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TheStreet Open House

Hillshire Brands Reports Fourth Quarter Results And Declares Dividend

Stocks in this article: HSH

The “as adjusted” results shown in this release now include the impact of acquisitions from the date of purchase and exclude the results of exited and disposed of businesses for all periods presented. Previously, these results would have been excluded from our “as adjusted” numbers for the year over year periods in which we did not have comparable results. Organic sales growth, excluding acquisitions, is noted in the discussion of segment continuing operations results below.

Discussion of Continuing Operations Results

Retail

Net sales in the retail segment increased 5.0% in the quarter. Organic sales growth was 1.7%, driven by pricing and favorable mix. Total volume increased 0.8% in the quarter. Organic volume for the quarter declined approximately 1%, partially driven by the timing of Easter (Q3 in fiscal 2012, Q4 in fiscal 2011). Sales of Ball Park’s new Flame Grilled Patties have exceeded expectations and the increased MAP spend in the quarter helped Ball Park Hot Dogs turn in a strong performance over Memorial Day and leading into the Fourth of July. On the Jimmy Dean business, the Meat Lover’s Bowl that was launched in the third quarter continued to show strong sales and high distribution. Aidells had another strong quarter with double digit growth.

Adjusted operating segment income increased by 3.7%; primarily driven by positive pricing to commodities and the inclusion of a full quarter of Aidells performance. The benefit of pricing and acquisitions was partially offset by higher distribution expense.

For the full year, Retail adjusted net sales increased 4.5%. Organic sales growth was 0.7%, driven primarily by pricing which was offset by lower volume and discounts to move aged inventory. Adjusted operating segment income decreased 0.6% in fiscal 2012 as improvements in SG&A, positive pricing to commodities and the inclusion of a full year of Aidells performance were offset by lower volumes and higher distribution costs.

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