Weak foodservice market leads to dip in Q3 results for Hillshire Brands
The Hillshire Brands Co. reported earnings for the third quarter and first nine months of fiscal 2013. Net sales fell slightly, driven by a decline in the Foodservice/Other segment. Adjusted operating income declined 12.9% on planned increases in MAP and SG&A, and reported operating income increased 18.8%.
"We continue to make progress in executing our three-year plan, making strides in brand building, innovation and rigorous cost management," said Sean Connolly, president and chief executive officer, The Hillshire Brands Company.