【出版时间及名称】：2009年11月美国食品行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：41
        【目录或简介】：

Noteworthy Highlights (Period ended 11/1/09): Data
indicates that private label is still growing, though at a
slower rate than its peak in C4Q08-C1H09. In the most
recent 4 week period, private label gained share in just
65% of categories we track in the most recent 4 week
period vs. 58% last month, 92% in the year ago period
(i.e., a very difficult comp), and 74% on average YTD.
On a company wide basis, the companies with more
commodity oriented portfolios (i.e., SLE) continue
to underperform their peers (i.e., SLE’s sales declined
by 5.1% in the most recent 4 week period, while on
average ex-SLE, sales increased by 0.9% across our
coverage universe). Conversely, companies in more
value-added categories (i.e., K and GIS) continue to
outperform in a high quality manner (i.e., both
companies had positive dollar sales growth as a result of
positive unit sales growth in the most recent four week
period). While DLM and HSY also posted positive dollar
sales growth in the most recent four week period, they
experienced unit declines (i.e., sales growth was
pricing-driven). See sidebar.
Promotional spending trends were mixed, as CPB,
DLM, and K experienced increases in the percent of
sales sold with merchandising, while GIS and HSY
experienced declines in the percent of dollars sold with
merchandising.
Cereal category remains strong. Cereal data is
positive for both General Mills and Kellogg, as the two
companies gained share (+1 point for Mills and +0.5
points for Kellogg in the most recent 4 week period) and
grew sales in excess of category growth (i.e., while
category sales increased by 0.1%, Kellogg grew sales
by 1.7% and Mills grew sales by 3.2% on top of 5%
growth in the year ago month). While private label
gained share in the most recent 4 week period, it only
gained 0.2 share points.