profit for the company's U.S. Retail segment is expected to be 10% to 11% below strong year-ago results that grew 13%. Total segment operating profit is also expected to be below last year's strong third-quarter level. Adjusted earnings for the fiscal 2014 third quarter are expected to total approximately 61 cents per share.
The packaged food giant expects to record strong double-digit earnings growth in in the fourth quarter of fiscal 2014, when the expected rate of input cost inflation, the quarterly tax rate, and the average number of shares outstanding will each be well below prior-year levels.
The company will report third-quarter results on Wednesday, March 19. General Mill is a supplier to Wal-Mart Stores Inc. and operates a large sales office in Rogers.