Thai Union lowers sales forecast due to US tariffs
Thai Union has lowered its annual sales forecast in the face of US tariffs imposed by President Trump.
The seafood giant's previous filings anticipated a 3-4% year-on-year sales growth, which the company has now changed to growth of 1-3%.
The US administration has implemented a 10% baseline import tariff on all countries, although suspended it for 90 days, except for China.
Thai Union said it is among the exporters directly impacted by the tariffs.
'This policy shift has affected multiple exporting countries and contributed to increased market volatility,' said the John West brand owner.
'As a result, the company has adjusted its 2025 guideline to reflect the implementation of the US tariffs, incorporating a full-year scenario of 10% flat tariff.'
Thai Union said in a statement that due to its global footprint, it is well-positioned to manage potential disruptions.
The company said the first quarter was a 'challenging period, impacted by dynamic and complex geopolitical and macroeconomic conditions'.
Sales fell 10.3% to Bt29.78bn ($902.3m). Thai Union said its sales dropped 6.9% on an organic basis, reflecting lower sales from its ambient, frozen and value-added businesses. The group said its 'petcare' division 'delivered moderate growth'.
The company reported net profit fell by 11.6% to Bt1.01bn.
However, Thai Union's gross profit margin rose to 18.7% from 17.3% in the first quarter of 2024.
Yesterday, European frozen-food group Nomad Foods lowered its full-year 2025 revenue and adjusted EBITDA guidance, citing macroeconomic uncertainty and other challenges.
The Birds Eye fish fingers supplier expects organic revenue growth of 0-2%, down from the previous forecast of 1-3%.
Adjusted EBITDA growth is also projected to slow to 0-2%, compared with the earlier guidance of 2-4%.
"Thai Union lowers sales forecast due to US tariffs" was originally created and published by Just Food, a GlobalData owned brand.
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