Cadbury sweetened the mood in the food industry this week with news of robust 2008 numbers and an optimistic outlook for the year ahead. However, Dutch food group Wessanen, which has operations on both sides of the Atlantic, had a rocky couple of days, with the departure of its CEO and the publication of mixed results. Here are the top ten stories on just-food this week.
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UK: Cadbury shares sweeten after ’08 profit jump
Shares in Cadbury rose this morning (25 February) after the UK confetionery group posted rising sales and earnings for 2008 – and maintained a key margin target for 2011.
(For just-food’s analysis of Cadbury’s results – and the outlook for the confectionery giant – please click here).
NETHERLANDS: Strategy clash led to Wessanen CEO exit
Wessanen, the Dutch food group, today (27 February) admitted that differences among its top management over the future of the company had led to the departure of its CEO.
NETHERLANDS: Wessanen profit down as CEO departs
Dutch food group Wessanen posted a drop in fourth-quarter net profit this morning (25 February), one day after the group announced the departure of CEO Ad Veenhof.
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By GlobalDataIRELAND: Kerry profit hurt by increasing costs
Irish food maker Kerry Group posted a 28% drop in reported full-year profits today (24 February) hurt by increasing costs, currency pressures and restructuring charges.
JAPAN: Lawson to buy am/pm
Japanese convenience retailer Lawson has agreed to acquire smaller rival am/pm Japan Co. for a total consideration of about JYP15.4bn (US$149.8m).
UK: Commission to introduce grocery code of practice
The UK’s Competition Commission is to introduce a code of practice for supermarkets in a bid to ensure the fair treatment of suppliers and address issues hindering competition in the market.
UK: ABF hit by downtrading
Associated British Foods said this morning (23 February) that it expects a decline in its grocery division this year as a result of consumer downtrading, despite a good performance at the company’s Allied Bakeries business.
US: Campbell Q2 profit down 15%
Campbell Soup Co. saw its second-quarter profit drop 15% today (23 February) as a stronger dollar and a reduction in retailer inventory levels hurt results.
US: Currency exchange hits Heinz
US ketchup giant HJ Heinz has seen a fall in reported operating income for the first nine months of its fiscal year as currency exchange weighed on the group’s results.
CANADA: George Weston earnings up on dairy sale
Food processor and distributor George Weston saw its fourth-quarter earnings more than double yesterday (24 February), boosted by the sale of its dairy and bottling operations and higher grocery sales.
