Del Monte Foods today (10 June) hailed its “exceptional” annual results despite booking an 11% fall in fourth-quarter earnings.

The US food group filed what it said were “record” full-year results even after it reported fourth-quarter net income of US$63.7m – down from $71.5m a year earlier.

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Sales in the three months to 2 May dropped 9.8% to $954m.

However, the fourth quarter in Del Monte’s previous financial year was a week longer. Furthermore, the company also boosted its marketing expenditure by 64% in the three months to 2 May.

Annual net income stood at $244.3m. A year earlier, it reached $172.3m. Full-year net sales were up 3.1% at $3.74bn.

Click here for the full earnings statement from Del Monte and click here for coverage of the company’s call with Wall St analysts.

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