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These excerpts taken from the GIS 10-K filed Jul 11, 2008. International
Change in Net Sales by Geographic Region
In fiscal 2008, net sales in Europe increased 18.8 percent
reflecting strong performance from Old El Paso and
Häagen-Dazs in the United Kingdom. Continued success
from the launch of Nature Valley granola bars in several
European markets and favorable foreign exchange also contributed
to the region’s growth. Net sales in Canada increased
14.2 percent including favorable foreign exchange. In the
Asia/Pacific region, net sales increased 25.0 percent led
by double-digit growth for Häagen-Dazs ice cream and
Wanchai Ferry dumplings and meal kits in China. In Latin
America and South Africa, net sales increased 30.9 percent
led by Diablitos canned meat spread in Venezuela and
pricing actions taken in other countries.
In fiscal 2007, net sales in Europe grew 20.4 percent
reflecting 14.6 percent growth in net sales of
Häagen-Dazs ice cream and continued strong
performance from Old El Paso and Green Giant
across the region, and especially in the United Kingdom. The
acquisition of Saxby Bros. Limited, a chilled pastry company in
the
Table of Contents
United Kingdom, contributed less than 1 point of net sales
growth. Net sales in Canada increased 7.9 percent, led by
34.8 percent net sales growth on Nature Valley snack
bars, 6.0 percent net sales growth in cereals, and
10.6 percent net sales growth on Old El Paso
products. Asia/Pacific net sales increased 14.2 percent
led by 16.5 percent net sales growth for
Häagen-Dazs in China. Latin America and South Africa
net sales increased 23.7 percent led by 19.6 percent
growth in our Diablitos product line and the re-launch of
Häagen-Dazs in Latin America.
Segment operating profit for fiscal 2008 grew to
$268.9 million, up 24.7 percent from fiscal 2007, with
foreign currency exchange contributing 9.1 points of that
growth. Segment operating profit increased by $37.5 million
mainly from higher volumes. Net price realization more than
offset higher supply chain input costs, a 21.7 percent
increase in consumer marketing expense, and administrative cost
increases.
Segment operating profit for fiscal 2007 grew to
$215.7 million, up 11.2 percent from fiscal 2006, with
foreign currency exchange contributing 4.5 points of that
growth. The growth was led by a $45.6 million increase from
higher volumes driven by increases in consumer marketing
spending. Net price realization offset supply chain and
administrative cost increases.
International Change in Net Sales by Geographic Region
In fiscal 2008, net sales in Europe increased 18.8 percent reflecting strong performance from Old El Paso and Häagen-Dazs in the United Kingdom. Continued success from the launch of Nature Valley granola bars in several European markets and favorable foreign exchange also contributed to the region’s growth. Net sales in Canada increased 14.2 percent including favorable foreign exchange. In the Asia/Pacific region, net sales increased 25.0 percent led by double-digit growth for Häagen-Dazs ice cream and Wanchai Ferry dumplings and meal kits in China. In Latin America and South Africa, net sales increased 30.9 percent led by Diablitos canned meat spread in Venezuela and pricing actions taken in other countries. In fiscal 2007, net sales in Europe grew 20.4 percent reflecting 14.6 percent growth in net sales of Häagen-Dazs ice cream and continued strong performance from Old El Paso and Green Giant across the region, and especially in the United Kingdom. The acquisition of Saxby Bros. Limited, a chilled pastry company in the
Table of ContentsUnited Kingdom, contributed less than 1 point of net sales growth. Net sales in Canada increased 7.9 percent, led by 34.8 percent net sales growth on Nature Valley snack bars, 6.0 percent net sales growth in cereals, and 10.6 percent net sales growth on Old El Paso products. Asia/Pacific net sales increased 14.2 percent led by 16.5 percent net sales growth for Häagen-Dazs in China. Latin America and South Africa net sales increased 23.7 percent led by 19.6 percent growth in our Diablitos product line and the re-launch of Häagen-Dazs in Latin America. Segment operating profit for fiscal 2008 grew to $268.9 million, up 24.7 percent from fiscal 2007, with foreign currency exchange contributing 9.1 points of that growth. Segment operating profit increased by $37.5 million mainly from higher volumes. Net price realization more than offset higher supply chain input costs, a 21.7 percent increase in consumer marketing expense, and administrative cost increases. Segment operating profit for fiscal 2007 grew to $215.7 million, up 11.2 percent from fiscal 2006, with foreign currency exchange contributing 4.5 points of that growth. The growth was led by a $45.6 million increase from higher volumes driven by increases in consumer marketing spending. Net price realization offset supply chain and administrative cost increases. This excerpt taken from the GIS 10-K filed Jul 26, 2007. International Change in Net Sales by Geographic Region
In fiscal 2007, net sales in Europe grew 20 percent reflecting 15 percent growth in net sales of Häagen-Dazs ice cream and continued strong performance from Old El Paso and Green Giant across the region, and especially in the United Kingdom. The acquisition of Saxby Bros. Limited, a chilled pastry company in the United Kingdom, contributed less than 1 point of net sales growth. Net sales in Canada increased 8 percent, led by 35 percent net sales growth on Nature Valley snack bars, 6 percent net sales growth in cereals and 11 percent net sales growth on Old El Paso products. Asia/Pacific net sales increased 14 percent led by 17 percent net sales growth for Häagen-Dazs in China. Latin America 19 and South Africa net sales increased 21 percent led by 20 percent growth in our Diablitos product line and the re-launch of Häagen-Dazs in Latin America. Operating profit for fiscal 2007 grew to $216 million, up 11 percent from fiscal 2006, with foreign currency exchange contributing 5 points of that growth. The growth was led by a $48 million increase from higher volumes driven by increases in consumer marketing spending. Net price realization offset supply chain and administrative cost increases. Operating profit for fiscal 2006 grew to $194 million, up 19 percent from the prior year, with foreign currency exchange effects contributing 2 percentage points of that growth. Improvement in unit volume contributed $24 million, net price realization of $46 million more than offset the effects of supply chain cost changes, and consumer marketing spending increased $24 million. BAKERIES AND FOODSERVICE SEGMENT In our Bakeries and Foodservice segment we sell branded ready-to-eat cereals, snacks, dinner and side dish products, refrigerated and soft-serve frozen yogurt, frozen dough products, branded baking mixes, and custom food items. Our customers include foodservice distributors and operators, convenience stores, vending machine operators, quick service and other restaurant operators, and business and school cafeterias in the United States and Canada. In addition, we market mixes and unbaked and fully baked frozen dough products throughout the United States and Canada to retail, supermarket and wholesale bakeries. The components of the change in net sales are shown in the following table: | EXCERPTS ON THIS PAGE:
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