2 Sisters Food Group, the conglomerate which runs Holland’s Pies and Fox’s Biscuits, saw sales tumble 8.2% in the 52 weeks to 1 August to £3.14bn from £3.42bn in 2014.
Unveiling its annual results yesterday, 2 Sisters said the biscuit market had been “under pressure for some time due to intense competition”.
It revealed that across the group, which also includes meat processing and frozen pizza production, like-for-like sales were 1.7% down to £3.2bn, while operating profit plunged 34.3% to £58.8m from £89.5m.
On Fox’s, 2 Sisters said it had continued to invest in marketing and promotions, which had resulted in “a positive impact on our market share and our performance against the market”.
The company said: “Fox’s considerably outgrew the market in Q4 with strong like-for-like growth in both sales and volumes, up 5.3% and 17.1% respectively. We have recently launched ‘Frozen’ and ‘Star Wars’ Disney licensed brands and are encouraged by initial customer response.”
In 2014 the company spent £10m on a promotional campaign for Fox’s featuring Vinnie the Panda. The relaunch saw a packaging redesign, backed with a TV, print and digital campaign.