US food group Del Monte Foods today (13 July) cut its forecast for annual sales as it revealed plans to increase its spending on promotions.
Del Monte, which was targeting sales growth of 3-4% for fiscal 2011, set a revised forecast of growth of 2-4%.
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“In light of a challenging macro environment, the company now expects to shift some expected marketing spending to trade promotion, slightly reducing fiscal 2011 expected net sales growth,” Del Monte said.
Shares in Del Monte were down 2.6% at US$14.33 at 12:14 ET this afternoon.
