Chiquita Brands International has reported rising annual sales – a reflection on the company’s steps to transform the company, CEO Fernando Aguirre said.
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During 2007, net sales increased by 4% to US$4.7bn. Chiquita reported a net loss of $49m, compared to a net loss of $96m in 2006.
“Our results reflect the proactive steps we took throughout the year to position us to transform and grow our business,” said Aguirre. “We have continued to focus on pricing in bananas and recovery in value-added salads to help offset persistent external cost challenges.”
In 2008, the company aims to focus on maintaining premium brands, improving profits in North America and completing the restructuring implemented in October of last year.
“We also will invest in the development of new value-added products to extend our brands, expand consumption and drive growth in higher-margin distribution channels and profitable geographies,” Aguirre added.
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By GlobalDataLast October, Chiquita said it would cut 160 management jobs and reduce costs by up to US$80m a year.
Chiquita has also decided to operate on a regional basis, with its management team running the business by geography rather than by product line.
