Hillshire Brands Reports Fall in Sales09 May 2013
US -Hillshire Brands has reported a slight fall in net sales for the third quarter and first nine months of fiscal 2013, driven by a decline in the Foodservice/Other segment.
However, the company said it was on-track executing first year of three-year plan.
Adjusted operating income fell by 12.9 per cent on planned increases in MAP and SG&A and reported operating income increased by 18.8 per cent.
“We continue to make progress in executing our three-year plan, making strides in brand building, innovation and rigorous cost management,” said Sean Connolly, president and chief executive officer, The Hillshire Brands Company.
“We saw a strong response where we increased our advertising investment in the quarter. We also continued to build out our innovation pipeline.
“On the cost side, we have now identified opportunities to exceed the $100 million savings target we announced at our investor day in June. These initiatives will provide additional support for our growth strategy and further strengthen our confidence that we will deliver our mid-term targets.
“Our efforts to stabilize challenged businesses also progressed, but clearly our work here is not done. Overall, we are pleased with our efforts to date. In fact, we now expect full year EPS to be at the high end of our previous guidance,” added Mr Connolly.
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