Food manufacturer Premier Foods reported lower third-quarter sales yesterday, hit by consumers turning to online shopping or discount chains that stock their own brands for groceries.
Shares tanked 14.6 per cent on the disappointing results yesterday to close down at 29.25p.
“Market conditions in the third quarter have proved to be increasingly demanding with unprecedented structural changes across the industry gathering pace,” said chief executive Gavin Darby.
“In response to this changing environment, we have put in place a new business unit structure with new leaders to reinforce our category-based strategy and improve our agility, focus and accountability.”
The maker of Mr Kipling cakes and Bisto gravy said total sales fell 4.7 per cent to £177m. Sales of its branded goods fell 4.1 per cent.
It said its trading profit for 2014 would be toward the lower end of market expectations.