LUNENBURG, N.S. — Our southern neighbours will contribute “modest increases” to High Liner Foods Inc.’s sales this year, predicts the N.S.-based company’s CEO, according to a CP report.
After the company’s annual meeting, Henry Demone told the news agency that he speculates cash-strapped aging baby boomers are eating in while trying to cut calories by chowing down on fish. “The U.S. consumer was really over leveraged in terms of credit cards and mortgages and now people are saving money and paying down debt,” Demone told CP. “Compared to 2007, we see more retail business and less service business because the consumer has cut back.”
It’s good news for the frozen food company that, last year, saw U.S. business earnings — before interest, tax, depreciation and amortization — of $23-million, which amounts to a 25 per cent increase year-over-year.
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