Nomad Foods reports Q2 adjusted EPS EUR 0.40 vs. EUR 0.43 last year

Reports Q2 revenue EUR 746.9M vs. EUR 753.1M last year. Stefan Descheemaeker, Nomad Foods (NOMD)’ CEO, stated, “This year is proving to be more challenging than expected. Record-setting warm weather across many Western European markets has disrupted consumer behavior, leading to changes in retailer merchandising strategies and contributing to volume declines, particularly within our savory frozen categories. While this is unfortunate, we also recognize that it is transitory and our focus remains on what we can control. Our commercial flywheel remains effective, and our innovation and renovation initiatives are gaining momentum. This allowed us to improve market share in the quarter and accelerate our Nielsen and Circana measured retail sell-out growth to +1%, bringing our year-to-date retail sell-out growth to +0.7% through mid-June. We are excited about our innovation and activation plans and, assuming normalized weather, expect our organic sales to return to growth in the second half of the year. We are also taking incremental productivity actions to better equip us to control our own destiny and deliver consistent bottom-line growth and robust cash generation.”