USA: Del Monte Foods reports lower Q3 earnings on brand acquisition costs
US fruit and vegetable processor Del Monte Foods has reported earnings of US$24.4m for the third quarter to 29 January, compared with earnings of $45.7m in the year-ago period.
US fruit and vegetable processor Del Monte Foods has reported earnings of US$24.4m for the third quarter to 29 January, compared with earnings of $45.7m in the year-ago period.
The drop in earnings has been attributed to costs associated with adding brands from HJ Heinz. Del Monte acquired Heinz’ StarKist tuna, 9 Lives pet food and other brands late last year.
Sales in the third quarter were $559.1m, up from $437.8m in the same period of the previous year.
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