The American pet food manufacturer witnessed a âvery strongâ net sales growth of 33.6% to $223.8 million (â¬207.8M) in Q1 2024, compared to $167.5 million (â¬155.5M) during the same period last year. This growth has been attributed to volume gains of 30.6%.
Freshpet also reports a net income of $18.6 million (â¬17.2M), compared to a net loss of $24.8 million (â¬23M) last year.
Gross profits also rose to $88.2 million (â¬81.9M) compared to $50.8 million (â¬47.1M) in 2023. The firm notes that this increase was due to âimproved leverage on plant expenses, reduced quality costs and lower input cost as a percentage of sales.â
âThe strength of the Freshpet business model and consumer proposition continues to drive the robust net sales growth investors have come to expect from us, and our intense focus on operational improvements is delivering the margin expansion we knew we could achieve with additional scale,â says Freshpetâs CEO Billy Cyr.
More insights
In Q1 2024, Freshpet improved household penetration by 24% on a year-over-year (YoY) basis. The company claims this is comparable to levels from before the inflationary environment that started 2 years ago.
As of 31 March 2024, the companyâs products were in 27,097 stores, compared to 26,777 in the first three months of 2023.
According to NielsenIQ data shared by the company, Freshpet accounts for a 3% market share of dog food in the US.
Freshpetâs net sales guidance for 2024 remains unchanged, as the company expects to hit $950 million (â¬875.5M).
The latest articles
Digital boosts revenue of Petz in Q1 2024
The Brazilian pet retailer posted an online gross revenue increase of 16.6% vs. a drop of 6.1% in its physical stores.
Russia’s pet population has risen 11% since 2020
New data reveals that last year, more than half of households in the country owned a pet. GlobalPETS dives into the insights.
The American Kennel Club acquires grooming certification program
The Professional Grooming Credential is a voluntary scheme to validate pet groomers’ knowledge and technical skills.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.