AUS: Cost increases hit National Foods profit
Dairy and juice group National Foods has failed to meet its calendar 2007 profit forecast of A$170m (US157.2m), the Australian Financial Review reported.
Volumes rose 3%, while sales rose 9% to $2.3bn in the year ended 31 December as National Foods increased prices to recover higher costs, the Review said.
Earnings were reportedly weighed down by commodity and transport price rises of between $130m and $140m.
"We have had to adjust our cost structure," chief executive Ashley Waugh told the Financial Review.
He declined to reveal the exact profit generated by the company which was acquired by Japan's Kirin Holdings in December.
Waugh told the Review, demand from coffee shops and cafes had been extremely strong, and that house brand milk, such as that sold by Coles and Woolworths, had so far had little impact on the route trade.
Australia's largest supermarket Woolworths has said that it is well-placed for future growth but warned of challenges arising from the turbulent economic climate....
Woolworths CEO Michael Luscombe has reportedly said that his outlook for the business remains cautious as the credit crunch continues to inform Australian consumers' shopping habits....
Australia's second-largest retailer Wesfarmers has recalled own-label sliced chicken from its Coles, Bi-Lo and Pick 'n Pay supermarkets after it was found that the product was contaminated with lister...
Warrnambool Cheese and Butter Factory (WCB), the Australian dairy firm, has reported bumper annual profits as it rode the wave of rising dairy prices over the last 12 months....
Parmalat has moved to quell rumours that it is considering exiting the Australian dairy market after its bid for local dairy co-operative Dairy Farmers failed....
Warrnambool Cheese and Butter Factory has indicated that it is considering a rights issue or placement to fund its acquisition of a 50% stake in the Dairy Farmers cheese business....
Reg Clairs, Woolworths head 1993-8, has warned that the survival of Australia's food manufacturing industry could be in danger due to retailers' command of the supply chain....
Australian dairy producer Dairy Farmers, which last week announced it had agreed to a takeover approach from National Foods, posted a 25% jump in annual earnings, despite incurring A$170m (US$144.6m) ...
- Analysis: Tyson's shrewd investment in Beyond Meat
- Price an underlying tension across European FMCG
- Thailand: convenience to continue to thrive
- Danone's Q3 sales - what the analysts say
- Interview: Some Foods on rise of low-FODMAP market
- Bel takes majority stake in MOM Group
- Mars launches Maltesers in the US
- Nestle lowers outlook on "softer environment"
- Unilever in continuing price spat with Musgrave
- China milk powder arrests prompt Fonterra "review"
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review