Food Business News - November 22, 2011 - 18

Earnings, sales rise for TreeHouse Foods

International growth helps spur Starbucks earnings
SEATTLE — Higher sales and international growth helped lead to a 32% increase in earnings for Starbucks Corp. during fiscal year 2011. For the year ended Oct. 2, the company had earnings of $1,245.7 million, equal to $1.62 per share on the common stock, which compared with earnings of $945.6 million, or $1.24 per share, during the previous year. Revenue for the year was $11,700.4 million, up 9% from $10,707.4 million. “Fiscal 2011 was an extraordinary year in which Starbucks reported record earnings every quarter and for the full year and very strong comp store sales growth all around the world,” said Howard Schultz, chairman, president and chief executive officer. “Starbucks today is executing in all markets and across all channels, and we have never been better positioned to go hard and go fast after the tremendous opportunity that lies ahead in 2012 and beyond.” For the fourth quarter ended Oct. 2 the company had earnings of $358.5 million, or 47c per share, up 29% from $278.9 million, or 37c per share, during the same quarter of the previous year. Revenue for the quarter was $3,031.9 million, up 7% from $2,838 million. “The record results we reported today for the fourth quarter and the full fiscal year are a testament to the overall health and strength of our global business,” said Troy Alstead, chief financial officer. “The momentum we have built throughout the year continued in the fourth quarter with the strength of same-store sales growth demonstrating that our product innovation and overall store experience are resonating extremely well with our customers. As a result of the strong finish to fiscal 2011, Starbucks entered the new fiscal year well-positioned to continue pursuing significant profitable growth opportunities.” FBN

Sales of private label foods continue to grow for the company

OAK BROOK, ILL. — Third-quarter net income for TreeHouse Foods, Inc. totaled $30.4 million, equal to 82c per share on the common stock, which compared with $24.9 million, or 68c per share, in the previous year’s third quarter. Sales for the quarter ended Sept. 30 rose to $528.1 million from $464.2 million due to a 16% sales gain in the North American Retail Grocery segment. “We achieved all of the financial, operational and strategic objectives that we set out for the quarter, and I am pleased that we improved gross margins sequentially in all of our segments,” said Sam K. Reed, chairman, president and chief executive officer, when the company gave third-quarter results Nov. 4. “The aggressive pricing actions taken earlier this year to offset higher input costs began to yield results, and we remain confident that margins will continue their recovery as the balance of the year unfolds.” The company reported adjusted third-quarter earnings per share of 85c, which compared with 69c last year. Several unusual items affected the quarterly comparison. A cost of 5c per share was associated with the consolidation of facilities, including the closing of a plant in Springfield, Mo., and the integration of freight and warehouse operations into a consolidated distribution network. An expense of 1c per share was associated with the integration of Sturm Foods and S.T. Specialty Foods. TreeHouse gained 1c per share on the mark-to-market adjustment of the company’s swap agreements and 2c per share on an intercompany note. Within North American Retail Grocery, thirdquarter sales rose to $369.5 million from $319.2 million in the third quarter of the previous year, and third-quarter direct operating income increased to $64.7 million from $60.9 million. Sales of private label foods continued to show growth as both consumers and retailers maintained an emphasis on value products, according to TreeHouse Foods.

The acquisition of S.T. Specialty Foods primarily drove the sales gain. Sales of dressings, non-dairy creamers, jams, spreads and hot cereals rose significantly in the quarter. Powdered drinks and Mexican sauces showed good sales growth. Direct operating income margin in North American Retail Grocery fell to 17.5% in this year’s third quarter from 19.1% in the previous year’s third quarter. Higher freight, input and warehouse start-up costs offset volume increases and pricing actions. Within the Food Away From Home segment in the third quarter, sales fell to $79.5 million from $83.3 million and direct operating income rose to $13.6 million from $12.8 million. Lower volumes, primarily due to the company leaving the processed pickle businesses, affected sales negatively. Within Industrial and Export in the third quarter, net sales rose to $79 million from $61.7 million and direct operating income rose to $13.5 million from $8.7 million. Increased pricing and volume of non-dairy powdered creamer and a favorable product mix drove the sales gain. Companywide for the first nine months of the year, TreeHouse Foods had net income of $64.5 million, or $1.75 per share, which compared with $62.8 million, or $1.75 per share, in the same time period of the previous year. The company reconfirmed its full-year guidance range of adjusted earnings of $2.90 to $3 per share. “We made great strides in correcting our course over the last quarter,” Mr. Reed said. “We fully expect to continue our strong margin recovery as we enter the holiday season ... We expect to finish the year by delivering the strongest quarterly results in our history.” He added, “The opportunity for TreeHouse to continue its role as a leading consolidator within the private label segment remains strong and vibrant. As always, we are focused on strategy, category dynamics and go-tomarket synergies as we evaluate potential acquisition candidates.” FBN

18

FOODBUSINESS NEWS

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November 22, 2011



Food Business News - November 22, 2011

Table of Contents for the Digital Edition of Food Business News - November 22, 2011

Food Business News - November 22, 2011
‘Conservatism’ identified as top shopper attitude
Dairy Business News - Dean Foods suffers $1.5 billion impairment charge
Meat prices are on the rise
Editorial - Complexity of obesity issue must not be underestimated
Higher ingredient costs lead Smucker income lower
High Liner to acquire Icelandic U.S., Asian operations
Fitch predicts Unilever will continue to divest food brands
Sustainability is a minor food service trend
Penford to acquire Carolina Starches
Arnold D’Angelo to lead Richardson Brands
Innophos acquires Kelatron Corp.
ConAgra Foods to acquire private label pretzel baker
Nestle invests $13.6 million in Spain
Smithfield Foods to close Virginia plant
J.R. Simplot to build plant in Caldwell, Idaho
Kraft adding energy to MiO
Earnings, sales rise for TreeHouse Foods
International growth helps spur Starbucks earnings
Sara Lee steadily filling out organizational structure
Food and beverage C.P.I. inches up 0.1% in October
ADM to build biodiesel plant in Canada
Starbucks enters juice segment with acquisition
Pinnacle profit tops $12 million in third quarter
Andrew Ross to lead ConAgra’s strategic efforts
PepsiCo, Tingyi Holding form alliance in China
Sun Pac Foods acquired by private investment firm
Washington - Congress tries to override U.S.D.A school nutrition plan
New Product Trends - Finding discipline in weight management
Ingredient Innovations - Erasing dairy costs
Dairy Business News - Saputo earnings flat during second quarter
Dairy Business News - Irish Dairy Board buys U.S. cheese company
Dairy Business News - Lifeway Foods income up 14% in quarter
Dairy Business News - New culture range targets feta-type cheeses
Dairy Trends - Functional ingredient applications evolve
New Food Products - Krispy Kreme Doughnuts extends retail line
New Food Products - Hain Celestial introduces energy shots
New Food Products - Kraft to introduce belVita breakfast biscuits in U.S.
New Food Products - Armour launches reduced sodium pepperoni
New Food Products - New juice to offer three daily servings of vegetables
New Food Products - ConAgra Foods expands Rotel sauce line
New Food Products - Wendy’s debuts the ‘W’ cheeseburger
New Food Products - Kashi expands frozen entrees
Ingredient Market Trends
Ingredient Markets
Supplier Innovations and News - Europe approves use of stevia extracts
Supplier Innovations and News - Soy ingredients add value to meat
Supplier Innovations and News - Blend replaces guar gum
Supplier Innovations and News - Blue Diamond Almonds hires food scientist
Supplier Innovations and News - Pea protein isolate is soluble, heat-stable
Supplier Innovations and News - Grain Processing Corp. promotes v.p.
Supplier Innovations and News - Ingredients combine citrus fiber, stabilizer blends
Classifieds
Marketplace
Ad Index
Food Business in the News
Food Business News - November 22, 2011 - Meat prices are on the rise
Food Business News - November 22, 2011 - 2
Food Business News - November 22, 2011 - 3
Food Business News - November 22, 2011 - 4
Food Business News - November 22, 2011 - 5
Food Business News - November 22, 2011 - 6
Food Business News - November 22, 2011 - 7
Food Business News - November 22, 2011 - 8
Food Business News - November 22, 2011 - Editorial - Complexity of obesity issue must not be underestimated
Food Business News - November 22, 2011 - Higher ingredient costs lead Smucker income lower
Food Business News - November 22, 2011 - High Liner to acquire Icelandic U.S., Asian operations
Food Business News - November 22, 2011 - Fitch predicts Unilever will continue to divest food brands
Food Business News - November 22, 2011 - Sustainability is a minor food service trend
Food Business News - November 22, 2011 - Innophos acquires Kelatron Corp.
Food Business News - November 22, 2011 - Nestle invests $13.6 million in Spain
Food Business News - November 22, 2011 - Kraft adding energy to MiO
Food Business News - November 22, 2011 - 17
Food Business News - November 22, 2011 - International growth helps spur Starbucks earnings
Food Business News - November 22, 2011 - ADM to build biodiesel plant in Canada
Food Business News - November 22, 2011 - Starbucks enters juice segment with acquisition
Food Business News - November 22, 2011 - 21
Food Business News - November 22, 2011 - Andrew Ross to lead ConAgra’s strategic efforts
Food Business News - November 22, 2011 - Sun Pac Foods acquired by private investment firm
Food Business News - November 22, 2011 - 24
Food Business News - November 22, 2011 - 25
Food Business News - November 22, 2011 - 26
Food Business News - November 22, 2011 - 27
Food Business News - November 22, 2011 - Washington - Congress tries to override U.S.D.A school nutrition plan
Food Business News - November 22, 2011 - 29
Food Business News - November 22, 2011 - 30
Food Business News - November 22, 2011 - 31
Food Business News - November 22, 2011 - New Product Trends - Finding discipline in weight management
Food Business News - November 22, 2011 - 33
Food Business News - November 22, 2011 - 34
Food Business News - November 22, 2011 - 35
Food Business News - November 22, 2011 - 36
Food Business News - November 22, 2011 - 37
Food Business News - November 22, 2011 - 38
Food Business News - November 22, 2011 - Ingredient Innovations - Erasing dairy costs
Food Business News - November 22, 2011 - 40
Food Business News - November 22, 2011 - 41
Food Business News - November 22, 2011 - 42
Food Business News - November 22, 2011 - Dairy Business News - Saputo earnings flat during second quarter
Food Business News - November 22, 2011 - 44
Food Business News - November 22, 2011 - Dairy Business News - Lifeway Foods income up 14% in quarter
Food Business News - November 22, 2011 - Dairy Business News - New culture range targets feta-type cheeses
Food Business News - November 22, 2011 - 47
Food Business News - November 22, 2011 - Dairy Trends - Functional ingredient applications evolve
Food Business News - November 22, 2011 - 49
Food Business News - November 22, 2011 - New Food Products - Armour launches reduced sodium pepperoni
Food Business News - November 22, 2011 - New Food Products - ConAgra Foods expands Rotel sauce line
Food Business News - November 22, 2011 - New Food Products - Kashi expands frozen entrees
Food Business News - November 22, 2011 - Ingredient Market Trends
Food Business News - November 22, 2011 - Ingredient Markets
Food Business News - November 22, 2011 - 55
Food Business News - November 22, 2011 - 56
Food Business News - November 22, 2011 - 57
Food Business News - November 22, 2011 - 58
Food Business News - November 22, 2011 - 59
Food Business News - November 22, 2011 - 60
Food Business News - November 22, 2011 - 61
Food Business News - November 22, 2011 - 62
Food Business News - November 22, 2011 - Supplier Innovations and News - Soy ingredients add value to meat
Food Business News - November 22, 2011 - Supplier Innovations and News - Ingredients combine citrus fiber, stabilizer blends
Food Business News - November 22, 2011 - Classifieds
Food Business News - November 22, 2011 - 66
Food Business News - November 22, 2011 - Marketplace
Food Business News - November 22, 2011 - 68
Food Business News - November 22, 2011 - Ad Index
Food Business News - November 22, 2011 - Food Business in the News
Food Business News - November 22, 2011 - 71
Food Business News - November 22, 2011 - 72
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