Del Monte income down 67% on operating costs

by Staff
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SAN FRANCISCO — Higher operating costs contributed to a 67% decline in income for Del Monte Corp. during the third quarter.

For the quarter ended Jan. 29, the company had an income of $28.6 million, which compared with an income of $87.1 million during the same quarter of the previous year. Sales for the quarter were $971.1 million, up slightly from $969.4 million during the same quarter of the previous year.

“Consumer sentiment and macroeconomic factors continue to challenge the operating environment for both Del Monte Foods and the industry,” said Dave West, chief executive officer of Del Monte Foods. “Amidst this difficult environment, new Pet Product items such as Kibbles ‘n Bits Bistro Meals and Milo’s Kitchen dog snacks performed strongly, and we continued to invest in building new go-to-market capabilities, enabling the company’s future growth.”

The Consumer Products segment had an operating income of $40.8 million, down 28% from $56.6 million during the same quarter of the previous year. Sales for the segment were $492.3 million, down 4% from $510.9 million during the same quarter of the previous year.

For the nine months ended Jan. 29 the company as a whole had an income of $18.2 million, down 92% from $227.6 million during the same period of the previous year. Sales for the nine months were $2,741.6 million, up 1% from $2,714.9 million during the same period of the previous year.

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