B&G Foods, Inc. reported a decline in financial performance for the second quarter and first half of fiscal 2026, as detailed in its latest 10-Q filing. For the thirteen weeks ended July 4, 2026, the company recorded net sales of $383.3 million, a decrease of 9.7% from $424.4 million in the same period last year. The decline was attributed primarily to the divestiture of the Green Giant U.S. frozen business and other brands, which negatively impacted sales by approximately $68 million. The company also reported a net loss of $3.98 million, or $(0.05) per share, compared to a loss of $9.77 million, or $(0.12) per share, in the prior year.
In terms of profitability, B&G Foods' gross profit for the second quarter was $79.6 million, representing 20.8% of net sales, slightly up from 20.5% in the previous year. The increase in gross profit percentage was driven by the acquisition of higher-margin brands, such as College Inn and Kitchen Basics, and the divestiture of lower-margin businesses. Operating income improved significantly to $34.6 million, or 9.0% of net sales, compared to $22.0 million, or 5.2% of net sales, in the prior year, reflecting a 57% increase.
Strategically, B&G Foods has been active in reshaping its portfolio through acquisitions and divestitures. The company completed the acquisition of the College Inn and Kitchen Basics brands for approximately $109.7 million in March 2026, which contributed $13.2 million to net sales in the second quarter. Conversely, the divestiture of the Green Giant U.S. frozen business in March 2026 resulted in a pre-tax loss of $36.2 million. The company is also in the process of divesting its Green Giant and Le Sieur product lines in Canada, with the sale expected to close in the third quarter of 2026.
Operationally, B&G Foods reported a decrease in customer engagement metrics, with base business net sales declining by 2.9% to $346.3 million in the second quarter. The company’s top ten customers accounted for approximately 59.9% of consolidated net sales, with Walmart being a significant contributor. The company’s employee headcount stood at 2,294 as of July 4, 2026, with 51% covered by collective bargaining agreements.
Looking ahead, B&G Foods anticipates continued challenges from rising commodity prices and inflation, which may impact profitability. The company plans to manage these risks through cost-saving measures and price adjustments. Additionally, the company has reduced its quarterly dividend from $0.76 to $0.38 per share, reflecting a strategic decision to conserve cash amid ongoing financial pressures. The outlook remains cautious as B&G Foods navigates a competitive landscape while focusing on integrating its recent acquisitions and managing its debt levels, which totaled $2.56 billion as of the end of the second quarter.
About B&G Foods, Inc.
B&G Foods, Inc. produces, markets, and distributes a diverse portfolio of branded shelf-stable and frozen food and household products across the U.S., Canada, and Puerto Rico. Its key segments include specialty foods, meals, frozen vegetables, and spices. The company serves retail, foodservice, and institutional customers, leveraging well-known brands like Crisco, Ortega, and Clabber Girl. B&G Foods focuses on quality, value, broad distribution, and brand equity to compete in the packaged foods industry.
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