Premier Foods reports lower Q3 sales
LONDON, Oct 23 (Reuters) - British food manufacturer Premier Foods reported lower third-quarter sales on Thursday, hurt by UK consumers doing more of their shopping online or at discount chains that stock their own brands.
"Market conditions in the third quarter have proved to be increasingly demanding with unprecedented structural changes across the industry gathering pace," said Chief Executive Gavin Darby.
The maker of Mr. Kipling cakes and Bisto gravy said total sales fell 4.7 percent to 177 million pounds. Sales of its branded goods fell 4.1 percent.
The company has recently announced a new business unit structure with new leaders to improve its agility, focus and accountability.
It said its trading profit for 2014 would be toward the lower end of market expectations.
(Reporting by Martinne Geller in London, editing by William Hardy)