US food producer Del Monte Foods has reported net income of US$8.5m, or 4 cents per share, for the first quarter to 1 August, compared to $14.3m, or 7 cents per share, in the year-ago period.
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The company, whose brands include Del Monte, Contadina, StarKist, S&W and Nature’s Goodness, said net sales rose to $626.0m from $611.3m in the year-ago period.
“We are pleased with our performance in the first quarter, as we grew our top line 2.4% and took pricing and cost reduction actions which successfully offset inflationary pressures that were felt industry-wide,” said Richard G. Wolford, chairman, president and CEO.
“As planned, we increased our investment in marketing and new product introduction in the quarter, consistent with our strategy and growth objectives. We expect these investments to fuel continued momentum and long-term growth,” he added.
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