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Hillshire Brands Reports Fourth Quarter Results And Declares Dividend

CEO Perspective

“Our team delivered solid results in the face of a difficult operating environment,” said Sean Connolly, CEO of Hillshire Brands. “We are just beginning to see the impact of our plan to strengthen our core business and expand into adjacencies. Our volumes have stabilized and performance across our key brands has improved. With our senior leadership team now largely in place, our entire organization is focused on driving growth and innovation while continuing to manage costs.”

He added, “As we’ve said previously, Fiscal 2013 will be a transition year as we continue to drive execution of our three year plan. We are committed to taking the necessary actions to deliver strong and sustainable shareholder returns. Looking forward, the launch of our new advertising beginning in the first quarter, followed by the introduction of new and improved products and packaging later in the year are important steps in supporting our objectives.”

1 The term “adjusted net sales” and other financial measures identified as “adjusted” are explained and reconciled to comparable GAAP measures at the end of this release.
Total Business Segments (Excluding General Corporate Expenses)
      $ in millions      
Fourth Quarter Fiscal Year
2012 2011 % Change Continuing Operations 2012 2011 % Change
$1,016 $984 3.3% Adjusted Net Sales $4,039 $3,884 4.0%
1,016 1,016 0.0% Reported Net Sales 4,049 4,019 1.9%
100 102 (3.1)% Adjusted Op Segment Income 396 414 (4.7)%
76 77 (0.4)% Reported Op Segment Income 351 386 (9.0)%
26 24 8.9% MAP 137 124 11.1%

Definition of Segments

The company has slightly modified the composition of two of its segments. Results from the Aidells and Gallo business, previously reported in the Foodservice & Specialty Meats segment, are now reported in the Retail segment. Aidells was acquired in May 2011. Hogs, commodity pork and turkey results for the year and Senseo results for the first nine months of fiscal 2012, previously reported in the Retail segment, are now reported in Foodservice/Other. The company exited the Senseo business at the end of the third quarter 2012.

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