She also reiterated Hillshire Brands’ long-term 2015 operating targets:
- 2% - 3% volume growth
- 4% - 5% net sales growth
- 5% MAP spend as percent of total revenue
- 10% operating margin
“We continue to look at 2013 as a transition year with increased potential for variability that may impact our performance,” said Henry. “Our top priority is investing in our business in order to create sustainable, long-term shareholder value, and we believe we are well-positioned to do so with our strong balance sheet and attractive underlying cash flow.”
1 Products introduced within the previous three years 2 “Adjusted diluted EPS” is a non-GAAP measure and is reconciled to the comparable GAAP measure at the end of this release.
Henry also reiterated that the company is targeting a September 13, 2012 filing date for its fiscal 2012 Form 10-K; however, based on information recently received from D.E MASTER BLENDERS 1753 N.V. regarding the status of its investigation into accounting irregularities and other adjustments within its Brazilian operations, there is a possibility the filing may be delayed beyond September 13. She also reiterated that the company continues to expect that any adjustment from the Brazilian investigation will primarily impact Hillshire Brands’ discontinued operations and is not expected to impact Hillshire Brands’ fiscal 2013 results.To view and download the slides and an audio record of Hillshire Brands’ Barclays Back-to-School Consumer Conference presentation, visit the Investor Relations section of the Hillshire Brands corporate website www.hillshirebrands.com. About The Hillshire Brands Company The Hillshire Brands Company (NYSE: HSH) is a leader in meat-centric food solutions for the retail and foodservice markets. The company generates nearly $4 billion in annual sales and has approximately 9,500 employees. Hillshire Brands’ portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells and Gallo Salame. The company, formerly known as Sara Lee Corporation, began trading under the “HSH” ticker symbol on June 29, 2012, following the successful spin-off of its international coffee and tea business. For more information on the company, please visit www.hillshirebrands.com. Forward-Looking Statements This release contains forward-looking statements regarding Hillshire Brands’ business prospects and future financial results and metrics, including statements contained under the heading “Financial Outlook.” In addition, from time to time, in oral statements and written reports, the company discusses its expectations regarding the company’s future performance by making forward-looking statements preceded by terms such as “anticipates,” “intends,” “expects,” “likely” or “believes.” These forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events and are inherently uncertain.