Food Business News - August 2, 2011 - 11

Acquisition, strength in snacks boost PepsiCo net
Weakness in consumer spending called ‘concerning’ by management
The segment had net revenue of $3,090 million, up 3% from $2,992 million during the same quarter of the previous year. Quaker Foods North America had an operating profit of $167 million, up 6% from $159 million during the same quarter of the previous year. The segment had revenue of $583 million, nearly equal to $582 million during the same quarter of the previous year. Latin America Foods posted an 18% increase in operating profit, to $274 million, on an 18% gain in revenues, to $1,808 million. PepsiCo Americas Beverages had an operating profit of $983 million, up 3% from $952 million during the same quarter of the previous year. The segment had revenue of $5,629 million, up 1% from $5,548 million during the same quarter of the previous year. In a conference call with financial analysts on July 21, Ms. Nooyi said market conditions delayed some pricing actions the company had planned for some of its beverage products. “As we knew we would, we had exceptionally high levels of commodity inflation,” she said. “That said, it is the consumer and competitive picture that has become more difficult than we expected. Consumer category demand was lower than we anticipated because overall retail foot traffic and basket sizes have declined and the category pricing environment was tough. “These factors led to lower-than-expected price realization and a delay in some of our planned pricing actions. As a consequence, our North America operating profit performance for the quarter was impacted. However, our analysis showed that our North American profit growth for the first half compares favorably with that of our primary beverage competitor on a pro forma basis. “Of the three factors impacting North America Beverages — inflation, consumer demand and pricing — the consumer demand picture is the most concerning to us at this point. In fact, the modest pickup in total consumer spending almost all U.S. businesses saw earlier in the year has reversed in the past several months. And this general consumer weakness is driving reduced traffic in key retail channels.” For the six months ended July 11 the company as a whole had income of $3,028 million, or $1.89 per share, nearly equal to $3,033 million, or $1.87 per share, during the same period of the previous year. Revenue for the period was $28,764 million, up 19% from $24,169 million during the same period of the previous year. FBN

Consumers noticing rising prices, shrinking product sizes
NEW YORK — Consumers are taking note that food prices in grocery stores are increasing while the size of products is decreasing, according to a new survey from Deloitte. “Higher prices, smaller package sizes and pain at the pump are driving consumers to buy lowerpriced grocery items,” said Pat Conroy, vice-chairman of Deloitte. “That’s why now more than ever it is important for consumer products companies to strengthen their customer relationships and distinguish value ahead of the competition.” Nearly 9 in 10 survey respondents said they believe prices in food stores are increasing, and nearly three-quarters of respondents also said the size of some packaged goods is getting smaller. As a result, consumers are purchasing more private label and store brand products. More than 75% of respondents purchased lowerprice products and 40% added more private label products. Gas prices are impacting shopping behavior as well with 73% of respondents making fewer trips to the grocery store to save money and 41% buying fewer items overall. Consumers also said they are paying more attention to nutrition information on the front of pack to help make healthier decisions with 76% of respondents saying they more often want healthier food options when they shop and 65% agreeing or somewhat agreeing that food retailers are starting to sell more locally produced fruits and vegetables. “The front-of-package findings, coupled with survey results showing that consumers are trending towards healthier food purchases, presents a tremendous opportunity for consumer products companies that are willing to enhance their nutritional transparency,” Mr. Conroy said. “Consumer products companies that use healthy ingredients and are willing to share nutritional information on the front of the packaging can strengthen their customer base among a growing faction of consumers.” FBN

PURCHASE, N.Y. — The acquisition of WimmBill-Dann and strength in global snacks helped boost results for PepsiCo, Inc. during the second quarter as net income increased 18%. For the quarter ended June 11, the company had income of $1,885 million, equal to $1.17 per share on the common stock, which compared with income of $1,603 million, or 98c per share, during the same quarter of the previous year. Revenue for the quarter was $16,827 million, up 14% from $14,801 million during the same quarter of the previous year. “Our global portfolio in both snacks and beverages is growing volume and net revenue,” said Indra Nooyi, chairman and chief executive officer. “Our global snacks portfolio, in particular, posted another strong quarter with balanced top- and bottom-line growth, and we continue to enjoy robust topline growth in key emerging markets. While we are satisfied with the performance of our portfolio overall, the consumer in developed markets continues to be stressed and the competitive environment in North America beverages has been particularly challenging.” “We are therefore implementing previously announced incremental pricing actions in the third quarter to more fully cover input costs while continuing to support our brandbuilding initiatives. We remain confident in our ability to continue to profitably grow our overall business even in this uncertain economic environment.” Frito-Lay North America had an operating profit of $853 million, up 6% from $800 million during the same quarter of the previous year.

August 2, 2011

FOODBUSINESS NEWS

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Food Business News - August 2, 2011

Table of Contents for the Digital Edition of Food Business News - August 2, 2011

Food Business News - August 2, 2011
Contents
Web Contents
Editorial - Reason must be at the heart of children’s marketing proposals
Kellogg net up 14%, boosted by higher prices, innovation
Yum! Brands income up 10% in quarter
JC Potter, Williams Sausage to form joint venture
Acquisition, strength in snacks boost PepsiCo net
Consumers noticing rising prices, shrinking product sizes
Campbell shifting R.&D. resources away from sodium reduction
Accuracy of calorie counts on menus evaluated
Seneca Foods, Allens intend to merge
Wrigley to relocate headquarters
MegaMex Foods to acquire Fresherized Foods
Meat inspection agency proposes clean label reg
McDonald’s ups Happy Meal nutritional profi le
Global sales growth helps propel McDonald’s profit
Yoplait enhances General Mills’ global presence
B&G Foods earnings climb 48% in quarter
Cal-Maine income down 10% in year
Weather Watch
Washington - Whither the ethanol subsides?
Sustainable Savings
Bone Health - Improving structural support
Encapsulation advantages
BEVERAGE BUSINESS NEWS
Beverage Business News - Dr Pepper profi t slides 6% on higher costs
Colors - Naturally derived colors in demand
New Product Trends
INGREDIENT MARKET TRENDS
Supplier Innovations and News
Classifieds
Marketplace
Ad Index
Food Business News - August 2, 2011 - Food Business News - August 2, 2011
Food Business News - August 2, 2011 - 2
Food Business News - August 2, 2011 - 3
Food Business News - August 2, 2011 - Contents
Food Business News - August 2, 2011 - 5
Food Business News - August 2, 2011 - Web Contents
Food Business News - August 2, 2011 - 7
Food Business News - August 2, 2011 - 8
Food Business News - August 2, 2011 - Editorial - Reason must be at the heart of children’s marketing proposals
Food Business News - August 2, 2011 - JC Potter, Williams Sausage to form joint venture
Food Business News - August 2, 2011 - Consumers noticing rising prices, shrinking product sizes
Food Business News - August 2, 2011 - Seneca Foods, Allens intend to merge
Food Business News - August 2, 2011 - Wrigley to relocate headquarters
Food Business News - August 2, 2011 - Meat inspection agency proposes clean label reg
Food Business News - August 2, 2011 - 15
Food Business News - August 2, 2011 - Global sales growth helps propel McDonald’s profit
Food Business News - August 2, 2011 - 17
Food Business News - August 2, 2011 - Yoplait enhances General Mills’ global presence
Food Business News - August 2, 2011 - 19
Food Business News - August 2, 2011 - B&G Foods earnings climb 48% in quarter
Food Business News - August 2, 2011 - 21
Food Business News - August 2, 2011 - Cal-Maine income down 10% in year
Food Business News - August 2, 2011 - 23
Food Business News - August 2, 2011 - Weather Watch
Food Business News - August 2, 2011 - 25
Food Business News - August 2, 2011 - Washington - Whither the ethanol subsides?
Food Business News - August 2, 2011 - 27
Food Business News - August 2, 2011 - Sustainable Savings
Food Business News - August 2, 2011 - 29
Food Business News - August 2, 2011 - Bone Health - Improving structural support
Food Business News - August 2, 2011 - 31
Food Business News - August 2, 2011 - 32
Food Business News - August 2, 2011 - Encapsulation advantages
Food Business News - August 2, 2011 - 34
Food Business News - August 2, 2011 - BEVERAGE BUSINESS NEWS
Food Business News - August 2, 2011 - Beverage Business News - Dr Pepper profi t slides 6% on higher costs
Food Business News - August 2, 2011 - 37
Food Business News - August 2, 2011 - Colors - Naturally derived colors in demand
Food Business News - August 2, 2011 - 39
Food Business News - August 2, 2011 - New Product Trends
Food Business News - August 2, 2011 - 41
Food Business News - August 2, 2011 - 42
Food Business News - August 2, 2011 - 43
Food Business News - August 2, 2011 - 44
Food Business News - August 2, 2011 - INGREDIENT MARKET TRENDS
Food Business News - August 2, 2011 - 46
Food Business News - August 2, 2011 - 47
Food Business News - August 2, 2011 - 48
Food Business News - August 2, 2011 - 49
Food Business News - August 2, 2011 - 50
Food Business News - August 2, 2011 - 51
Food Business News - August 2, 2011 - 52
Food Business News - August 2, 2011 - 53
Food Business News - August 2, 2011 - 54
Food Business News - August 2, 2011 - Supplier Innovations and News
Food Business News - August 2, 2011 - 56
Food Business News - August 2, 2011 - Classifieds
Food Business News - August 2, 2011 - 58
Food Business News - August 2, 2011 - 59
Food Business News - August 2, 2011 - Marketplace
Food Business News - August 2, 2011 - Ad Index
Food Business News - August 2, 2011 - 62
Food Business News - August 2, 2011 - 63
Food Business News - August 2, 2011 - 64
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