Hillshire Farms starts fiscal 2013 with strong Q1 results
The Hillshire Brands Company reported earnings for its first quarter of fiscal year 2013. Adjusted net sales increased by 2% to $1.01 billion, while reported net sales declined 1.4%. Adjusted operating income increased 76.3% to $105 million, and reported operating income increased $60 million to $87 million. Hillshire noted a strong performance in the Retail segment, with sales growth of 3% and adjusted operating segment income growth of 45.5%.
"I am very pleased with our first quarter performance," said Sean Connolly,CEO, The Hillshire Brands Company. "Our volumes are moving in the right direction, our key brands are gaining strength, our costs are coming down and our team is markedly stronger. Overall, we are off to an encouraging start against our three-year plan to build a consistently growing and more profitable branded food company."