Wednesday, December 3, 2008

Juicy Day on Wall Street for Del Monte

I apologize for the title, I honestly couldn't help myself.

San Francisco based Del Monte Foods Co. released fiscal-year sales forecast, which states sales will be up 8% to 10%. This is up from their prior forecast in April that has sales gaining 6% to 8%. News of the optimistic forecast drove shares of Del Monte up 18%. Del Mote shares rose to $6.53 in early morning trading.

For the fiscal second quarter Del Monte reported a profit of $50 Million, or 25 cents a share. Last year Del Monte was reporting just $26 Million, or 13 cents per share.

Many had predicted a less sunny (there i go again) quarter after their sale of their Starkist Tuna business.

One reason many are attributing the sales growth is the recent $20 million online/print campaign called "Fruit Undressed." Del Monte has made major strides with the current campaign to boost their refrigerated fruit market share.

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