US-based Del Monte Foods has reported that its net income marginally declined to $28.3m for the third quarter of fiscal 2013, compared to $28.6m for the same period of 2012.
For the period ended 27 January 2013, the company's net sales totaled $1.02bn, compared to $971.1m for the corresponding period in the previous year.
Del Monte Foods stated that its Consumer Products division posted 1.8% increase in net sales to $501.2m, compared to $492.3m in the previous year, driven by lower trade spending. Unit volume declines, mainly in vegetable and produce, partially offset the increase.
The division reported 20.8% decline in operating income to $32.3m, compared to $40.8m in the prior year period, primarily due to higher marketing investment and unfavorable mix. This was partially offset by planned lower trade spending, consistent with the company's strategy of increased marketing investment behind the Del Monte brand.
As of 27 January 2013, the company's total debt was $3.8bn and cash equivalents were $348.8m.
Del Monte Foods brands include Del Monte, Contadina, S&W, College Inn. The company also produces and distributes private label food products.
