Grupo Bimbo income falls 12% in second quarter

by Eric Schroeder
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MEXICO CITY — Net majority income of Grupo Bimbo S.A.B. de C.V. in the second quarter ended June 30 was NP1,254 million ($98,253,000), down 12% from NP1,431 million in the same period a year ago. Sales rose marginally to NP28,781 ($2,255 million) from NP28,686 million.

Operating profit in the United States during the second quarter of fiscal 2010 was NP1,121 million ($87,833,000), down 9% from NP1,233 million a year ago. Sales fell 4% to NP12,202 million ($956,052,000) from NP12,694 million.

“Net sales declined 3.9% in peso terms over the year-ago period primarily due to the impact of currency translation,” Grupo Bimbo said. “In dollar terms, sales rose 2.1% from the second quarter of 2009. This reflected higher volumes that offset a decline in prices resulting from a tough competitive landscape and consumers’ search for value. The best performing lines were Sandwich Thins, the breakfast category and premium breads, as well the national launch of the Bimbo bread brand helped to drive the volume performance.”

In the Mexico division, operating profit was NP1,576 million ($123,483,000), up 10% from NP1,429 million in the second quarter of fiscal 2009. Net sales were up 5% to NP14,055 million ($1,101 million) from NP13,405 million.

In Latin America, operating profit fell 88% to NP13 million ($1,019,000) from NP108 million despite a 1% gain in sales to NP3,258 million.

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