Milling & Baking News - November 3, 2020 - 19

Financial Results

Bimbo business strong in quarter,
but Fred Penny sees threats ahead

bakingbusiness.com / world-grain.com

frankly, I'm more concerned, as my
management team is, about the spikes
we're seeing, the discussions and the
forecasts of a second wave and what
that all means in terms of our ability
to keep all of our associates safe and
execute every day. And that's just the
reality that everybody has to deal with
these days. But if the run rates and
the demand stay in the ranges they've
been in, in Q3, I think we can continue
to serve the market fully."
Over the course of the call, Mr.
Penny was asked about the performance of sweet goods, bread and
rolls, e-commerce, commodity costs
and the post-COVID outlook. He said

Bimbo North America
quarterly operating profits
in million pesos

MEXICO CITY -While Bimbo Bakeries USA has managed to keep up with
unprecedented demand in 2020, surging rates of the coronavirus infection
and predictions of a worsening of the
pandemic have executives worried
about the months ahead.
In an Oct. 21 call with investment analysts, Fred Penny, president of Bimbo
Bakeries USA, expressed "concern about
the spikes we're seeing" in COVID-19.
The call was conducted in connection
with extraordinary financial results of
the North American business of Grupo
Bimbo SAB de CV issued Oct. 21.
Operating income of the North
America business of Grupo Bimbo
SAB de CV was 4.65 billion pesos
($221 million) in the third quarter
ended Sept. 30, up 176% from 1.68 billion pesos in the same quarter of 2019.
Operating margin of the business widened to 10%, more than double the
4.5% margin a year earlier.
Accounting for a large part of the improvement was a multiemployer pension plan charge during the 2019 quarter.
During the 2020 quarter, COVID-19-related expenses were a drag on profits.
Sales for the North American business were 46.39 billion pesos ($2.2 billion), up 23% from 37.57 billion pesos
in the third quarter last year. Dollar
sales were up 8.5%, reflecting strong
volume growth. Bimbo said it gained
share in the sweet baked foods, buns,
rolls, bread, English muffin and snack
categories. QSR and foodservice business were a partial offset. Traffic in
convenience stores was off because of
the coronavirus pandemic.
"Our results demonstrate an exceptional quarter reaching record profit
levels; we continue to experience high
demand and strong performance in the
retail channel where consumers are returning to reliable brands," said Daniel
Servitje, chairman and chief executive
officer. "We are on the right path to end
the year stronger. Now more than ever
we appreciate the efforts of our frontline associates who have continued
to maintain momentum and perform
with excellence at the point of sale."
Asked whether BBU has had enough
production capacity to keep pace with
demand, Mr. Penny said capacity is
adequate but expressed concern about
potential production disruptions.
"At the run rates we've been experiencing in Q3, I think we can manage
the capacity issues," he said. "Quite

remiss if I didn't take the opportunity
to recognize and acknowledge really
what I think has been an incredible
job by our associates, in particular, our
frontline. We're now into this going on
seven months, operating at elevated
levels in a challenging environment as
we all know we're living in."
Mr. Penny said BBU has been managing promotional activities since the
start of COVID-19 and into the second
and third quarters "to balance capacity constraints and capacity demands
with what the market was requesting." This approach has continued, he
said. In some instances, promotional
activity expanded during the quarter.
"But really across almost all of the
categories, it's been a challenge to balance the capacity to the demand so that
we're not shorting any given region or

5,000
4,000
3,000
2,000
1,000
0
-1,000
-2,000

4,067
1,661

1,276

1,684

4,651

1,472
-1,167

1Q 2019

2Q 2019

3Q 2019

the company has gained market share
in sweet goods with success cutting
across all the company's brands, including Entenmann's and Marinela.
Barcel salty snacks also have been performing well, he said.
"To some degree, it's driven by some
strong product innovation and expansion of some new products, but I think in
large part, it's the strength of the brands
and the portfolios with really solid execution by our front line," Mr. Penny said.
"And hopefully, we'll see that continue."
Regarding bread, Mr. Penny was
asked about the continuing category
trend favoring branded product and
marginalizing private label. He said
the trend has continued at Bimbo and
throughout the industry not only for
bread but for buns and rolls as well.
Sales are rising at double-digit levels
across the bread category, he said.
"We've had some shelf space gains
that have helped us, but I wouldn't call
out anything significant," he said. "It's
just the overall lift we've seen across
our brands essentially since the pandemic started. And I guess, I would be

4Q 2019

1Q 2020

2Q 2020

3Q 2020

any given channel or any given customer," he said. "And that's been what
we've really been focused on through
the last, call it six months plus now."
A larger question mark for Bimbo is
what will happen to demand in later
stages of the pandemic and then afterward. Mr. Penny said the company
is monitoring various forecasts but is
hesitant to offer predictions given how
wide-ranging forecasts have been.
"I think we're confident in the fact that
over the last six months we've gained
a large number of new consumers and
new households into our brands," he
said. "We're investing incremental marketing support behind that to try to
retain as many of those new consumers as possible as we get into the postCOVID or a more normal situation,
which I think should serve us well in
terms of our margins going forward."
Net majority income of Grupo Bimbo
was 3.58 billion pesos in the third quarter, up 85% from 1.93 billion in the third
quarter last year. Sales were 85.8 billion
pesos, up 15% from 74.85 billion in the
same period in 2019. MBN
Milling & Baking News

November 3, 2020 / 19


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - November 3, 2020

Table of Contents for the Digital Edition of Milling & Baking News - November 3, 2020

Milling & Baking News - November 3, 2020 - 1
Milling & Baking News - November 3, 2020 - 1
Milling & Baking News - November 3, 2020 - 2
Milling & Baking News - November 3, 2020 - 3
Milling & Baking News - November 3, 2020 - 4
Milling & Baking News - November 3, 2020 - 5
Milling & Baking News - November 3, 2020 - 6
Milling & Baking News - November 3, 2020 - 7
Milling & Baking News - November 3, 2020 - 8
Milling & Baking News - November 3, 2020 - 9
Milling & Baking News - November 3, 2020 - 10
Milling & Baking News - November 3, 2020 - 11
Milling & Baking News - November 3, 2020 - 12
Milling & Baking News - November 3, 2020 - 13
Milling & Baking News - November 3, 2020 - 14
Milling & Baking News - November 3, 2020 - 15
Milling & Baking News - November 3, 2020 - 16
Milling & Baking News - November 3, 2020 - 17
Milling & Baking News - November 3, 2020 - 18
Milling & Baking News - November 3, 2020 - 19
Milling & Baking News - November 3, 2020 - 20
Milling & Baking News - November 3, 2020 - 21
Milling & Baking News - November 3, 2020 - 22
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