American Italian Pasta Co. (AIPC) today (6 May) insisted it was “outperforming” its rivals in the US pasta category even after sales and earnings fell in the first half of its fiscal year.
The company said net income slid 16% to US$43.9m for the six months to 2 April. Revenues fell 12% to $294.9m, although the comparison was with a 27-week period in the last fiscal year.
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Net income for the second quarter dropped 11% to $23.2m; revenue fell 10% to $145.9m. President and CEO Jack Kelly labelled the quarterly results “strong”.
“Our retail focus on private label or store brand business, along with our strategic brands, contributed to strong results in the second quarter of fiscal 2010. AIPC continued to outperform the pasta category in both revenue and volume, and we are operating the business more profitably, as second quarter operating profit increased 30% from the year prior,” Kelly said.
