Big Food companies earned nearly an 11% percent sales growth this past year and a strong shareholder return of 7.3 percent in 2007 according to the report, The Food, Beverage and Consumer Products Industry: Achieving Superior Financial Performance in a Challenging Economy 2008.
While raising prices and blaming farmers for food cost increases, the companies have been rolling in the dough.
The GMA trumpeted the results in an announcement:
Commenting on the sector’s financial performance, Herb Walter, consumer packaged goods and retail advisory partner at PricewaterhouseCoopers said, “In 2007, we saw CPG manufacturers outperform the Dow and S&P averages on strong financial performance, including a median EBIT growth rate of 15+ percent. Free cash flow was seven percent of sales, and with a significantly reduced cash conversion cycle, capital has been freed for product innovation and marketing, among other spending initiatives.”Source: Grocery Manufacturers Association
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