Middleby flourishes on sales into restaurant chains

Middleby Corporation

The Middleby Corporation said last night that “strong growth” from chain restaurant customers helped keep sales on upward trajectory during the first quarter.

Overall like-for-like sales crept up 1% to$407m (£258m) for the three months to April 4, or 9% with the impact of acquisitions factored in.

Its Commercial Foodservice Equipment Group contributed $262m (£166m) of that figure as it registered an 8% increase in business or 12% with the impact of acquisitions.

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Catering equipment brands such as Desmon, Goldstein Eswood and Marsal have all been purchased by the company during the past 12 months.

Selim Bassoul, chairman and CEO of Middleby, said that solid sales into chain restaurant customers boosted the company during the quarter.

“In the first quarter at our Commercial Foodservice Equipment Group, we continued to see strong growth with our chain restaurant customers adopting our new and innovative technologies as they seek to improve the efficiency of their restaurant operations,” he commented.

Bassoul added that the firm expected to see net gains from the brands it has acquired recently: “We are excited about our recent acquisitions including Concordia, Desmon, Goldstein Eswood and Marsal, and anticipate strong growth opportunities for these newly added businesses as we integrate these operations and leverage our global sales infrastructure to promote these products to our existing customers.”

Middleby’s net earnings rose 15% to $38m during the quarter.

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