Hain Pure Protein’s net sales declined about 7 percent on a year-over-year basis for the fourth quarter of the 2018 fiscal year, while the net sales for the year as a whole remained mostly flat, the poultry company’s parent company, Hain Celestial, announced on August 28.
According to a press release from the company, a large reason for the decrease in net sales for the quarter was because of the shift in timing of the Passover holiday.
The Hain Pure Protein segment’s net sales for the quarter were $113.2 million, while net sales for the full year was $509.5 million.
Hain Pure Protein, which has FreeBird and Plainville Farms as its key chicken and turkey brands, respectively, had an operating loss of $83.8 million for the quarter, which included a
Hain Pure Protein sale to occur in first half of FY 2019
While speaking during a quarterly earnings call on the same day of the release of the financial results, Hain Celestial President and CEO Irwin Simon said the company is progressing in its plans to divest of the company.
He related that Hain Celestial intends to complete the sale of Hain Pure Protein in the first half of fiscal year 2019, and before the end of calendar year 2018. The company had earlier in 2018 revealed its intent to divest of the poultry subsidiary.
Despite chicken's prominence on restaurant menus, one analyst asked if Hain would consider postponing the sale of the poultry segment until broiler and turkey market conditions improved, Simon responded that the company wanted to stay with its current projected time frame.
New Hain Celestial CEO to be named soon
Simon earlier announced his plans to retire from his current leadership position, and said during the earnings call that a successor should be named soon.
