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The driver of business in 2023 was Rao’s. Sales of the premium pasta sauce brand reached $774.7 million; a 33.5% jump compared to 2022.
LOUISVILLE, Colo. — A Denver-area food business topped $1 billion in annual sales just before it will be swallowed by Campbell’s Soup in a $2.7 billion acquisition that the companies agreed to last year.
Louisville-based Sovos Brands Inc. (Nasdaq: SOVO) recorded $30.3 million in profits on revenue of $1.02 billion for 2023, reversing losses from 2022 by riding the surging sales of Rao’s premium pasta sauce brand.
Rao’s Homemade pasta sauce sales grew in volume, and Sovos benefitted from price increases instituted the prior year to offset supply chain inflation, the company said in its earnings filings to the U.S. Securities and Exchange Commission.
Todd Lachman, co-founder and CEO of Sovos Brands, called 2023 a landmark year for the business, with its record-setting revenue driven by growth in volume sales, unlike many other food brands, he said.
“I am also excited that we are one step closer to completing our previously announced merger with Campbell’s for $23 per share, reflecting a 92% return for shareholders from our Sept. 2021 IPO price,” he said in a statement accompanying Sovos Brands’ earnings announcement.
> Read the full story at the Denver Business Journal.
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