US own-label firm TreeHouse Foods has booked a decline in full-year profits as restructuring and other one-off costs hit earnings.
In the 12 months to the end of December, net profit slid 6.3% to US$88.4m, the company reported yesterday (20 February). Operating profit was down 6.1% $176.8m.
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The company said restructuring of its soup operations and a salad dressing plant closure contributed to the declines.
Net sales in the period, however, were up 6.3% to $2.18bn.
“We had a solid finish to the year and are encouraged by the fourth quarter revenue growth across nearly all of our categories. Despite continued sluggish performance in the US grocery industry, we are very pleased with the 8.7% growth in volume/mix in our North American retail grocery segment,” said chairman and CEO Sam Reed.
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