B&G Foods, Inc. reported a net loss of $251.3 million for the fiscal year ending December 28, 2024, compared to a loss of $66.2 million in the previous year. The company's net sales decreased by 6.3% to $1.93 billion, down from $2.06 billion in fiscal 2023. This decline was attributed to a decrease in base business net sales and the divestiture of the Green Giant U.S. shelf-stable product line, which accounted for $64.4 million in sales in the prior year. The company's gross profit also fell to $422 million, representing 21.8% of net sales, down from 22.1% in the previous year.
In terms of strategic developments, B&G Foods has been actively reshaping its portfolio through divestitures. In addition to the Green Giant divestiture, the company sold the Back to Nature business to Barilla America in January 2023. These divestitures are part of a broader strategy to improve margins and reduce long-term debt. The company has also reorganized its operations into four reportable segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions, effective from the first quarter of 2024.
Operationally, B&G Foods faced challenges with rising costs for raw materials and distribution, which have been exacerbated by inflationary pressures. The company reported that its top ten customers accounted for approximately 62.7% of net sales, with Walmart being the largest, contributing 30.3%. The company’s workforce consisted of 2,784 employees as of December 28, 2024, with about 51.2% covered by collective bargaining agreements. The company continues to focus on enhancing its brand portfolio and improving productivity to navigate the competitive landscape.
Looking ahead, B&G Foods anticipates continued challenges related to cost inflation and competitive pressures in the food industry. The company expects freight rates to remain elevated into fiscal 2025, which may impact its operating results. Management is committed to implementing cost-saving measures and price increases to offset rising input costs. The company plans to make capital expenditures of approximately $35 million to $40 million in fiscal 2025, primarily for asset sustainability projects and information technology improvements.
About B&G Foods, Inc.
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