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| Coronavirus: Noodles and Smash sales up as people stock staples | |
| (about 2 hours later) | |
| Sales of Bachelors Super Noodles, Smash instant mash potato and Loyd Grossman sauces have jumped as people stock up on in-store cupboard items during the lockdown, Premier Foods has said. | Sales of Bachelors Super Noodles, Smash instant mash potato and Loyd Grossman sauces have jumped as people stock up on in-store cupboard items during the lockdown, Premier Foods has said. |
| The company, which owns the brands, said demand for its Mr Kipling and Cadbury home-baking kits was also up. | The company, which owns the brands, said demand for its Mr Kipling and Cadbury home-baking kits was also up. |
| It credited the "exceptional" demand in March to more meals being eaten at home. | It credited the "exceptional" demand in March to more meals being eaten at home. |
| After the trading update, shares in the business jumped 17%. | After the trading update, shares in the business jumped 17%. |
| The food group said its manufacturing plants and distribution networks continued to work at "maximum capacity" during this "challenging time". | The food group said its manufacturing plants and distribution networks continued to work at "maximum capacity" during this "challenging time". |
| It has therefore given each factory worker two additional days of annual leave and a £250 cash bonus. | It has therefore given each factory worker two additional days of annual leave and a £250 cash bonus. |
| "Volumes have started to reduce from the exceptional levels seen in March, although are still expected to continue to be higher than average patterns of demand," the St Albans-based firm said. | "Volumes have started to reduce from the exceptional levels seen in March, although are still expected to continue to be higher than average patterns of demand," the St Albans-based firm said. |
| "This reflects more meals being eaten at home than usual due to recent measures set out by the government, and hence increased demand for the group's product ranges." | "This reflects more meals being eaten at home than usual due to recent measures set out by the government, and hence increased demand for the group's product ranges." |
| It comes on the back of surging supermarket sales over the past month, as shoppers have stocked up on essentials. | It comes on the back of surging supermarket sales over the past month, as shoppers have stocked up on essentials. |
| The average household spent an extra £62.92 at supermarkets in March, equivalent to adding five days' worth of groceries, according to consumer analysts Kantar. | The average household spent an extra £62.92 at supermarkets in March, equivalent to adding five days' worth of groceries, according to consumer analysts Kantar. |
| Premier, which also owns the brands Bisto and Ambrosia, said UK sales were up 15% in March. | Premier, which also owns the brands Bisto and Ambrosia, said UK sales were up 15% in March. |
| However, not all categories - such as its pre-made Mr Kipling cakes - performed better than usual. | However, not all categories - such as its pre-made Mr Kipling cakes - performed better than usual. |
| The firm said it now expects to report a profit for the year ending 28 March at the "top end of market expectations" following a strong fourth quarter. | The firm said it now expects to report a profit for the year ending 28 March at the "top end of market expectations" following a strong fourth quarter. |