Blue Buffalo Pet Products Inc. posted a double-digit gain in its third-quarter net sales and a triple-digit improvement in net income, as its purportedly healthier approach to pet food continued to gain favor with consumers.
For the period ended Sept. 30, net sales were $340.8 million and net income was $53 million, increases of 18.4 percent and 147.4 percent, respectively, over the previous third quarter. Gross profit increased $27.6 million to $160.8 million.
“We are excited about the progress of our launch of Blue Life Protection Formula into the mass and grocery channel and look forward to growing our business as we expand distribution over the next few years,” said Blue Buffalo CEO Billy Bishop. “In addition, we are continuing to invest behind our exclusive specialty lines to maintain our leadership position in the specialty channel.”
For the first nine months of the year, net sales totaled $937.6 million, a 9.7 percent improvement over the prior year period. Net sales of dry foods increased $53.4 million to $747.6 million while net sales of wet foods, treats and other products increased $29.6 million to $190 million.
in related news, the Animal Cancer Foundation announced that it has received a $1 million donation from the Blue Buffalo Foundation.
The foundation is a national nonprofit organization that supports comparative oncology research that studies the similarities between cancers in people and pets to help find cures for both. Itsaid it would use the money to provide funding for the Canine Cancer Genome Project, which will map the tumor genomes of the most common canine cancers.
