Diamond Foods Releases Recent Market Share Data; Accounting Investigation Update
Diamond Foods, Inc. (Nasdaq: DMND) today released the U.S. Nielsen retail scanner performance data across all of its brands for the most recent twelve-week period.
Emerald snack nuts grew 25 percent while the category was up two percent during the twelve-week period, gaining 220 basis points of market share. 1 Pop Secret grew three percent while the category was down one percent during the twelve-week period, gaining 130 basis points of market share. 1 Kettle U.S. was up five percent while the category was up four percent during the twelve-week period, maintaining the same level of market share.1 Diamond of California brand culinary nuts grew two percent while the category was flat during the twelve-week period, gaining 70 basis points of market share.1
As previously announced, Diamond's Audit Committee is performing an investigation of Diamond's accounting for certain crop payments to walnut growers. The Audit Committee is committed to a thorough and expeditious process, and earlier this month, the Audit Committee retained Gibson, Dunn & Crutcher LLP and KPMG LLP to assist in the investigation. "While we understand that the investment community would like the company to be providing additional detail about the investigation, we support the Audit Committee in its process, which includes refraining from public comment regarding these matters until the investigation has been completed," said Mr. Mendes.
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