First-half and quarterly results continued to filter out this week, with CEOs and CFOs attempting to mitigate some less than impressive expected results by looking to "long-term strategies." Here's the pick of what was said:

"Although we anticipated a difficult quarter, the severity of the impact to our business was greater than we expected." - Kellogg CEO David Mackay following a 15% drop in earnings for Q2.

"Improved value perception at store level, and efforts to control margins have shown tangible signs of traction. The company is building value that will outlast the current economic cycle." - Supervalu Inc CEO Craig Herkert of the company's first quarter results.

The initial forecasts were based on the company's expectation that food prices would start to rise again, but instead found retail deflation was "much greater than anticipated". - Safeway Inc CEO Steve Burd, revealing a 40% drop in the company's profit during its second quarter.

"We think sales were under considerable pressure in the full-year/fourth quarter from the still very difficult Florida economy (unemployment near 12%) and the impact of the Gulf oil spill on tourism and economic activity in the region."- Jefferies & Co analyst Scott Mushkin on Winn-Dixie's latest results.

"In southern Europe I don't think we can talk of any form of improvement, it basically remains difficult...Spain also remain a difficulty, and frankly, given the economic context, I would not expect it to improve in the short term at least," - Danone CFO Pierre-Andre Terisse on its challenges in southern Europe.

"While we have not done an acquisition yet this year, we are continuing to see an increasing number of opportunities, approximately one every other week." - B&G Foods president and CEO David Wenner, as the company seeks expansion possibilities.

"We have the vanilla-flavoured targets that most companies have but what might be a bit different is how we're going to drive sustainability into innovation and those targets that are going to come out of that internal identification process." - Jeff Hogue, vice president of corporate sustainability at Danisco, describing the food ingredients group's sustainability strategy.

"We are disappointed that the Casey's board of directors has rejected our increased $36.75 cash offer and has initiated a recapitalization for only 25% of the shares without even sitting down to talk to us. We will continue to evaluate our options." - Couche-Tard president and CEO Alain Bouchard in its latest hostile takeover attempt of Casey's General stores.

"The review shows what we've always said: that regulation of food advertising to children is needed to reduce children's exposure to junk food marketing. However, it also shows that the current regulations don't go far enough." - Children's Food Campaign coordinator Christine Haigh claims that Ofcom ad rules do not go far enough in junk food advertising.

Lactalis seem to have pursued a double-pronged strategy in expanding in organic yoghurt. As well as launching organic brand extensions to its own brands, such as Lactel, it is also building a presence via the acquisition of established brands with an existing consumer base." - Ildiko Szalai, senior analyst for packaged food at Euromonitor on Lactalis's acquisition of UK organic dairy business Rachel's.