Impressive third quarter for Village Farms
Nov. 16, 2015, Vancouver — Village Farms had an impressive third quarter in sales.
Net sales increased by five per cent, or $5 million, to $106.8 million for the nine months ended Sept. 30, 2015, compared to $101.8 million for the nine months ended Sept. 30, 2014.
“Our repositioning strategy over the last few years is positively trending with improved success as demonstrated by our third quarter results,” said CEO Michael DeGiglio.
The transition to increased production of exclusive varieties resulted in increased penetration and price increases in key accounts.
“As we move into the final quarter of 2015, we are excited with the launch of our new marketing and distribution agreement with Great Northern Greenhouses, one of the premier growers in Leamington, Ontario, as it will drive a significant increase in revenues in 2016.
“Additionally, this new relationship will provide us with a strong foothold in Ontario, Canada for future additional market penetration.
“We continue to receive positive feedback from our customer base on our product innovation and pipeline of new products.”
The company has made significant strides over the last three years in rebuilding most of its assets damaged in the 2012 hail storm, paying down $20 million of debt, shifting its production and market focus to adjust to changing consumer trends, and furthering its production technology.
“We have exciting marketing partnerships and operational projects in the works for 2016 that will further enhance our operating results both for the short term and long term.”