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The Del Monte Foods Corporationrevealed their third quarter results for fiscal 2012 recently, with findings revealing though net sales were flat year over year, pet product sales increased 4.4 percent thanks to new product growth and net pricing.
The pet new product volume growth and list pricing actions of trade spending, mostly within the pet sector, were primarily offset by existing product unit volume and declines of volume in the consumer and pet sectors. Net sales for the third quarter fiscal 2012 were $971.1 million versus $969.4 million for third quarter fiscal year 2011, which represents a 0.2 percent increase.
In terms of sales, net sales for pet products at Del Monte were $478.8 million, representing a 4.4 percent increase from the $458.5 million net sales of the prior year period. A decrease was reported in pet products adjusted EBITDA from $122.7 million for the fiscal third quarter 2011 to $117.2 million for fiscal third quarter 2012, representing 4.5 percent. Reportable segments reflected results for three months, ending with January 29, 2012.
Dave West, CEO of Del Monte Foods, shared, “Consumer sentiment and macroeconomic factors continue to challenge the operating environment for both Del Monte Foods and the industry. 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.”
Two of the products West revealed that performed strongly were the Kibbles ‘n Bits Bistro Meals and Milo’s Kitchen dog snacks.
It was also revealed that in March of 2011, Del Monte Foods Company was acquired for an investor group led by funds with Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners and Centerview Capital, LLC. Del Monte Foods generated about $3.7 billion in net sales for fiscal year 2011 and is one of the United States’ largest producers, distributors, and marketers of branded pet products and food products for the country’s retail market.
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