Del Monte Points to Rising Operating Costs for 1Q09 Losses, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — For the 13 weeks ending July 28, Del Monte Foods Company’s (NYSE:DLM) (San Francisco, California) gross profits were 5.9% lower than their profits from the same period last year. This loss occurred despite the fact that net sales were up 15.9% on a year-over-year basis, from $627 million in 1Q08 to $726 million this quarter. In a conference call regarding the quarter’s earnings, Chief Financial Officer Dave Meyers blamed across-the-board cost increases for lowering the company’s overall profits.
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SOURCE: Industrial Info Resources