Corporate Profiles - 2020 - 66

COMPANY OVERVIEW

the number of SKUs we were making to even come close to demand," he
said. "Going forward, we've brought some products back as things have
stabilized a bit. And we're going to continue to evaluate our portfolio as we
go forward with an effort to continually try to optimize it where we can."
After the second quarter both Mr. Servitje and Mr. Penny said e-commerce
sales have grown rapidly since the COVID-19 outbreak. "While our e-commerce sales are up substantially, Daniel mentioned more than double, they're
still a relatively small percentage of our total overall sales that are going
through our DSD (direct-store delivery) distribution system," Mr. Penny said.
"So I think there's more at work there."
Consumers seem to be gravitating to familiar brands when they are home
and buying online, he said.
"We've seen that across not just our business, but I would say across the
category as well," he said.
Bimbo has expanded its presence in recent years in the market supplying
baked foods to quick-service restaurant customers, and this business suffered. Bimbo cited weaker demand from the restaurants and from schools
and convenience stores.
Meanwhile, Bimbo has announced numerous initiatives over the past year.
Most recently, Bimbo Bakeries USA said it was moving forward with a pledge
to make the packaging of its bread, buns, bagels and English muffins recyclable. Bimbo expanded a partnership with TerraCycle, first announced in fall
of 2019.
"Because plastic bags, like those used in our packaging, are not recyclable

Grupo Bimbo SAB de CV North America
% change from year ago
144,005
+0.03%
Operating income (loss)

6,094
+19%

Grupo Bimbo SAB de CV Latin America
in millions of Mexican pesos

Fiscal 2019
Net sales

66 \ October 2020

-1,337

Net sales

% change from year ago
102,688
+2.4%

Operating income

15,066
-4.3%

Grupo Bimbo SAB de CV Europe,
Asia and Africa
Fiscal 2019

% change from year ago
27,144
-4.2%

Operating income (loss)

Fiscal 2019
in millions of Mexican pesos

Net sales

Grupo Bimbo SAB de CV Mexico

in millions of Mexican pesos

in millions of Mexican pesos

Fiscal 2019

today through household recycling streams, most end up in landfills,"
Mr. Penny said. "Expanding our partnership with TerraCycle enables consumers across the country to easily recycle our plastic bags from their own homes
at no charge."
He called the program "an important, immediate action for our company
as we work toward our commitment of 100% sustainable packaging by
2025."
New product innovation remained a priority. During the summer, Bimbo
announced the national expansion of its Thomas' Mini Croissants.
Early in 2020, Bimbo QSR appeared to be moving forward on the construction of a new baking plant to supply quick-service restaurant customers.
Bimbo QSR qualified for tax breaks in connection with a proposed plant
that may be built in Volusia County, Fla., one of a number of locations under
consideration by Bimbo for a new plant, according to The Daytona Beach
News-Journal. Bimbo QSR, a division of Grupo Bimbo, has not yet officially
announced plans to build the plant, and it was unclear whether the initiative
will be delayed or move forward at all given the stresses in the foodservice
business amid the coronavirus pandemic.
While no blockbuster acquisitions were announced by Bimbo over the past
year, the company at the start of 2020 said it had agreed to acquire the
Lender's Bagels business from Conagra Brands, Inc., Chicago. Conagra said
Bimbo paid $33.2 million for the business. The transaction was closed in the
first quarter of calendar 2020. The acquisition includes the Lender's brand
and a baking plant in Mattoon, Ill. CP

Net sales

% change from year ago
26,655
+2.9%

Operating income (loss)

Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Pet Food Processing

136

Corporate Profiles



Corporate Profiles - 2020

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