Norwegian food group Rieber & Søn is lowering its earnings per share target as the company has been hit by lower sales and higher commodity costs.

The company has reduced its EPS target to NOK3.50 (US$0.63), down on the original forecast of NOK4.40 per share.

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Rieber & Søn said that the higher commodity costs will be partially offset later this year through price increases to customers.

In 2009, it began an efficiency programme called “Our Future” that aimed to double profitability through more efficient production processes, savings on the purchasing side and by increasing the contribution from new products.

The company said that the programme is progressing “as planned”. Adjusted EPS has increased from NOK2.38 in 2009 through to NOK3.83 in 2010.

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