Del Monte FY09 Net Sales Grow 14.1%
Published:14-June-2009
By Staff Reporter
Net sales driven by pricing actions and new product volume across the portfolio
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Del Monte Foods has reported net sales for fiscal 2009 of $3.62 billion, for its 53-week fiscal year ended May 3, 2009, compared to $3.17 billion, for its 52-week fiscal year ended April 27, 2008, an increase of 14.1%.
Income from continuing operations for fiscal 2009 was $147.7m, or $0.74 earnings per share, compared to $117.7m, or $0.58 earnings per share in the previous year.
The 14.1% increase in net sales was driven primarily by pricing actions, as well as new product volume across the portfolio. These gains were partially offset by existing volume declines in Consumer Products. For fiscal 2010, the company expects net sales growth of 4% to 6% over fiscal 2009 net sales of $3.62 billion.
The company has reported net sales of $1.05 billion for its 14-week quarter ended May 3, 2009, compared to $875.8m for its 13-week quarter ended April 27, 2008, an increase of 20.7%.
Income from continuing operations for the quarter was $68.8m, or $0.35 earnings per share from continuing operations, compared to $40.7m, or $0.20 earnings per share in the same period previous year.
Richard Wolford, chairman and CEO of Del Monte Foods, said: "The company’s strong fiscal 2009 results are a testament to the actions we have taken over the last several years to upgrade our portfolio and increase our competitiveness. These efforts culminated in the implementation and execution of the Accelerated Growth Plan in fiscal 2009 and drove our solid financial performance.
"Similar to fiscal 2009, we will continue to invest behind our core brands and key growth engines, as well as execute against our pricing and productivity strategic initiative. We are strongly committed to driving topline growth and shareholder value and our fiscal 2009 performance and outlook for fiscal 2010 give us the confidence that we will achieve these goals."
